Better Bangkok’s residential market noticed a downturn within the closing quarter of final yr, with new items bought shrinking by 14.5% in comparison with the earlier yr. This contributed to an total annual decline of twenty-two.5%, as reported by the Actual Property Info Middle (REIC).
Vichai Viratkapan, the appearing director-general of the centre, attributed this to a mismatch between provide and demand. The provision noticed a 13% surge year-on-year, with 31,363 items valued at 240 billion baht, marking a 49% improve. On the flip aspect, demand dipped by 14.5%, ensuing within the sale of 18,208 items value 94.8 billion baht, representing a 19% lower., stated Vichai.
“This imbalance resulted in a 13.7% improve within the quantity of unsold items, the best year-on-year rise in 4 quarters, with a complete of 209,894 items valued at round 1.17 trillion baht, indicating a 26.7% upswing in worth phrases.”
Owing to the escalating provide and dwindling demand, final yr witnessed a hunch within the common absorption charge, dropping to 2.7% from 3.8% the earlier yr.
Breaking down the brand new provide launched within the final quarter, condos accounted for 15,593 items, valued at 95.6 billion baht, representing a rise of 16.2% and 111%, respectively. Low-rise homes stood at 15,770 items, value 144 billion baht, marking an increment of 10% and 25%, respectively.
Nearly all of new launches have been items priced at 3 million baht and beneath, together with 6,588 items, adopted by these priced between 3.01-5 million baht per unit, amounting to six,056 items.
The areas that recorded the best gross sales within the final quarter have been Bang Phli-Bang Bo-Bang Sao Thong in Samut Prakan with 2,315 items, adopted by Bang Yai-Bang Bua Thong-Bang Kruai-Sai Noi in Nonthaburi with 1,711 items, and Muang-Phra Pradaeng-Phra Samut Chedi in Samut Prakan with 1,613 items.
Nevertheless, Bang Yai-Bang Bua Thong-Bang Kruai-Sai Noi additionally had the best stock of unsold items at 20,271. This was primarily because of the excessive variety of new launches within the area.
Wanting ahead, Vichai expressed optimism in regards to the market’s restoration to match 2022’s efficiency, thought of the most effective yr post-pandemic. He projected a 25% improve in demand, probably reaching 91,869 items value 486 billion baht, supplied the focused financial progress is achieved, reported Bangkok Publish.
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