Weekly Thai Real Estate News Roundup, Week 48, 2023
Bangkok office space occupancy rate dips
Bangkok's office occupancy rate is expected to continue dropping over the next couple of years. This is due to the large supply of over 1.6M square meters in the pipeline.
According to Knight Frank Thailand's executive director of office strategy and solutions, Mr. Panya Jenkitvathanalert, Bangkok's office occupancy rate continued to decline since Q1 2018, which set a high of 93%.
Source
https://www.bangkokpost.com/property/2694273/office-occupancy-rate-dips
Thailand's plan to build one of the world's largest smart cities
The Eastern Economic Corridor Office of Thailand (EECO) will transform Chonburi into a global "smart city" by 2037 with their "Smart City and Commercial/Residential Hub" project.
The 10-year plan consists of the following three phases:
- 2023: Detailed design & planning.
- 2024: Land adjustment, road construction, public utility system construction.
- From 2025 onwards: Opening of land leasing to private entities for development.
The project aims to create a smart city for 100,000 residents by 2032, generating over 50,000 jobs, and supporting 150-300 start-ups.
Meanwhile, the infrastructure plan involves efficient transportation networks, public utility systems, and facilities which aim to enhance local life quality.
Source
https://www.nationthailand.com/business/property/40033257
Origin Property developing new condos for pet owners
The strong demand for pet-friendly condos in and around Bangkok opened up opportunities for Origin Property. Because of this, the developer hopes to carve a niche for itself as the go-to choice for pet owners.
According to Origin Condominium's CEO, Mr. Apisit Soonthronchukiat, the company saw a 10-15% annual growth over the last five years since their first pet-friendly condominium launches in 2019.
He also stated that by the end of the year, Origin would have 16 pet-friendly condo projects in the pipeline, worth approximately 26 billion baht.
Source
https://www.nationthailand.com/business/property/40033390
The return of foreigners to Thai property purchases: 2024 housing market surging in rejection rates
The return of foreigners to Thai property purchases is a good sign of recovery in the Thai real estate market, with a marked increase in condo purchases from Hong Kong, Myanmar, and the U.S.
As for 2024's property market, properties priced 2-4M baht are still facing high rejection rates due to other debts (particularly household debts) along with overwhelmingly strict lending policies.
Source
