Resale homes take larger market share

Second-hand homes have become more popular among Thai homebuyers since the pandemic, with their share of both transaction volume and value increasing as new home transfers declined, reflecting weaker purchasing power amid a slowing economy.

According to the Real Estate Information Center (REIC), residential transfers nationwide totalled 72,583 units worth 187 billion baht in the first quarter of 2026, up 11.2% in volume and 3.1% in value year-on-year.

Of the total, second-hand homes accounted for 48,446 units worth 93.3 billion baht, representing 67% of all transfers by volume and 59% by value. This compares with 64% and 47%, respectively, at the end of 2025, and 65% and 48% in the first quarter of 2025.

The number and value of second-hand home transfers in the first quarter of 2026 rose by 13.8% and 7.7% year-on-year, respectively. In contrast, transfers of new homes increased by only 6.2% in volume while declining 1.1% in value.

Overall residential transfers increased 11.2% in volume and 3.1% in value, highlighting the growing preference for resale homes among Thai buyers amid weaker purchasing power and a slowing economy, REIC noted.

"Second-hand homes are increasingly attractive to buyers because they are often priced lower than new homes in comparable locations," said Narongpol Prapanirin, senior executive vice-president of marketing at Government Housing Bank and the acting director of REIC.

According to the Siam Commercial Bank Economic Intelligence Center, average prices of second-hand homes transferred in Greater Bangkok grew by a cumulative 1% annually during 2019-25, compared with 5% annual growth for new homes.

However, transfer data over the past three years show a softening trend in both segments.

The average transfer price of new homes rose to 4.71 million baht in 2023 from 4.39 million in 2022, before easing to 4.63 million in 2024 and 4.61 million in 2025.

For second-hand homes, the average transfer price declined from 2.44 million baht in 2023 to 2.41 million in 2024 and 2.36 million in 2025.

The growing appeal of resale homes was reflected in transfer activity, comprising a 37% share of total residential transfers in Greater Bangkok by volume in 2020, growing to 42% in 2021, 49% in 2022, 50% in 2023, 52% in 2024 and 54% in 2025.

A similar trend was recorded in transfer value, with second-hand homes accounting for 27% of the market in 2020, rising to 30% in 2021, 34% in both 2022 and 2023, 36% in 2024 and 38% in 2025.

Resale home transfers nationwide in the first quarter of 2026 increased across all price segments except those priced more than 7.5 million baht, which falls outside the government's tax incentives for housing units priced less than 7 million baht.

In contrast, new home transfers declined for units priced 1.01-1.5 million baht and across all price brackets more than 5 million baht, highlighting continued pressure on purchasing power, particularly among buyers of higher-priced properties.