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Translation from Chinese to English: Real Estate Market in Thailand's Eastern Economic Corridor (EEC)
Jul 4, 2024
Translation from Chinese to English: Real Estate Market in Thailand's Eastern Economic Corridor (EEC) Bangkok
By   Internet
  • City News
  • Thailand Housing Market
  • Thailand Condominiums
  • Real Estate Supply and Demand
Abstract: Recent analysis from the Real Estate Information Center (REIC) indicates significant changes in the housing market within Thailand's Eastern Economic Corridor (EEC), particularly highlighting distinct trends in the apartment market and overall development.

The EEC encompasses the provinces of Chonburi, Chachoengsao, and Rayong, covering a total area of 13,266 square kilometers. This region is recognized as a national-level economic zone prioritized by the Thai government, strategically located with land connections to Cambodia, Laos, and Vietnam, and maritime access at key ports such as Laem Chabang and Map Ta Phut, intersecting major shipping routes between the Indian Ocean and the Western Pacific, thereby laying a solid foundation for economic growth.


Since its launch in 2017, the EEC has been dedicated to promoting regional economic integration, focusing on high-tech and advanced manufacturing industries, including next-generation automobiles, smart appliances, automation and robotics, digital technology, aviation logistics, defense technology, modern agriculture and biotechnology, bioenergy, education and human resources, food processing, healthcare, and comprehensive insurance. Additionally, the EEC has actively promoted infrastructure development such as high-speed railways and highways to support long-term sustainable regional economic growth.


Translation from Chinese to English: Real Estate Market in Thailand's Eastern Economic Corridor (EEC)

Internet


According to the latest REIC report, the real estate market in the EEC region, especially the apartment market in Chachoengsao province, showed vibrant activity in the first quarter of 2024. During this period, there were a total of 50,401 units available for sale in the region, with a slight increase. The supply of apartments for sale increased by 25.1% year-on-year, primarily concentrated in Chachoengsao province.


A total of 8,420 new apartment units were launched with a total value of 32.24 billion baht, marking a 65.6% year-on-year increase. In terms of sales, 6,557 units were sold, generating sales revenue of 21.745 billion baht, largely driven by the popularity of new projects. However, Chachoengsao province still had a high remaining inventory of 19,545 unsold apartment units, an 18.0% year-on-year increase, with a total value of 71.223 billion baht, indicating the risk of oversupply.


In contrast, overall housing development activities remained relatively stable. The launch of new housing projects was lower than sales, resulting in a decrease in remaining unsold housing units to 24,299 units, down 13.2% year-on-year. Only 3,445 new housing units were sold, a 17.7% year-on-year decline, generating sales revenue of 11.996 billion baht, reflecting some challenges in the market. The remaining unsold housing units were mainly located in Chachoengsao (49.2%), Rayong (34.2%), and Chonburi (16.7%) provinces.


The report also highlighted the strong performance of the apartment market in Chachoengsao province, relatively steady housing market conditions in Rayong province, and more significant market fluctuations in Chonburi province. Despite the notable growth in the apartment market, caution is warranted regarding the potential impact of oversupply.

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Translation from Chinese to English: Real Estate Market in Thailand's Eastern Economic Corridor (EEC)
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