Equity Analysis /

Thailand: Residential Property - Home prices rose 1.0% YoY in Sep

  • 3Q22 RRPI rose, driven by low-rise

  • More room higher SDH and TH prices in 4Q22

  • Valuations still discounted; potential for redevelopment catalysts

Bualuang Securities
2 November 2022

The BOT’s Residential Property Price Index (RRPI) rose 1.0% YoY (down 0.6% QoQ) for Sep. Low-rise home prices increased YoY and QoQ, but condo prices slipped. The high-end of the market remained strong. LH and SIRI remain our top picks.

3Q22 RRPI rose, driven by low-rise

The BOT’s Residential Property Price Index, a gauge of home prices, was 170.8 for Sep, up 1.0% YoY but down 0.6% QoQ (versus 170.2 for June, up by 4.3% YoY and 1.4% QoQ in June, reflecting higher construction material costs in 2Q22). The YoY increase for Sep was led by SDH and TH prices. The SDH price index marked a decade-high of 152.7 for Sep, up by 3.6% YoY and 0.1% QoQ. The TH price index was 171.0 (also a decade-high), up by 3.8% YoY and 0.6% QoQ. In contrast, the condo price index was 181.6, down by 2.0% YoY and 2.0% QoQ, as more launches were in the low-end price segment. Lastly, the land price index was 178.0 for Sep, down by 0.7% YoY and 0.9% QoQ.