The chairman of the Thai Apartment Association recently revealed that the government is planning to announce a series of measures to stimulate the real estate market in the second quarter of this year. These measures include piloting BOI projects aimed at promoting investment in detached houses and apartments priced below 1.5 million baht for middle and low-income groups. The association expects these measures to drive market growth and achieve a 10% increase by the end of this year.

However, despite the market's anticipation, as of the end of the first quarter of 2024, the government has not implemented related measures, and the Bank of Thailand has refused to relax mortgage regulatory rules, disappointing the Thai Apartment Association. The chairman of the association stated that they had hoped to see clear policy directions in the second quarter, but it seems that they still need to wait.

It is reported that the Thai Apartment Association has submitted a series of proposals to the Prime Minister's Office to stimulate the real estate market. These proposals involve supporting low-income groups to purchase homes, adjusting investment quotas for the Investment Promotion Committee or BOI for housing and apartment investments, and opening applications for investment promotion construction projects.

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These proposals are currently under review, and it is expected that some measures will be implemented in the near future.

In addition to government policy initiatives, the Thai real estate market faces other challenges and opportunities.

On one hand, high-interest rates have affected the issuance of housing loans, especially impacting new borrowers. On the other hand, the excitement generated by foreign investment in electric vehicles in the European Economic Community region has not fully translated into momentum for the Thai real estate market, and the reduction in factory capacity has also affected real estate sales in related areas.

Nevertheless, the Thai real estate market has shown some resilience. The apartment market is beginning to recover, with sales volumes steadily increasing, and the revival of the tourism industry and China's visa-free policy have brought positive factors to the market. Additionally, foreign investors' interest in Thai real estate is increasing, especially buyers from China, Myanmar, and Russia.

Looking ahead, the chairman of the Thai Apartment Association stated that swift government action would further the development of the real estate market. Meanwhile, they are actively seeking policy support such as land and building tax exemptions to alleviate the industry's burden.