The Real Estate Information Center reveals the numbers: China is still the champion in transferring ownership of condominium units (condos) in the 4th quarter of 2023, amounting to 6,614 units, compared to the entire international market with a total of 14,449 units transferred at 73,161 million baht, while Myanmar bought the highest value condominium units, with an average price of 6.6 million baht.

Real Estate Information Center Government Housing Bank Following the situation of transfer of ownership of condominium units by foreigners in the 4th quarter of 2023, it was found that there were 3,746 units of ownership transfer of condominium units owned by foreigners, accounting for 12.8 percent (12.8%) of all condominium ownership transfer units. The value accounted for 26.1 percent or a value of 20,901 million baht. The number of units decreased -0.9 percent, but the value increased 6.9 percent.

Overall, in 2023, there were 14,449 condominium ownership transfer units for foreigners, accounting for 13.4 percent of all condominium ownership transfer units. The value of ownership transfer was 73,161 million baht, accounting for 24.0 percent. There was an increase in transfer units of 25.0 percent and an increase in value of 23.5 percent.

Chinese nationals are still the number 1 purchaser of apartments, with 6,614 units totaling 261,035 square meters, while Myanmar nationals purchase the highest value condominiums. With an average purchase price of 6.6 million baht, UK nationals purchase condominiums with the highest average area size. By purchasing an average area of 56.5 sq m.

Dr. Wichai Wiratkaphan, Banking Inspector and the Acting Director of the Real Estate Information Center concluded that The real estate market in 2024 is likely to recover but still faces risks in many ways, such as the global economic slowdown. Higher living costs and household debt problems affect the ability to purchase housing and obtain credit, and there is still a chance of being unable to access credit.

This is because financial institutions have strict criteria for considering loans, which may affect housing in the medium to low price level. And it may result in trading and transfer of ownership in residential units priced not more than 3.00 million baht, which may stabilize in a decreasing direction. This may cause the supply of housing in this group to have unsold units that continue to accumulate and there may be more unsold supply.

However, housing at an expensive level or priced over 10.00 million baht or more Especially low-rise housing Although in the past there have been sales and ownership transfers that were relatively stable during 2022 - 2023, it was noted that There is a continuous supply of housing at this price level coming into the market. This may result in the amount of excess supply starting to accumulate. It is roughly estimated that the current unsold units are 10 times more than the current sales in each quarter.

Overview of the housing market in 2024 that may have the opportunity to expand But it is based on many risk factors, making it necessary to hope for support from the government. To create strong demand in the market and create various incentives, including building confidence in purchasing housing This is due to the low level of confidence in purchasing a home due to uncertainty over whether or not it will be able to be considered for a home loan by a financial institution.

Source:https://www.thansettakij.com/real-estate/588803

at 19/2/2024