According to the latest land valuation standards released by the Thai Finance Department, the price of many popular locations in Bangkok has increased significantly, especially in the Chinese Gathering Area, Sukhumvit Road, Long Road, Radio Road and other commercial centres, the price of the house has increased significantly compared to the pre-epidemic period.

The Thailand Real Estate Information Centre predicts that the rate of increase in house prices in Thailand will reach 5-10% in 2023.

Although there are not many new property launches at present, many project developers have announced that a large number of new properties will be launched by the end of 2023. Meanwhile, Bangkok's second-hand property transactions are also very hot. It is safe to say that the Thai property market is steadily recovering and prices are continuing to move higher. Simply put, the Thai property market is on a warming path.

As a leader in the global tourism recovery, Thailand has received 6.47 million international tourists in the second quarter of 2023 and is expected to reach 30 million for the whole year.

The Bank of Thailand forecasts that the economy will grow by 2.7 per cent year-on-year in the first quarter of 2023, which is better than expected, and in March, the central bank even raised its policy rate to 1.75 per cent, which shows its confidence in the economic development prospects.

In terms of the property market, 12,651 new condominium units were launched in Bangkok in the first quarter of 2023, a slight decline of 0.3% year-on-year, with 98.6% of them located in the city centre and suburbs.

Although it still takes time to advance industrial and project construction, the economic situation shows that Bangkok's real estate market is promising and has long-term development potential. Overall, the Thai economy is gradually emerging from the shadow of the epidemic, and the property market is set to embrace a new round of growth opportunities.

In the long run, the Bangkok property market has a bright future to look forward to.

Higher incomes driven by economic recovery, China's adjustment of its anti-epidemic policy in favour of tourism and investment confidence, and the government's reduction of taxes and fees to ease the pressure of home buying are all positive factors that will boost the property market.

Indeed, the economic recovery has led to higher incomes, China's adjustment of anti-epidemic policy is conducive to tourism and investment confidence, and the government's reduction of taxes and fees also reduces the pressure on home purchases, which are all positive factors to promote the real estate market.

However, it should also be noted that uncertainties such as the Russia-Ukraine war impacting energy prices, post-election policy changes, and the continued rise in interest rates increasing the cost of purchasing a home could all have a negative impact on the property market.

On the whole, the Thai property market is generally in a positive trend of recovery, but the outlook is also facing some uncertainty. It is important to be cautious in assessing the risks and avoid being overly optimistic. At the same time, it is also important to actively seek opportunities and enter the market at the right time when the risks are manageable. The key is to balance the opportunities and risks, not to lose good opportunities due to excessive pessimism, nor to assume too much risk due to excessive optimism.

If you want to lock in a high investment value at a lower total price, 2023 is a time to seize the opportunity to shrink the number of new projects and choose scarce quality housing as early as possible. Meanwhile, for customers with owner-occupier needs such as retirement, accompanying students or moving to a new home, now is also a good time to get started. As property prices have not yet returned to the pre-epidemic highs, it is possible to get a satisfactory property at a lower cost.