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Thai property market slumps as transfers drop for 2nd successive year

Thai property market slumps as transfers drop for 2nd successive year

Provided by Nation.

Bucking the trend were condominium transfers, which experienced a 7.7% rise after the government’s mortgage and transfer fee cut

Residential property transfers in 2024 fell 5.2% from the previous year to 347,799 units, the Government Housing Bank’s Real Estate Information Centre (REIC) reported on Thursday.

The value of residential transfers also dropped 6.3% year on year to 980.64 billion baht, the centre said.

The Thai housing market has been in decline since 2023, when transferred units and property value dropped by 6.6% and 1.7%, respectively.

Properties priced 2-3 million baht and 7.5-10 million baht saw the biggest drop in transferred units last year, falling 13.3%. Property costing 1 to 1.5 million baht saw the smallest contraction at 1.5%.

Bucking the trend were condominium transfers, which experienced a 7.7% increase thanks to the government’s mortgage and transfer fee reduction, REIC’s acting director Kamolphob Weerapon said. However, horizontal property suffered a 10.6% drop in transferred units

Condo transfers in the fourth quarter increased 13.9% yoy, as buyers rushed to benefit from the 0.01% transfer fee for units costing under 7 million baht. The measure expired at year’s end.Kamolphob urged the government to consider extending the measure this year, saying the mortgage and transfer fee cut coupled with increasing the long-term lease period to 30 years would help boost the property market in 2025.

REIC predicted the following three scenarios for the property market in 2025.

Worst case: Transferred units drop 3.5% year on year to 335,719, and the value drops 3.7% to 944.81 billion baht.

Base case: Transferred units increase 1.6% to 353,389, with value rising 1.4% to 994.54 billion baht.

Best-case scenario: Transferred units increase 9.7% to 381,660, and the value increases 9.5% to 1.07 trillion baht.

NATION

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AFP-JIJI PRESS NEWS JOURNAL


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