Recently, Mr. Wichai Wiratkaphan, Director of the Real Estate Information Center (REIC), stated that condominium and housing projects in Bangkok and surrounding areas are facing sales challenges. He revealed that there is still a significant amount of inventory for sale, with over 97,075 units remaining unsold, valued at over 230,338 million baht.

Specifically, in condominium projects, there are 52,940 units awaiting sale, with a total value of 117,546 million baht, while housing development projects have 44,135 units, valued at 112,792 million baht. These figures illustrate the pressure currently facing the Bangkok real estate market.

Data shows that in the fourth quarter of 2023, new home sales for properties priced below 3 million baht totaled 4,911 units, representing a 6.7% decrease compared to the same period last year, further highlighting soft market demand.

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Mr. Wichai noted that while some areas still have a substantial inventory of condominium projects, such as Phra Khanong, Bangna, Suan Luang, and Prawet, the sales cycle is expected to have shortened from 32 months to 31 months. However, in areas like Thonburi and Khlong San, the sales cycle for condominiums has extended from 30 months to 35 months, indicating the differing market conditions across different areas.

In the housing development sector, the Khlong Luang project in Nong Suea district tops the list with 7,955 units for sale, expected to take up to 73 months to sell out. Although this represents an improvement from the previous 78 months, the sales cycle remains lengthy. The Lam Luk Ka project in Thanyaburi is projected to have a sales cycle of 55 months, down from the previous 61 months.

Concerning the current real estate market conditions, Mr. Wichai expressed worries, noting that the significant inventory backlog poses a significant challenge for developers and investors alike. He recommends developers adjust pricing and marketing strategies to stimulate market demand and calls on the government and relevant agencies to take measures to support the healthy development of the real estate market.

In this context, prospective buyers seem to be adopting a wait-and-see approach, awaiting more favorable market conditions. The future development trends of the Bangkok and surrounding real estate markets remain worthy of close attention.