The price index for new detached houses in Samut Prakan, Nonthaburi and Pathumthani rose sharply in the fourth quarter of last year, reaching a record high after land prices in three provinces rose in the previous quarter. According to the Real Estate Information Center (REIC), the price index for new detached mansions for sale in these three provinces increased by 7.6% to 134.6 in the fourth quarter of 2022 from 125.1 in the same period of 2021.
The nationwide index rose 5.3% from 127.8 in the third quarter of 2022, while in Bangkok it was 123.6, down 0.6% year-on-year and 2.2% quarter-on-quarter.
RAI reported that the areas with the largest year-on-year increase in land prices in the third quarter of 2022 were in the provinces of Samut Prakan, Nonthaburi and Pathumthani. These included Bang Phli, Bang Bo and Bang Sao Tong Samut Prakan districts with an increase of 55.7%, followed by Nonthaburi Muang and Pak Kret districts with an increase of 42.8%. The next in line were the districts of Pathumthani Muang, Lat Lum Keo and Sam Khok with an increase of 28.1%.
The price index for new low-rise buildings, including detached houses and townhouses for sale in Greater Bangkok in the fourth quarter of 2022, rose for the first time in three quarters.
The 2.7% annual increase in the low-rise housing price index in the fourth quarter of last year was the first increase since the first quarter of 2021.
From the first quarter of 2021 to the third quarter of last year, the index showed a consistent decline, which was the first such downward trend since the index was created in 2012.
In the fourth quarter of 2022, the price index for new condominiums for sale in Greater Bangkok fell by 0.6% year-on-year and by 1.9% quarter-on-quarter, as developers switched their attention to the sale of low-rise buildings. According to REIC, most of the companies offered to apartment buyers consisted in waiving expenses on the transfer date.