House prices in Thailand up 5%

House prices in Thailand
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House prices in Thailand rose by an impressive 5.01 percent during the 12-month period that ended on June 30.

This was in contrast to a 3.02 percent decline that was reported during the previous year, according to international property website GlobalPropertyGuide.com.

Before you get too excited you need to understand that, as reported previously, this website bases its entire Thailand property market summary on data from the Bank of Thailand that focuses solely on single detached housing, and does not take Thailand’s massive condominium sector into account.

The website said: “Thailand’s housing market is rising strongly again, with nationwide house prices rising by 5.01% during the year to Q2 2018.”

It added that house prices in Thailand fell slightly by 0.58 percent quarter-on-quarter during Q2 2018.

“During the first five months of 2018, nationwide land and building transactions rose by 3.2 percent year-on-year to THB 425.74 billion (US$ 13.1 billion).”

House prices rose in 25 out of the 39 world’s housing markets which have so far published housing statistics, using inflation-adjusted figures.

The more upbeat nominal figures, more familiar to the public, showed house price rises in 32 countries. House prices fell in only 6 countries and remained stable in 1 country.

Elsewhere, most of Europe continued to experience strong price rises, especially Ireland and the Netherlands.

In Asia, Hong Kong and Macau saw strong price rises over the past year.

GlobalPropertyGuide said there were also been notable turnarounds in Thailand, Egypt, and Puerto Rico, but China, Ukraine and most of the Middle East were experiencing either house price falls or a sharp deceleration of house price rises.

The strongest housing markets in its global house price survey during the year to Q2 2018, using inflation-adjusted figures, included Hong Kong (+13.15 percent), Ireland (+11.57 percent), the Netherlands (+7.24 percent), Macau (+6.31 percent) and Mexico (+5.12 percent).

The largest year-on-year house price declines were seen in Qatar (-16.91 percent), Kiev, Ukraine (-7.81 percent), Dubai, UAE (-7.63 percent), Turkey (-4.21 percent) and Shanghai, China (-3.51 percent), again using inflation-adjusted figures.

The importance of this story is for readers to ensure they understand the source that is being measured.

Sometimes it may not be what you think.

Andrew Batt
The author of this article is Andrew Batt, the founder and editor of www.thailandproperty.news. Andrew has been writing about property and real estate issues in Thailand and Southeast Asia for more than 10 years. He has worked for PropertyGuru Group, DDproperty, Dot Property Group, Hipflat and AsiaRents. He has also produced content for leading Thailand property developers and real estate agencies.
Email: andrew.thailandpropertynews@gmail.com.

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