BANGKOK, Thailand – The Real Estate Information Center (REIC) of the Government Housing Bank has reported a positive outlook for Northern Thailand’s housing market this year, with significant growth in Chiang Mai contributing to the overall market improvement.
While Chiang Mai continues to thrive, other provinces, such as Chiang Rai, Phitsanulok, Nakhon Sawan, and Lamphun, are still facing challenges due to a lack of new project launches and slower absorption rates.
Dr. Wichai Wiratkaphan, Inspector of the Government Housing Bank and Acting Director of the REIC, noted that despite a 0.6% decline in the number of housing units sold across five northern provinces, the total sales value rose by 0.4%. Sales of new units increased by 12.5%, which led to a 2.1% reduction in unsold inventory, largely driven by the recovery in Chiang Mai.
Chiang Mai remains the primary growth driver in the region, with a 5.9% increase in available housing units during the first half of the year, representing a total value of 45.6 billion baht. Both housing estates and condominiums in Chiang Mai saw expansion, with condominium sales rising by 45.6% in volume and 51.3% in value.
In contrast, provinces like Chiang Rai and Phitsanulok are experiencing market slowdowns. Chiang Rai saw an 11.9% decrease in available housing units and a 13% drop in value, while Phitsanulok experienced a 12.3% decline in new sales, reflecting stagnation and a lack of new developments.
These trends highlight the contrasting dynamics in Northern Thailand’s housing market. While Chiang Mai drives regional growth, other provinces face significant hurdles that must be addressed to stimulate recovery. (NNT)
