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180,635 Housing Units Awaiting for Sale In Bangkok
AREA Press Release No. 425/2018: August 30, 2018

Dr.Sopon Pornchokchai, Ph.D. Dip.FIABCI, MRICS
President, Agency for Real Estate Affairs (AREA)

Currently, there are 180,635 housing units including low-rise residences and owner-occupied apartments (condominiums) for sale in Bangkok at a total value of USD 23.286 billion. There are 15,114 low-priced housing units priced at Baht 1.5 million or USD 45,455.  This implies that the government has no need to build housing by itself.

 

Dr.Sopon Pornchokchai, President, Agency for Real Estate Affairs said that as of Mid 2018, there were 180,635 housing units including low-rise residences and owner-occupied apartments (condominiums) for sale in Bangkok. The total worth was USD 23.286 billion. Each unit was worth at USD 127,242. It did not mean that these housing units could not be sold but at the time of the survey in Mid 2018, they were still available.

If three persons would be accommodated in a housing unit, these 180,635 units would be able to accommodated 541,905 persons or 0.8% of the total Thailand population of 68 million persons. Dr.Sopon further estimated that the total units available on the hands of developers would be 343,207 units nationwide at a total value of USD 31.818 billion or some USD 92,697 per unit. If 3.2 persons were staying in these 343,207 units, they can accommodate some 1,098,262 persons or 1.6% of the total Thailand population.

Considering low-priced housing, of the total 180,635 units available in Bangkok, they were 555 condominium units priced at Baht 0.5 million (USD 15,152). Those priced at Baht 0.51-1.0 million (USD 15,153-30,303) were 4,393 units; whereas, 3,649 units were condominiums.  Eventually, for those priced at Baht 1.01-1.5 million (USD 30,304-45,455), there were 10,166 units of which 7,248 units were condominiums and 2,793 units were townhouses (rowhouses).

On the whole for low-priced housing (USD 45,455 and below), of the 15,114 units, 66 were semi-detached houses, 3,505 units were townhouses, 16 units were shophouses, 75 units were land subdivision plots and mostly 11,452 units were owner-occupied apartments (condominiums). If some 3.5 persons would be resided, they could accommodated some 52,899 persons.

The government should not invest in low-priced housing. It could not compete with the private sector in the number of units constructed, the quality and the prices.  An Enabling policy should be more appropriated.