The almost 14% increase in demand for housing in Chonburi in the period from the fourth quarter of 2021 to the first quarter of this year was due almost exclusively to interest in houses worth no more than 3 million baht. Demand here soared by 57.2% compared to the previous quarter. This was the first time since the beginning of COVID-19 when the total number of requests for houses in Chonburi with a price of 3 million baht or less exceeded requests for real estate in the segment of 3-5 million baht and 5-10 million baht.
One of the reasons for this surge in demand is the Bank of Thailand's reduction in the loan-to-value ratio (LTV) for mortgages, which came into effect at the end of 2021. Now home buyers can take out a mortgage for up to 100% of the total cost of housing.
There was also a significant increase in demand for houses in Chonburi at a price of 10 to 20 million baht. All other segments remained unchanged or showed a slight decline during the first quarter of this year.
In terms of size, property seekers looking for homes in Chonburi clearly prefer three-bedroom residences. This accounted for a staggering 53.5% of all requests between October 2021 and March 2022. Meanwhile, two-bedroom homes accounted for 18.6% of demand, while four-bedroom homes accounted for 16.7%.
It is expected that the demand for housing in Chonburi from 3 million baht or less will remain high for now.