The number of land allocation permits nationwide dropped by 19.7% in the first quarter of 2024, the largest decline in nine quarters, as developers adjusted after seeing a consecutive dip in low-rise house transfers.
The residential construction area permitted nationwide in the first three months of 2024 is expected to plunge to the lowest level in 12 quarters, reflecting developers slowing new launches of residential supply because of weak demand.
The housing purchase confidence index (HPCI) in Greater Bangkok for the first quarter of 2024 dropped from the fourth quarter of last year, likely the result of gradually increasing policy interest rates throughout 2023.