Sales of second-hand condos in Thailand’s Eastern Economic Corridor (EEC) are performing well.
According to the Real Estate Information Center (REIC), the number of second-hand condo transfers in the EEC provinces increased in the second quarter of 2024 compared to both new condos and new and second-hand low-rise houses, with the majority of activity focused on units priced below 5 million baht.
Siddhipen Siddharthapong, acting assistant director-general, stated that this trend indicates a limited budget among homebuyers in Chon Buri, Rayong, and Chachoengsao, driven by a sluggish economy.
“When the economy slows, second-hand homes often perform better in the market due to their lower prices compared to new units and more desirable locations,” she explained.
“Second-hand condos are more appealing than second-hand low-rise houses, as potential buyers either cannot afford the latter or find that similarly priced options are too far from their workplaces.”
REIC’s data shows that second-hand residential unit transfers in Chon Buri, Rayong, and Chachoengsao amounted to 12,033 units valued at 29.5 billion baht in the second quarter of 2024, a decline from 12,532 units worth 32.8 billion baht in the same period last year.
The most significant drop was seen in low-rise houses, with transfers falling to 8,390 units worth 21.1 billion baht, representing declines of 5.2% in units and 6.3% in value, compared to 8,846 units worth 22.5 billion baht previously.
Condo transfers by unit number fell slightly by 1.2% to 3,643 units from 3,686 units, but the value declined more sharply, decreasing by 18.3% to 8.36 billion baht from 10.2 billion baht.
This indicates that while demand remains robust, buyers are focusing on lower-priced units.
Among categories, only second-hand condos saw an increase, rising 17.7%, whereas new condos, new low-rise houses, and second-hand low-rise houses recorded declines of 14.8%, 6.1%, and 4.5%, respectively.
In terms of pricing, new condos priced below 1.5 million baht were the only segment to experience year-on-year growth, with units below 1 million baht increasing by 35.1%, and those priced between 1 and 1.5 million baht rising by 13.9%.
Source: Bangkok Post
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