A total of 454,814 residential units across the country were left unsold last year, with a total value of US$ 41 billion, according to Sopon Pornchokchai, president of the Agency for Real Estate Affairs.
The supplies in the Bangkok Metropolitan Region constituted 40% of the total units available and 55% of the total value.
These supplies included detached houses, semi-detached hoses, townhouses, shophouses, condominiums (owner-occupied apartments) and residential land subdivision catered by formal private housing developers in Thailand.
Bangkok has the largest unsold supply
The largest unsold inventory were in Bangkok with a total number of units of 91,600 units (20% of the total). Chonburi in the east was the second with a total supplies of 34,400 units (8%) followed by Nonthaburi (32,700 units, 7%), Samut Prakan (25,300 unites, 6%) and Pathum Thani (22,600 units, 5%).
As a whole, the first five cities constitute some 45% of the total units left for sale as of end 2018 which would be entered into 2019; whereas, the Bangkok Metropolitan region (Bangkok and other five vicinity provinces) constituted 40% of the total supplies.
Considering the average price at USD 89,578, it was considered cheaper than that in Hanoi, Hochiminh City, Kuala Lumpur and Phnom Penh which were over USD 136,000.
However, this average price would still be higher than that in Jakarta and Manila which were below USD 80,000. Actually, there is no housing shortage in Thailand. Most of the household can afford a house in an open market.
President of the Agency for Real Estate Affairs
But the Bank of Thailand is concerned about the risk of weaker demand for condominiums from foreigners, Chinese buyers in particular, as the global economy slows, the central…