Residential index hits record low in Q1

The Thailand Overall Residential Market Index (TORMI) fell to its lowest level since the index was introduced in 2021 in the first quarter of 2025, even dropping below the levels recorded during the Covid-19 pandemic, according to the Real Estate Information Center (REIC).

- KANANA KATHARANGSIPORN

The TORMI stood at 71.1 points in the first quarter of 2025, a 10.7% decrease year-on-year.

The previous record low was in the third quarter of 2021 at 71.3 points, followed by 72.2 points in the fourth quarter of 2020.

According to REIC, the drop stemmed from a slowdown in both housing demand and supply.

On the demand side, the number of housing ownership transfers in Greater Bangkok fell by 13.6% year-on-year in the first quarter of 2025.

The decline in buyer activity was partly due to some prospective buyers postponing their decisions in anticipation of an extension to the reduced transfer and mortgage fees for 2025.

On the supply side, the number of newly completed and registered condo units in Greater Bangkok dropped by 33.9% year-on-year. Additionally, the developer confidence index fell by 6.3 points from the corresponding period last year.