Sharp rise in unsold residential units in Central Thailand
The number of unsold residential units in Central Thailand rose over 20% year on year (YoY) in the first half of 2024, according to a recent survey.
A total of 9,813 units valued at 31.588 billion baht remained unsold, representing a 20.2% increase in units and a 23.2% increase in value compared to the same period last year.
The Real Estate Information Center's survey found that a total of 10,327 units were offered for sale in the region during this period, valued at 33.107 billion baht. This represents a 7.9% increase in units and a 10.8% increase in value YoY.
While new project launches increased by 56.4% to 835 units valued at 4.131 billion baht, the surge in unsold units highlights the challenges faced by the market.
The Rojana Industrial Park experienced the most significant increase in unsold units, with 4,497 units valued at 17.466 billion baht. Other areas with high levels of unsold units include Bang Pa-in, Saraburi City, Wang Noi, and Nong Khae.
The price range with the highest number of unsold units was 2-3 million baht, accounting for 2,936 units valued at 7.666 billion baht.
Overall demand for residential units in the central region declined in the first half of 2024, with only 514 new units sold, a decrease of 63.4% from the previous year. The value of these sales also dropped by 64.2% to 1.519 billion baht.
Meanwhile, the Rojana Industrial Park was the top location for new unit sales – 315 units valued at 984 million baht. Other areas with significant new unit sales included Bang Pa-in, Saraburi City, Wang Noi, and Kaeng Khoi.
