Condo prices in the Eastern Economic Corridor (EEC) declined in the first quarter, marking a second consecutive quarterly decrease as developers accelerated stock clearance campaigns amid sluggish purchasing power and elevated unsold inventory.
According to the Real Estate Information Center (REIC), the EEC condominium price index was 101.9 points in the first quarter, down 1% year-on-year and 0.3% quarter-on-quarter.
The decline reflected a large volume of unsold units in the market, particularly in locations that continued to record new project launches despite slowing demand.
Developers intensified marketing campaigns to stimulate sales, offering incentives such as free furniture, electrical appliances and cash discounts to align with weak purchasing power and encourage buying decisions.
The broader economic slowdown also weighed on housing demand, as the recovery remained uneven across sectors, while household income growth stayed limited and household debt remained high.
Consumers are more cautious about home purchases, affected by both affordability concerns and mortgage access, noted the REIC.
Chon Buri recorded a condo price index of 101.7 points in the first quarter, down 1% year-on-year and 0.3% quarter-on-quarter. Despite the decline, some locations in Chon Buri continued to post healthy demand, particularly in areas supported by industrial employment.
Suthep Panyasakorn, managing director of developer D-Land Group, said the company planned to launch a third tower of D-Park Condo, a low-rise condo project in Si Racha, after the first two towers sold out.
"Demand for condos near Suan Sua Si Racha remains solid because the area is close to several industrial estates and employment hubs," he said.
"Many buyers previously rented apartments in the area, as monthly instalments for condo units are comparable to rental costs."
The third tower comprises an eight-storey building with 200 units, sized from 26 square metres and priced from 1.5 million baht per unit. Construction is scheduled to begin in October ahead of a planned launch in July.
Rayong posted a smaller annual decline of 0.5% to 112 points in the first quarter, while edging up 0.1% from the previous quarter, suggesting relatively more stable market conditions supported by industrial activity.
Meanwhile, Chachoengsao recorded the steepest annual decline among the three provinces, with the condo price index falling 3.1% year-on-year to 103.8 points, while remaining flat quarter-on-quarter.
Promotional campaigns increasingly focused on giveaways rather than direct price reductions.
Free gifts such as air-conditioners and furniture accounted for 56% of all condominium promotions in the first quarter, up from 52.4% in the previous quarter.
The EEC condo price index reflects prices of projects with at least six unsold units, excluding resale units. The index is based on 100 purposively selected samples, using actual selling prices after promotional discounts, with 2022 as the base year.
