Home buyers look to resale properties
With more people struggling to repay home loans, the number of second-hand homes and condos posted for sale is on the rise.
The increase in non-performing assets (NPA), or foreclosed homes in the real estate market appeals to foreigners seeking residential properties. in prime locations.
According to Anchana Vallipakorn, co-founder and CEO of Baania (Thailand), the overall second-hand property market in Bangkok has seen a significant increase in the number of listings in five districts, namely Huai Khwang, Wattana, Chatuchak, Khlong Toei, and Ratchathewi.
Huai Khwang has the highest number of listings, accounting for 9.8% of the total, mainly featuring 1-bedroom, 1-bathroom condominium units between 30 and 50 square metres is size.
The types of residential properties listed for sale are condos at 89.3% (up from the previous quarter by 48.5%), single-family houses at 6.6% (increase of 25% from the previous quarter), and townhouses at 4% (up by 34% from the previous quarter).
Despite a significant number of unsold new condominium units still lingering in the market, there are positive economic signals amid the aftermath of the Thai general election in May, which may lead consumers to make decisions to release their owned condos into the market, thus increasing the supply, Ananchana said.
Data from Baania (Thailand) show that the resale home market in Bangkok has seen the most significant changes in Phayathai (384% increase), Bang Rak (464% increase), Ratchathewi (526% increase), Huai Khwang (474% increase), and Khlong Toei (383% increase).
The most popular listing types in the first quarter of this year are single-family houses, accounting for 30% of listings with a size range of 200-240 sqm and a price range of 5-8 million baht. The second most popular type is townhouses, making up 16.1% of listings, with a size range of 240-280 sqm and a price range of 5-8 million baht. Townhomes account for 68.4% of listings with a size range of 64-100 sqm and a price range of 2-5 million baht. Condominiums represent 29.8% of listings with a size range of 20-30 sqm meters and a price range of 2-5 million baht, and 42.7% of listings with a size range of 30-50 sqmet and a price range of 2-5 million baht, according to Ananchana.
Regarding average listing prices by property type, the five districts with the highest average prices for single-family houses are Phasi Charoen, Wang Thonglang, Suan Luang, Lat Phrao, and Chom Thong. For townhouses, the districts with the highest average prices are Chatuchak, Suan Luang, Wang Thonglang, Lat Phrao, and Saphan Soong, Ananchana added.
