Second-hand condo units are more affordable than new ones, and reduced purchasing power resulted in more transfers nationwide during the first quarter across most price segments.

Second-hand condo transfers nationwide in the first quarter of 2025 increased across most price segments, primarily due to weakened purchasing power, according to the Real Estate Information Center (REIC).

Kamonpop Veerapala, president of Government Housing Bank and acting director-general of REIC, said diminished purchasing power led many homebuyers to opt for second-hand units in similar locations.

"Affordability is a key factor," he said. "Second-hand units are generally more affordable than new ones. In many cases, buyers can find similar locations and usable space at significantly lower prices."

According to REIC, nationwide condo transfers in the first quarter of 2025 dropped by 7.3% year-on-year to 21,814 units, with the total transfer value falling by 11.1% to 56 billion baht.

However, the number of second-hand condo transfers increased across several price segments.

Units priced between 1.51-2 million baht increased by 11% in both transfer volume and combined value, followed by units priced 2.01-3 million, which rose 4% by volume and 2.9% by value.

Those priced 3.01-5 million baht surged in terms of units by 8.9% and value by 8.5%, while units valued at 5.01-7.5 million grew 3.9% by volume and 4.8% in value.

Condos priced 7.51-10 million baht posted the strongest growth at 20.4% for units and 19.2% in value.

Meanwhile, transfers of second-hand condos priced less than 1 million baht, between 1.01-1.5 million, and greater than 10 million declined by 3.3%, 2.3% and 5.3% in unit numbers, respectively.

New condo transfers across most price segments declined, ranging from 7% to 24.3%, with the exception of units priced between 1.01–1.5 million baht, which surged by 47.8% to 1,809 units.

The spike was attributed to a large batch of new condos in this price range being completed and transferred during the first quarter, with most located in Greater Bangkok.

The results align with a glut of unsold condos priced 1.01-2 million baht, containing the largest amount at 9,606 units, accounting for 29.7% of total unsold, completed condos.

"In the second quarter, the second-hand housing market, particularly for high-rise condos, is expected to gain momentum following the earthquake, as buyers can visibly assess any quake-related damage before making a decision," said Mr Kamonpop.