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PROPERTY
The Bank of Thailand has projected higher condominium demand in the second half as consumers move to save travelling expenses. In its May economic and finance report, the central bank reported a stronger real estate market in April as buyers who had delayed their decisions to wait for tax incentives made transactions.
Land and real estate transactions in April were valued at 35.46 billion baht, up 24.4% year-on-year. The growth was in-line with an 11.9% increase in housing loans.
The bank found that real estate supply, especially townhouses, also expanded in April. Total land areas that received construction permits nationwide in the month fell by 28.7% year-on-year while cement sales dropped by 2.3%.
The bank believes that developers of townhouses and single houses will reduce project sizes and carefully evaluate the market before launching projects.
The Government Housing Bank (GH Bank) reported that overall registrations of newly built residential units declined this year while the registration of condominium units in Bangkok rose 30%.
Condominiums accounted for 40% of total new residential units registered but the proportion was only 25% if Greater Bangkok was included.
GH Bank president Khan Prachuabmoh said most financial institutions had higher targets for new housing loans releases this year, but the first quarter showed only 50 billion baht in new housing loans, down from the 59-60 billion baht seen in the past two years.
He anticipated that total credit releases for the country this year would be around the same amount as last year at 270 billion baht. Outstanding housing loans from all financial institutions at the end of the first quarter were 1.5 trillion baht, slightly up from 1.48 trillion at the end of the first quarter last year.
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