A nearly 14 percent increase in Chonburi housing demand between the fourth quarter of 2021 and the first quarter of this year was propelled almost exclusively by interest in homes priced at THB3 million or less. Demand here skyrocketed 57.2 percent quarter-on-quarter. This information can be found in the Dot Property Group Chonburi Real Estate Market which is available here.
Interestingly, this was the first time since the COVID-19 pandemic began that total inquiries for Chonburi houses with prices at THB3 million or less surpassed the THB3-5 million and THB5-10 million segments.
One reason for this surge in demand is the Bank of Thailand’s easing of the loan-to-value (LTV) ratio for mortgages which took effect at the end of 2021. It is now possible for homebuyers to borrow loans of up to 100 percent of the total property value for a first or second mortgage. The latter was a new addition to the policy designed to stimulate the real estate market.
There was also a significant increase in demand for Chonburi houses at the THB10-20 million price point. All other segments remained flat or saw minor decreases during the first quarter of this year.
As far as size is concerned, property seekers looking for homes in Chonburi clearly prefer three-bedroom residences. These made up a staggering 53.5 percent of all inquiries made to the Dot Property Group between October 2021 and March 2022. Meanwhile, two-bedroom houses accounted for 18.6 percent of demand while four-bedroom units came in at 16.7 percent.
Looking ahead, the LTV ratio relaxation policy will remain in place until the end of this year which means demand for THB3 million and less housing in Chonburi will likely remain strong for the time being.
Click here to download your copy of the Dot Property Group Chonburi Real Estate Market Update!