For housing in Bangkok and its vicinity, those who want to buy a house should be able to smile this year due to many house and condominium promotions.
According to information from the Government Housing Bank (GHB), there are nearly 1,600 residential projects in Bangkok and its vicinity which have not been sold up.
500,000 units for sale in Bangkok
Mr. Wichai Wiratkaphan, Acting Director of Real Estate Information Center, GHB, said the survey on the supply of and demand for residential projects that are being sold during the second half of 2018 in Bangkok and its vicinity found that there were 1,597 projects, almost 500,000 units, under sale, an increase of 7.7 percent from the same period in 2017.
They are mostly in a group of housing and condominium projects.
This reflects that the real estate business in 2018 has obviously recovered thanks to the government’s economic stimulus measures, competition in housing loans of financial institutions and supporting factors from economic growth.
The ownerships of over 360,000 units, worth over eight billion baht, were transferred throughout the country in 2018.
However, the outlook of the real estate business across the country in 2019 is likely to shrink slightly to wait for the new government’s economic policy and clarity of the economic condition in the country.
Demand for housing has decreased
This is a sign that the demand for housing has decreased. The demand for residential projects, both houses and condominiums, launched during the past 1-2 years, under sale and construction is still relatively high.
Therefore, real estate entrepreneurs need to focus on the existing supply of and demand for the housing market before adjusting their business plan. But on the other hand, it is considered good for those who wish to own a house as they will be able to choose more diverse homes and condos in terms of both price and location. It is expected that the number of transfers of housing ownership in 2019 will be reduced by 7.7 percent.
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Bangkok hit a decade-long record for new condos entering the market, with 65,000 new units launched throughout 2018, but the sales rate fell to a 15.7% record low.
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