REIC calls attention to lots of unsold systems

Speedboats off the coast of Pattaya, Chon Buri, which presently has a a great deal of unsold condominium systems.( Picture: Somchai Poomlard)

In spite of an enhancing property market in Chon Buri in the very first half, brand-new condominium supply ought to be postponed as there is still a a great deal of unsold systems, according to the Property Details Center (REIC).

Vichai Viratkapan, REIC acting director-general, stated the number and worth of recently introduced property supply in Chon Buri in the very first half were greater than the half-year average throughout 2020-21 as designers’ belief had actually enhanced.

” New sales likewise entered the exact same instructions as the brand-new supply,” he stated. “The variety of systems offered was the biggest in a number of years while the offered worth was the greatest considering that the very first half of 2019.”

By classification, brand-new sales of condominiums in the very first half tallied 2,902 systems worth 11.5 billion baht, while brand-new supply introduced in the duration was just 1,163 systems worth 4.14 billion baht.

Nevertheless, brand-new sales of condominiums in Chon Buri may be greater than the brand-new supply introduced, however the absorption rate stayed low at 2.9% since completion of the 2nd quarter– the most affordable in all real estate classifications.

The absorption rate of single removed homes and townhouses in Chon Buri was 4.5% and 5.6%, respectively.

On the other hand, the absorption rate of condominiums in Rayong and Chacheongsao was 7.3% and 4.8%, respectively, which would take 11 and 18 months to be offered out if there were no brand-new supply included.

This was due to the fact that the variety of condominiums staying unsold in Rayong and Chachoengsao was extremely couple of with just 1,080 and 113 systems, respectively, Mr Vichai stated.

” With 16,895 condominium systems worth 78 billion baht staying unsold in Chon Buri since June, considered that there’s no brand-new supply being included, it will take 31 months to be offered out, designers ought to be more mindful of releasing brand-new condominium supply in Chon Buri,” he stated.

Due mainly to a diminishing variety of brand-new condominiums introduced, at around 1,100-1,300 systems per half year in between 2021-22, compared to approximately 4,000 systems prior to Covid-19, the number and worth of unsold condominiums in Chon Buri had actually dropped consecutively.

It fell from a historical peak of 21,004 systems worth about 100 billion baht at the end of the 2nd half of 2020, to 19,707 systems worth 92.7 billion baht and 18,465 systems worth 85.3 billion baht in the very first and 2nd halves of 2021, respectively.

A speedboat cruises on a beach in Pattaya, Chon Buri, which presently has a a great deal of unsold condominium systems. Somchai Poomlard

Of the overall unsold condominium supply in Chon Buri, the biggest quantity remained in the Jomtien Beach location with 7,129 systems worth 36.76 billion baht, which represented 42% and 47%, respectively.

It was followed by Pattaya-Khao Phra Tamnak with 4,883 systems worth 27.3 billion baht.

The combined number and worth of the leading 2 places represented 71% and 82%, respectively.

By building development, 3,770 systems were finished, 11,871 systems are under building, and the rest had yet to begin.

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