A new real estate boom in Thailand?
In the first half of 2022, 52,964 units of houses and condominiums were built in Bangkok and its environs, almost the same as in 2021. Hundreds of thousands more new units are expected to be launched during the year.
About 105,928 units are expected to be launched during the year, with a total value of ฿387 billion, which means a 40% increase in the total value of ready-to-move-in houses compared to 2021, with the number of units likely to increase to 75%.
One of the important points is that the condominiums are being actively put into operation again. Initially, in 2021, the share of new condominiums was only 38.8%, but in 2022, new condominiums are expected to be 59.7% or 31,621 units. This is followed by townhouses – 12,397 units, or 23.4% of the total, and private houses – 5,583 units, or 10.5% of the total.
- The largest group of mansions will be built at a price of ฿5-10 million, and townhouses will be built for ฿2-3 million.
- Housing worth more than ฿20 million, launched in the first half of 2022, consists of detached houses, townhouses and condominiums, a total of 631 units, or only 1% of the total number of offers. But the total cost is ฿42,806 million, or 22% of the total value.
- On average, villas are put up for sale for ฿10 million, detached houses are sold for ฿4 million, townhouses – for ฿3 million, and condominiums are built at an average price of only ฿2 million. In this first year, the average price for apartments in condominiums is ฿3 million, which is lower than in 2021, when the average price was ฿4 million.