There is an overabundance of real estate in the real estate market in the special zone of the eastern corridor. There are more than 19,000 apartments left for sale.
The Real Estate Information Center conducted a statistical check of projects for sale in 3 provinces in accordance with the Law on Eastern Special Development Zones, namely in Chonburi, Chachengsao and Rayong.
In the first quarter of 2022, 63,892 real estate units worth 214 billion baht were put up for sale: 20,979 apartments in condominiums and 42,913 separate housing units. Of these, 2,956 new projects worth 10 billion baht and 7,789 new facilities were sold for 22 billion baht, leaving 56,103 real estate units on the market.
The number of housing units put up for sale has decreased since the second half of 2021: new projects amount to 2,956 real estate units, including 839 apartments in condominiums worth 1.5 billion baht and 2,117 real estate units of a residential complex worth 8.5 billion baht.
Most of them are concentrated in Chonburi Province, industrial zones and nearby urban areas, such as Map Ta Phut Industrial Zone (481 real estate units worth 839 million baht), Bangsaen-Nong Mon-Bang Phra district (281 real estate units worth 622 million baht) and Bang Pakong District (77 real estate units worth 121 million baht), the price level is 1.5 - 3 million baht.
In the Eastern Special Development Zone, 56 103 real estate units worth 191 billion baht remained unsold, of which 19,299 apartments in condominiums worth 85 billion baht, most of it are located in the Jomtien, Pattaya-Pratamnak and Laem Chabang zones.
This indicates that condominiums in tourist areas are still experiencing an oversupply.