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Prospects and Challenges of the Thai Real Estate Market in 2023
Prospects and Challenges of the Thai Real Estate Market in 2023 曼谷
By   Internet
  • 城市報
  • Thailand Property
  • Thailand Housing Market
  • Property Prospects
Abstract: The outlook for the Thai real estate market is closely intertwined with challenges and unpredictable factors.

The Thai real estate market is currently facing various challenges and uncertainties. While economic recovery is gradually leading to market resurgence, the growth rate remains at around 3%. One significant issue is that property prices exceed the purchasing power of the average person, causing consumers to shift their focus toward the location of real estate rather than its size, especially during the pandemic.


Several risk factors loom over the Thai real estate market. High household debt, financial institutions tightening loan policies, and increasing costs of construction materials, land, and labor have contributed to rising development costs, which, in turn, have driven up property prices. However, many consumers' debt levels have not grown accordingly, putting pressure on the market.


Consumers' housing decisions are primarily influenced by price and location. Over the past year, the price range of 1 to 3 million Thai Baht for apartments has been most popular, with prices higher in central Bangkok, ranging from 2 to 3 million Thai Baht. The real estate market is expected to gradually recover in 2024, with second-hand townhouses becoming more popular due to their affordability.

Prospects and Challenges of the Thai Real Estate Market in 2023

For foreign buyers, Thailand's visa-free policy may attract more Chinese tourists, but it might not lead to a massive buying spree. However, there may be an increase in demand from other countries in the future, such as Russians purchasing properties in Phuket and other tourist cities. Overall, the Thai real estate market still grapples with an oversupply issue, particularly in the slow sales of townhouses. Improvement is expected in 2024.


To stimulate the real estate market, the government's reduction of transfer fees is a vital measure. The Supalai real estate company in Thailand states that, although the market's recovery this year is gradual, purchasing power is improving, albeit at a relatively slow pace. Pre-sale projects are expected to increase, especially in 2024. Boosting the real estate market also requires infrastructure investment, such as rail transport and road development, to enhance investor confidence in new projects.


However, the loan-to-value (LTV) policy may put pressure on buyers, whether for their first or second homes. The government must manage this policy carefully to maintain market stability.


Overall, the outlook for the Thai real estate market is influenced by various factors, including economic conditions, policies, and consumer trends. Market participants need to closely monitor these factors to develop strategies that adapt to market changes.

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Prospects and Challenges of the Thai Real Estate Market in 2023
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