New property sales fell 22.5% in 2023

Decreased by 14.5% in the 4th quarter Miniature home designs on screen at a current home fair. According to the Real Estate Information Center, supply of low-rise homes tallied 15,770 systems worth 144 billion baht in the 4th quarter of 2023. (Photo: Varuth Hirunyatheb) New property systems offered in Greater Bangkok in the 4th quarter of 2023 decreased by 14.5% year-on-year, resulting in a 22.5% decline for the complete year, according to the Real Estate Information Center (REIC). Vichai Viratkapan, the centre’s acting director-general, stated the domestic market in Greater Bangkok in the 4th quarter of 2023 had a inconsistency inbetween supply and need. Supply rose by 13% year-on-year to 31,363 systems, valued at 240 billion baht, up 49%, whereas need plunged by 14.5% to 18,208 systems worth 94.8 billion baht, down by 19%. “This led to a 13.7% rise in the number of staying unsold systems, marking the greatest year-on-year boost in f
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