The Greater Bangkok housing market dropped by 13% in the first half after the Bank of Thailand’s new loan-to-value (LTV) limits took effect on April 1, according to SET-listed developer Pruksa Holding Plc (PSH).
The total market value in the first six months dipped to 201 billion baht from 232 billion in the same period last year. All housing categories dropped, with condos seeing the largest decline.
Condo market value in the first half totalled 104 billion baht, down by 17% from 125 billion in the same period last year. Single detached house value dropped by 12% to 51.5 billion baht from 58.3 billion, while townhouses were down by 5% to 41.2 billion.
In the second quarter, the market decreased by 8% to 99.8 billion baht. The decline in second-quarter market value followed a first quarter that tallied a decrease of 18.7% to 101 billion baht from 124 billion.
By unit, the housing market dropped 11% in the first half to 51,865 units from 58,008 in the same period last year. The second quarter saw a decrease of 14% to 23,500 from 27,392 units in the same period last year, and by 17% from 28,365 units in the first quarter.
The single detached house segment saw the largest decrease in unit numbers in the first half, with a drop of 15% to 7,682 units, followed by townhouses, which declined by 11% to 14,179 units, while condos were down by 9% to 29,367 units.
As of the end of the second quarter, housing inventory in Greater Bangkok rose by 16% from the same period last year. Condos recorded the largest increase at 28%, followed by townhouses, rising 11%, and single detached houses were up 4%.