Thai property market down 13%, with transferred units at lowest level since 2018.
Thailand Business News
Thai property market down 13%, with transferred units at lowest level since 2018
Real Estate promotion billboards in downtown Bangkok
Real Estate promotion billboards in downtown Bangkok
In the first quarter of 2024, the transfer of residential properties in Thailand decreased by 13% compared to the same period last year, reaching the lowest level since 2018.
Key Takeaways
- Residential property transfers in Thailand dropped by 13% in the first quarter of 2024, indicating a significant slowdown in demand.
- New housing loans granted in the same period fell by 20.5% year on year, attributed to tighter loan conditions imposed by financial institutes.
- The transfer of horizontal residences saw a larger decline compared to condominium transfers, with the total value of transferred units reaching its lowest point in 19 quarters.
In the first quarter of 2024, residential property transfers to buyers decreased by 13% compared to the same period in the previous year, as reported by the Real Estate Information Centre (REIC) of the Government Housing Bank. From January to March, a total of 72,954 units were transferred, which is the smallest number recorded since 2018.
