Thailand has a whopping $41b in unsold homes

President of the Agency for Real Estate Affairs, Sopon Pornchokchai on Thursday said unsold units in Bangkok made of for 40 percent of the total units left over from 2018 and 55 percent of the total value. He said the supplies included detached houses, semi-detached houses, townhouses, shophouses, condominiums, and residential land subdivision catered by formal private housing developers in Thailand. Bangkok had the most unsold units totalling 91,600, while Chonburi in the east has a total supply of 34,400 units followed by Nonthaburi with 32,700 units. According to The Nation, the total number of housing units developed in 2018 was 26,224,081. Private developers built 454,814 units last year, or 1.73 percent of the total existing housing stock. The report said the 454,814 units could be absorbed within two years, while the number of units sold each year could reach 227,407 units. To compare Sopon pointed out that some 4.07 percent of the total housing stock in the United States were sold in 2018 whereas, in Thailand, it can be assumed that 2.5 percent were sold. The average cost of a housing unit was THB2.956 million or (US$89,576) which was 33 percent of the median house price in the US at US$276,000. Considering the average price of US$ 89,578, Thai homes were considered cheaper than those in Hanoi, Ho Chin Minh city, Kuala Lumpur and Phnom Penh which were over US$ 136,000 However, this average price would still be higher than that in Jakarta and Manila which were below US$80,000.
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