According to the Real Estate Information Center (REIC), construction of new condominiums has to be suspended despite the improving situation in the Chonburi housing market in the first half-year, as there is still a lot of unsold properties around.
A REIC representative said that the amount and value of recently launched housing in Chonburi was higher over the first half-year than a half-year average in 2020 – 2021, as the developers’ situation improved.
The number of sold properties was the greatest in several years, while the value was the highest since the first half of 2019.
2,902 apartments worth 11.5 billion baht were sold in the first half-year, while new supply over the same period was only 1,163 residences worth 4.14 billion baht.
Nevertheless, new sales of condominiums in Chonburi could be higher than the new supply, but the buy-out ratio as of the end of the second quarter remains low, at 2.9%. This is the lowest among all types of residential properties.
4.5% of detached mansions and 5.6% of townhouses in Chonburi were bought out.
Meanwhile, this indicator was 7.3% and 4.8% respectively in the neighboring Rayong and Chachoengsao Provinces, which means that it would take 11 and 18 months respectively to sell all properties, unless new listings came up. The reason was the really small quantity of unsold condominiums in Rayong and Chachoengsao: only 1,080 and 113 properties respectively.
As the number of new apartments commissioned from 2021 to 2022 reduced, the quantity and value of unsold flats in Chonburi was consistently falling.
Jomtien District accounted for the greatest share of unsold apartments in Chonburi – 7,129 properties worth 36.76 billion baht. It was followed by Pratumnak with 4,883 properties worth 27.3 billion baht.