According to data from the Board of Investment (BOI) of Thailand, investment applications exceeded 5.16 trillion Thai Baht in the first nine months of 2023 alone, with foreign direct investment (FDI) surpassing 3.98 trillion Thai Baht. These investments are concentrated in sectors such as electronics, agriculture and food processing, and automobiles and components, with a particular focus on the electric vehicle (EV) domain.
Increased foreign business investments in Thailand have resulted in an influx of high-tech professionals. These foreign professionals are expected to work in Thailand for an extended period, providing favorable opportunities for the development of the middle to high-end service apartment market.
In 2024, the middle to high-end service apartment market is anticipated to continue its sustained growth. With the rising influx of foreign investments, there is a concurrent increase in demand for long-term residence, especially among high-end foreign talents required to work in Thailand for an extended period.
These foreign professionals demand accommodation that goes beyond simple rentals, emphasizing serviced accommodations that cater to their lifestyles in Thailand. As a result, residences located near industrial zones, city centers, and the EEC region have become ideal choices for them.
Thonglor, Phrom Phong, Phaya Thai, and other areas are expected to remain popular among foreign professionals and long-term stayers in 2024. Thonglor, in particular, is considered an ideal location catering to various international lifestyles, with the Sukhumvit mid-segment being particularly favored by the Japanese.
Another notable area is Phaya Thai, situated near the Green Line light rail, facilitating connections to other central business districts (CBDs) and serving as a transit station to the Suvarnabhumi Airport via the Airport Rail Link, making international travel convenient.
In the automotive industry, Chinese companies such as BYD, Changan, Great Wall, and Mingjue have established production bases in Thailand, introducing a large number of related supporting enterprises. Over time, it is expected that Chinese new energy vehicles will gradually replace current brands like Toyota and Honda in the Thai market.
Thailand's investment environment is highly attractive to foreign investors, particularly in the fields of electronics, food, and automobiles. These investments have had a positive impact on the development of the Thai economy and the growth of the job market.
