Weekly Thai Real Estate News Roundup, Week 47, 2023
Property Experts see Residential Market Recovery Next Year
According to property experts, the residential market will not see a recovery until at least 2024 due to mortgage loan approval issues (especially for the mass market affected by high interest rates).
Mr. Surachet Kongcheep, the managing director of property consultant Property DNA, stated that this year's residential market was challenged by mortgage loan applications despite developers' utmost efforts to help homebuyers in every possible way.
Also, certain buyers obtain home loans from banks for considerably lower than the actual property value. One of the solutions for developers in this case was to reduce project launches, which resulted in an income decrease.
Source
https://www.bangkokpost.com/property/2689688/experts-see-residential-recovery-next-year
Construction Jobs growing amid Condo Recovery
According to SET-listed contractor Prebuilt Plc., construction jobs in the private sector are expected to rebound once more as the pandemic's effects on the property sector (particularly condos) are projected to end this year.
According to Prebuilt's chief executive, Mr. Wirot Charoentra, the once-large number of new construction jobs (particularly those related to condos) slowed down since the pandemic hit.
Source
https://www.bangkokpost.com/property/2690513/construction-jobs-to-grow-amid-condo-revival
Raimon Land's The Estelle Phrom Phong officially Sold Out
Raimon Land Co., Ltd. (RML) has officially sold out its 5.2 billion baht luxury condo project, "The Estelle Phrom Phong." This success is attributed to the keen interest from both Thai locals and foreigners seeking either a second home or investment opportunities.
Mr. Korn Narongdech, CEO of Raimon Land, highlighted the company's impressive track record of over 36 years in developing luxury and ultra-luxury properties.
This extensive experience has allowed Raimon Land to adeptly understand the demands of buyers, leading to the consistent sell-out of their projects, often with a substantial percentage of foreign buyers.
Source
https://www.thansettakij.com/real-estate/581505
5 Condos available for less than 3 Million Baht next to the Pink Sky Train line
As of November 21st, 2023, the Pink Sky Train extension officially opened its doors after a successful test run. Wherever there are mass transit lines, the real estate market is poised to thrive thanks to increased convenience and accessibility to various amenities.
Along the Ram Intra to Chaeng Wattana stretch, here are five condominiums that are not only in close proximity to the Pink Sky Train extension but are also available for less than 3 million baht:
- Lumpini Place Chaeng Wattana-Pak Kret(starting price is 2M baht).
- Plum Condo Chaeng Wattana-Don Mueng (starting price is 1.55M baht).
- The Origin Ram Intra 83 (starting price is 1.99M baht).
- Niche Mono Chaeng Wattana (starting price is 2.19M baht).
- The Cube Boutique Ram Intra 109 (starting price is 1.89M baht).
Source
