Condominium projects sit along the MRT Purple Line in Nonthaburi province. PORNPROM SATRABHAYA

The number of housing transfers jumped in the fourth quarter last year, with the figure expected to continue rising in the first quarter of 2019 as buyers hurry to both buy and receive unit transfers to avoid new loan-to-value (LTV) limits applied from April 1, 2019.

Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the number of residential transfers in the fourth quarter last year indicated the Bank of Thailand's mortgage policies had an impact on the housing market.

"The amount and value of housing transfers in the fourth quarter last year were the highest in the past 12 quarters," he said. "This is the same phenomenon as seen during the property tax incentives."

According to REIC, the number of housing transfers in Greater Bangkok in the fourth quarter last year totalled 56,047 units, worth a combined 173.4 billion baht, rising by 16.7% and 36.9%, respectively from the fourth quarter of 2017.

This amount and value were the highest since the fourth quarter of 2015, which recorded 63,869 units worth 162.3 billion baht.

The number of housing transfers nationwide increased by 7.7% and 25.5% to 98,530 units worth a combined 247.1 billion baht, the highest since the fourth quarter of 2015, said the centre.

The fourth quarter of 2015 was the starting period of the property tax incentives that included a reduction in transfer fees and mortgage fees from 2% and 1% to 0.01%, and a reduction in personal income tax for five years.

They were in effect for six months, running from Oct 29, 2015, to April 28, 2016, said Mr Vichai.

"After the stimulus ended, the number of housing transfers shrank immediately in the following quarter as future demand was absorbed in advance. This scenario will be repeated in the second quarter this year," he said.

REIC forecast the number of housing transfers nationwide and in Greater Bangkok in the first quarter will continue in growing, with a total of 79,933 units worth 204.6 billion baht nationwide and 46,130 units worth 142.3 billion in Greater Bangkok.

By year-end, REIC expects there will be correction, closer to the amount and value in 2017, with 161,457 units worth 480 billion baht transferred in Greater Bangkok, compared with 163,468 units worth 428 billion in 2017.

Last year the total number of housing transfers in Greater Bangkok was 196,630 units, worth 565.1 billion baht, up 20.3% and 32.1%, respectively. The amount and value nationwide rose 15.4% and 24.5% to 339,600 units worth 707.3 billion baht.

REIC expects there will be 306,911 units transferred nationwide worth 747 billion baht this year.

"New supply launched in the first and second quarters this year will drop as developers focus on clearing stock, gaining momentum in the second half ," said Mr Vichai.