Bangkok, Real Estate Information Center The Government Housing Bank (REIC) stated that in 2023, new residential projects for sale decreased by 22.5 percent, while those remaining for sale increased by 13.7 percent compared to 2022. The absorption rate decreased to 2.7 percent. For 2024, it is forecast. that there will be new housing for sale Increased by 7.0 percent. Proposing that the government reduce interest rates to stimulate purchasing power. Dr. Wichai Wiratkaphan, Government Housing Bank Inspector and Acting Director of the Real Estate Information Center revealed that the overall supply of the housing market in Bangkok and the surrounding area is inconsistent. REIC has surveyed residential projects in the process of being sold for the 4th quarter of 2023, only those projects that have at least a low number of units remaining for sale. Over 6 units, it was found that there were a total of 228,102 housing units offered for sale, valued at 1,264,325 million baht, an increase of 10.8 percent, of which 31 ,363 units were newly launched projects valued at 240,006 million baht, while there were only 18,208 new units sold, resulting in Overall, the number of homes remaining for sale in 2023 has reached 209,894 units, valued at 1,169,531 million baht, which is an increase of 13.7 percent compared to the same period last year. Divided into 126,247 units of housing projects, 83,647 units of condominium projects, with the absorption rate decreasing from 3.8 percent in 2022 to 2.7 percent. In the 4th quarter of 2023, it was found that condominiums had the highest number of new units opened for sale, up to 49.7 percent (15,593 units), followed by detached houses, 22.1 percent (6,917 units), townhouses, 17.6 percent (5,510 units), houses. Twin 10.5 percent (3,306 units). The price level with the most new sales is in the price group 2.01 - 3.00 million baht, with a total of 6,588 units, and the price level 3.01 - 5.00 million baht, with a total of 6,056 units. As for the location with the highest number of new homes fo r sale The location is Bang Phli-Bang Bo-Bang Sao Thong. The locations with the highest number of new condominium sales are Thonburi - Khlong San - Bangkok Noi - Bangkok Yai - Bang Phlat. And the location that has the highest number of new housing sales is Bang Phli - Bang Bo - Bang Sao Thong. While the locations that should be monitored or those with the highest number of units remaining for sale It was found that there were 41,470 units of completed construction remaining for sale, 73,571 units of housing remaining for sale under construction, and 94,853 units of housing remaining for sale that were not yet under construction, including condominiums, townhouses, detached houses, semi-detached houses, and Commercial buildings, the price level with the highest number of units remaining for sale, is in the price group of 2.01 - 3.00 million baht. However, if economic factors can achieve the target, it will result in the housing market in 2024 having a chance to adjust to be close to 2022, which is the best y ear after the COVID-19 situation. It is expected that there will be a total of 103,019 new housing units for sale in the market, an increase of 7.0 percent, with a total value of 651,377 million baht, consisting of housing projects of 50,882 units worth 425,415 million baht, condominium projects of 52,137 units worth 225,965 million baht and it is expected that There will be 91,869 new housing units for sale, an increase of 24.6 percent, valued at 486,084 million baht, consisting of housing projects of 52,647 units with a total value of 333,868 million baht, condominium projects of 39,222 million baht with a total value of 152,216 million baht. However, the sales of condominiums may be lower than the new launches. It will result in an overall increase in unsold housing projects of 10.6 percent compared to 2023, or 232,216 units worth 1,296,376 million baht, consisting of 135,654 housing units worth 866,755 million baht and 96,562 condominium units worth 429,621 million baht, with an absorption rate. decrease d to 2.4 percent due to increased supply In particular, the sales absorption rate of condominium projects may decrease more than housing developments. 'Year 2024, the direction of the housing market situation in Bangkok and surrounding areas. There is a slight upward trend. But still have to face many risk factors. The Thai economy may slow down from the slowing global economy. Cancellation of LTV relief measures, higher living costs. and household debt that is still at a rate higher than 90 percent of GDP, all of which are important factors affecting the ability to buy housing and apply for loans. This makes them less likely to have access to credit. This is because financial institutions have stricter criteria for credit approval. This is expected to have an impact on the transfer of ownership. But if measures are issued to increase the ability to purchase housing. and measures to stimulate the economy that have shown concrete results There is a chance that the market will improve better than expected,' Dr . Wichai said. Source: Thai News Agency