Transfers of second-hand condos in the Eastern Economic Corridor (EEC) provinces in the second quarter of 2024 increased compared to new condos and both new and second-hand low-rise houses, primarily driven by units priced below 5 million baht, according to the Real Estate Information Center (REIC).

Siddhipen Siddharthapong, acting assistant director-general, said the situation indicated that buyers in Chon Buri, Rayong and Chachoengsao had a smaller budget to purchase homes amid the sluggish economy.

"When the economy slows down, second-hand homes tend to sell well because they are priced lower than new units and are often in more desirable locations," she said.

"Second-hand condos are more preferable than second-hand low-rise houses, as buyers either cannot afford the latter or find that the options at the same price are located too far from their jobs."

According to REIC, the number of second-hand residential units transferred in Chon Buri, Rayong and Chachoengsao in the second quarter of 2024 tallied 12,033 units, valued at 29.5 billion baht, down from 12,532 units worth 32.8 billion baht in the corresponding period last year.

The largest decline was in low-rise houses, with transfers dropping to 8,390 units worth 21.1 billion baht, down 5.2% and 6.3%, respectively, from 8,846 units worth 22.5 billion baht.

Condo transfers by unit number declined only 1.2% to 3,643 units from 3,686 units, but the decrease in value was larger, with a drop of 18.3% to 8.36 billion baht from 10.2 billion baht.

This suggests that while demand remained strong, it shifted towards units with lower prices.

By category, only second-hand condos saw an increase, rising 17.7%, while other categories, including new condos, new low-rise houses and second-hand low-rise houses, dropped 14.8%, 6.1% and 4.5%, respectively.

By price, new condo units priced below 1.5 million baht were the only segment experiencing a year-on-year increase, with a rise of 35.1% for units priced below 1 million baht and 13.9% for those priced 1-1.5 million baht.