BANGKOK – Many real estate properties below the price of 3 million baht in Bangkok and surrounding provinces in 10 locations are not selling well and an expert predicts it will take 30 to 78 months to clear the stocks.
Wichai Wiratkapan, an Ombudsman for Government Housing Bank and caretaker director of Real Estate Information Centre (REIC) said on Wednesday the oversupply sign is beginning. In Nonthaburi province’s Pak Kred district, 6,220 such units are left unsold.
Meanwhile, in Bangkok’s Bang Na, Suan Luang, Prawes, and Phra Kanong districts, a total of 5,929 units went unsold last year. Thonburi, Khlong San, Bangkok Noi, Bangkok Yai, and Bang Phlat all have 5,044 units that have not yet sold.
4,175 units are yet to be sold in Muang Samut Prakan, Phra Pradaeng, and Phra Samut Chedi in Samut Prakan Province, while 3,653 units remain unsold in Pathum Thani’s Lam Luk Ka and Thanyaburi.
In a related development, Kesara Tanyalakphak, president of Sena Properties, said the bank loan rejection rate for prospect buyer at below 3 million baht property is now as high as 50 percent.
At the same time, according to Darunee Rungruangphon, managing director of Darvid Property Service, there are now more resale houses for sale on the market, including townhouses, single-family homes, condominiums, commercial structures, and other properties. This is because owners are struggling financially as a result of the economy.
Her information is consistent with knowing that the Government Housing Bank (GHB) is organizing the GHB GHB ALL HOME EXPO 2024 used home expo at Future Park Rangsit from January 19 to 21, presenting 924 second-hand homes for sale and 500 real estate items in the region, including single houses, semi-detached houses, townhouses, and condominiums, with discounts of up to 50% off current prices.
The property with the lowest price is a condominium type with an area of 26.25 square meters in the Plathong 111 project, Pathum Thani Province, priced at 45,000 baht, while the condo Golden Condo Town Rangsit 1, Thanyaburi District, priced at 75,000 baht.
The bank stated that foreigners living in Thailand can only buy condominiums, not houses.
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