The Chinese second-hand housing market is currently facing significant adjustment pressure. According to data from the Zhongzhi Research Institute, in July 2025, the average price of second-hand residential properties in Baicheng was 13585 yuan/square meter, a month on month decrease of 0.77% and a year-on-year decrease of 7.32%. In terms of transaction volume, according to data from the Linping Residential Big Data Research Institute, a total of 111800 second-hand residential units were sold in 14 key cities monitored in July, a month on month decrease of 1.83% and a year-on-year decrease of 9.05%. In some cities, such as Huai'an and Yancheng, the prices of second-hand houses have dropped significantly.
On the other hand, in Thailand, the second-hand housing market has shown different trends in certain aspects. According to data from the Thailand Real Estate Information Center, at the level of foreign buyers, there were a total of 7167 transfers of ownership of foreign apartments in the first half of 2025, with a total value of 28.71 billion Thai baht, of which over 80% were concentrated in Bangkok and Chumphon. Although China ranks first among foreign buyers, the purchasing trend is showing a downward trend. In the second quarter of 2025, there were 899 transfers of ownership of apartments by Chinese buyers, with a transfer amount of 6.117 billion Thai baht (half year data), which has been declining for two consecutive quarters. The transfer amount in the second quarter decreased by 28.8%. In terms of market activity, the second-hand housing market in Thailand is greatly influenced by foreign buyers, and due to its developed tourism industry, properties have certain vacation investment attributes, which is different from China's second-hand housing market dominated by self occupied demand. In terms of value preservation, some core areas in Thailand, such as Bangkok, are the Long Shaton Chittagong region. Due to its proximity to the CBD, complete facilities, and strong property value preservation ability. Due to factors such as slowing economic growth and changes in population growth trends, there are significant differences in the resale value of second-hand houses among different cities in China, and some third - and fourth tier cities are facing significant downward pressure.
Comparison with Japan
The Japanese second-hand housing market is relatively mature and stable. Japanese real estate has undergone years of development, with high market transparency and complete relevant laws and regulations. In terms of value preservation, Japanese real estate is affected by natural disasters such as earthquakes, and there are corresponding seismic grade standards required, ensuring overall property quality. Core cities such as Tokyo have strong economic agglomeration effects and stable population inflows, making second-hand housing highly valuable. However, Japan's aging population is severe, and the value of real estate in some remote areas is showing a downward trend.
Compared with Japan, Thailand's tourism industry is prosperous in terms of return rate. Taking popular tourist destinations such as Bangkok and Phuket as examples, second-hand houses are used for short-term or long-term rentals. If operated properly, the rental return rate is relatively considerable. According to real estate agency data, the rental return rate of second-hand houses in some tourist areas can reach around 6%. The rental return rate of Japanese real estate is relatively stable but low, with rental return rates in core areas of major cities such as Tokyo ranging from 3% to 5%. Thai real estate prices are relatively more affordable compared to Japan, and for investors with limited budgets, the entry threshold is lower. However, in terms of the duration of property ownership in Thailand, although there are permanent property rights, there are differences in relevant tax and fee policies compared to Japan in the actual transaction and holding process. In terms of holding costs, Thai properties need to pay a certain amount of property fees and other fees every year, and the overall holding cost is not low.
Comparison with the Philippines
The real estate brokerage industry in the Philippines is relatively optimistic about the housing market, with most surveyed real estate brokers believing that national residential prices will rise by 3.2% in the next 12 months. However, the real estate market in the Philippine capital region, where housing prices have doubled in the past few years, has shown relatively weak performance in the past two years. For example, housing prices in Makati City are expected to decline by 2.3% in the next year. The Philippine real estate market is also heavily influenced by foreign buyers, with 25% (the highest proportion) of industry respondents indicating that the growth in national transaction volume in the coming year is likely to come from foreign buyers.
Compared with the Philippines, Thailand has a relatively higher maturity in the second-hand housing market. Its property transaction process, laws and regulations have developed over the years, and its acceptance of foreign buyers and policy norms are relatively complete. In terms of the potential for real estate appreciation, there are significant differences among different regions in Thailand. With the advancement of infrastructure construction, such as the extension of subway lines, some areas in core cities like Bangkok have room for appreciation in second-hand housing. The overall economic development level of the Philippines is similar to that of Thailand, but in terms of attracting foreign investment and driving the real estate market through the tourism industry, Thailand has a relatively stronger attraction to foreign investors in terms of vacation properties and investment returns due to its mature tourism industry chain over the long term. Taking Bangkok as an example, as a regional economic center, it has frequent commercial activities and a high demand for rental housing, which supports the activity and return rate of the second-hand housing market.
The new housing market in Thailand is currently facing many challenges. After the earthquake on March 28, 2025, according to Pataracha, the director of real estate consulting firm Gao Li Thailand, it is expected that the sales volume of new houses, especially high-rise buildings, in the Bangkok area will significantly decline in the second quarter. Consumers' confidence in new homes has been dampened, especially concerns about the safety of high-rise residential buildings. The Thai Real Estate Association stated that due to consumers' lack of confidence in purchasing properties, new home sales in the second quarter of 2025 may hit a new low. In terms of supply, the total supply of new buildings planned for transfer in the Greater Bangkok area in the second quarter of 2025 will be 31.4 billion Thai baht, compared to 33 billion Thai baht in the first quarter.
From a price perspective, a report from the Thailand Real Estate Information Center shows that although new house prices have shown an upward trend due to various factors such as soaring construction costs and land values, the price increase has not effectively driven sales in the face of sluggish market demand. In the second quarter of 2025, the overall apartment market sales price index in Bangkok and its surrounding areas increased by 1.4% year-on-year, mainly due to the rising prices of building materials, labor, and land in prime locations, resulting in high development costs. However, the market's consumption capacity is limited, and the slowdown in economic growth has led to a weakening of consumer purchasing power. The price pressure caused by rising construction costs is difficult to digest through the market.
The second-hand housing market in Thailand has shown some resilience in the current environment. In the context of a sluggish new housing market, banks are shifting their focus to the second-hand housing market, as second-hand houses in the same area are often about 30% cheaper than new houses. From the purchasing situation of foreign buyers, it can be seen that in the first half of 2025, there will be a considerable number of second-hand apartments purchased by foreigners in Thailand, indicating that the second-hand housing market still has certain advantages in attracting foreign investment.
From the perspective of market activity, second-hand housing transactions are relatively flexible, and some second-hand houses can be moved in or rented out without a waiting period, which is more attractive to investors who pursue immediate returns or consumers who urgently need housing. In cities such as Bangkok, there is a diverse selection of second-hand housing options, covering properties of different eras and styles, which can meet the needs of various groups of people. With the recovery of Thailand's tourism industry, the short-term rental business of second-hand houses in some popular tourist areas has developed well, bringing stable cash flow to investors and making the second-hand housing market occupy an important position in the overall real estate market. Compared with the sluggish new housing market, it presents a stronger vitality.
![WeChat](javascript: Mobi.showWeChatService("//33772652.s21i.faiusr.com/2/ABUIABACGAAgmaqdxwYozJiohgYwyAE4yAE.jpg",{"tips":"Please scan with WeChat"});){kind=link}