The housing market in Thailand is facing severe challenges. With financial institutions tightening scrutiny, the loan rejection rate is rising, and interest rate hikes are leading to increased living costs and decreased purchasing power. Additionally, the LTV (Loan-to-Value) mortgage control measures supporting the housing market have been lifted.

According to a survey of the overall housing market in Bangkok and the surrounding areas, there are 206,246 unsold houses with a total value of 1.193 trillion baht. Compared to the same period last year, the number of unsold houses has grown by 3.3%, and the value has increased by 5.3%.

Of these unsold houses, only 23,080 are from newly launched projects, accounting for just 11.19% of all unsold houses, with a total value of 127.774 billion baht, representing only 12.54% of the total value. Compared to the same period last year, the quantity and value of new projects have decreased by 19.0% and 6.6%, respectively.

Among them, there are 11,224 residential units with a total value of 80.299 billion baht, a decrease of 7.8% in quantity; and 11,856 apartment units with a total value of 47.475 billion baht, a decrease of 27.3% in quantity but an increase of 5.9% in value.

Wichai, the inspector of the National Housing Authority and acting director of the Real Estate Information Center, revealed that in the entire housing market, including townhouses and apartments, a total of 15,959 new houses were sold in the second quarter of this year, with a total value of 83.499 billion baht, representing a decrease of 32.3% in quantity and 28.4% in value. Of these, 5,909 newly sold apartments were worth 24.9 billion baht, a decrease of 56.5% in quantity and 53.1% in value; while 10,050 newly sold houses were worth 59.49 billion baht, representing a 0.7% increase in quantity but an 8.9% decrease in value.

Regarding the remaining unsold houses, there were 192,870 in the second quarter of this year, representing an 8.0% increase in quantity, with a total value of 935.819 billion baht, a 9.9% increase. Of these, the apartment segment accounted for 74,230, an 11.2% increase, with a total value of 290.637 billion baht, a 1.3% decrease; and the residential segment comprised 116,057 units, a 6.1% increase, with a total value of 645.182 billion baht, a 15.8% increase.