Secondhand house prices drop 10-30%


BANGKOK, 6 April 2012  – The Real Estate Broker Association (REBA) has revealed that prices of pre-owned houses have dropped by 10-30%, as supplies surge after the flood. 

REBA President Dr Somsak Muneepeerakul said the Thai secondhand housing prices have reached the lowest point from the effects of the flood devastation last year.

According to Dr Somsak, additional 150,000 secondhand houses were added to the market, which already has around 300,000-400,000 units, as the houses could not be sold during the flood.

He said 1.5-1.6 million housing units, both new and old, have been affected by the flood. Once the flood swept the country, more houses are in the market, while people hesitated to buy one.

The prices have dropped by 10-30%, depending on how much damage the flood had made.