Weekly Thai Real Estate News Roundup, Week 43, 2023

Single Detached Housing Demand Remains Strong

Greater Bangkok’s single detached house market remained strong since last year, which resulted in a year-on-year price index increase for five quarters in a row. Mr. Vichai Viratkapan, the Real Estate Information Center (REIC)’s acting director-general, stated that the price index for new single detached houses for sale in Greater Bangkok continued to rise in Q3 2023.

For More Information: https://www.bangkokpost.com/property/2670174/demand-remains-healthy-for-single-detached-houses

Thailand’s Branded Residences have become Asia’s most popular

Branded Residences are one of the most intriguing and popular among real estate trends, with Asia having the most number of branded residence projects launched in the world. According to C9Hotelworks, Thailand has the largest number of branded residences in all of Asia. In comparison to the Philippines, Vietnam, Indonesia, Cambodia, and Sri Lanka, Thailand has up to 5000 units from 34 projects.

For More Information: https://www.bangkokbiznews.com/property/1095533

Chatchart to make Bangkok one of the top 5 most desirable cities by 2027

Bangkok governor Mr. Chatchart Sittipunt delivered a special speech on “Bangkok’s Vision for the Future and Real Estate Sector”. According to the speech, both condos and the city complement each other in line with the Urbanization trend. The trend involves the migration of the population towards urban areas. With Bangkok being a capital city with great potential, foreigners are interested in living and working here, contributing to the overall benefit of the country.

Being the governor of Bangkok, Mr. Chatchart’s goal is to make the city desirable for everyone. He envisions Bangkok as one of the top 5 most desirable cities worldwide by 2027. This will be achieved through improved efficiency, enhanced quality of life, creating opportunities, and fostering trust.

For More Information: https://www.bangkokbiznews.com/property/1095739

Ministry of Transport accelerates processing of three legislations to boost the economy

For the Ministry of Transport, there was a push to accelerate the processing of three pending legislations in hopes of boosting the economy. These pending legislations include railway transportation draft laws, draft laws on the Land Bridge between Chumphon to Ranong, and the unified railway ticketing, which is expected to be ready by 2025 as well as the launch of the massive land bridge project to increase transport connectivity in Thailand.

For More Information: https://www.prachachat.net/property/news-1422476

Construction Cost Index increases by 1.5%, Steel prices drop by 10%

In comparison to the same time period of last year, Q3 2023 saw a 1.5% increase in construction costs. This spike in construction costs can be attributed to the increased compensation for design and construction work. There were also at least four categories of construction material prices that saw price reductions. These include steel, sanitary ware, concrete, and plumbing equipment.

Most notably, steel products saw up to a 9.6% price reduction in comparison to the same time period of last year. This came as a result of global market price reductions in response to the reduced supply and demand for steel.

For More Information: https://www.thansettakij.com/real-estate/578623