Thailand real estate to remain depressed until 2024, despite developers’ strong predictions

Thailand real estate to remain depressed until 2024, despite developers’ strong predictions

Despite big plans and strong earnings predictions from local real estate developers, Thailand’s real estate market might not even return to pre-pandemic levels until 2024, according to the Government Housing Bank.

Factors cited include a slow economic recovery, inflation, and a new variant of the coronavirus, Omicron.

The research centre predicted in November that the real estate market will recover by 2023, after relaxing the mortgage regulations to restore a vital sector that accounts for approximately 10% of GDP and employs 2.8 million people.

The Covid-19 pandemic has limited domestic activities — which have continued to be suppressed since the Omicron strain appeared late last year, according to the Government Housing Bank’s Real Estate Information Centre.

Government policies and relaxed restrictions are set to encourage growth in a property market that has flattened out. The number of newly developed apartments and houses are likely to increase by 35% this year to 105,000 properties.

Meanwhile, inflation hit a nine month high of 3.23 % in January and demand from international customers is expected to remain low this year due to the pandemic.

SOURCE: Bangkok Post

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