Weekly Thai Real Estate News Roundup, Week 17, 2023
Thailand's Property Spending Soars as Travel Revival Persists
Thailand's housing market and property renovation sector have experienced a significant boost due to the resurgence of tourism in the first quarter of 2023, according to distributors of home and construction materials, as well as residential developers. The increased tourist activity has led to a surge in housing demands and renovation projects, particularly at popular tourist attractions. Mr. Weerapun Ungsumalee, the managing director of Home Product Center Plc, emphasized that the growth in tourism has surpassed other provinces, attributing it to the increased spending and renovation at notable tourist spots. Furthermore, the implementation of the Shop Dee Mee Khuen tax incentive, aimed at stimulating shopping, has further contributed to the rise in spending during the first quarter.
For More Information: https://www.bangkokpost.com/property/2558091/property-spending-boosted-by-travel-revival
Affordable Low-Rise Condos Launching for Low-Income Individuals
According to Mr. Surachet Kongcheep, the Managing Director of Property DNA Co.,Ltd, the number of newly launched condominiums in the first quarter of 2023 saw a significant decrease compared to the previous quarter. While some projects were officially launched, others had been open for expressions of interest since late 2022. Additionally, there were several projects informally launched for sale in the first quarter, with plans for an official opening in the future. The majority of these new condos were strategically located along operational mass transit routes, except for one project in the prime city area. Developers aimed to provide more affordable housing options outside the prime city area, catering to Bangkok residents' budget.
For More Information: https://www.bangkokbiznews.com/property/1065044
Langsuan-Chidlom Area Witnesses 8% Price Surge in Second-Hand Condos
With limited available land for development in the Langsuan-Chidlom area, the demand for properties in this Super Prime Location has pushed land values beyond those of even the most coveted areas. Landowners in the region are eagerly anticipating the right time to sell, further driving up property prices and paving the way for new projects. Moreover, second-hand condominium prices in this area have consistently risen, with Freehold properties experiencing an impressive average annual increase of 8%. This remarkable growth in condo prices reinforces the long-term investment potential of Langsuan-Chidlom, solidifying its status as a top choice for savvy investors in the condominium market.
For More Information: https://www.thansettakij.com/real-estate/563184
Rising Rental Demand for High-End Condos in Thailand Amidst Shifting Market Trends
Thailand is witnessing a significant increase in luxury condo rental demand after a three-year hiatus. The surge in demand primarily stems from foreigners affected by the Russia-Ukraine war, as well as long-term stay foreigners, causing high-end condo rentals to reach a staggering 100,000 baht per month. Mr. Sunchai Kooakachai, Director and Head of Research & Consultancy at Knight Frank Thailand, views this rise in demand as a positive indicator for the condo market's recovery following the gradual easing of the COVID-19 crisis. Moreover, with China reopening its borders, the arrival of free individual travelers (FIT) is expected to further stimulate the Thai condo rental market.
For More Information: https://www.nationthailand.com/business/property/40026963
