Thailand’s real estate market will rebound in 2018 as the local economy continues to recover, with condominiums remaining the top pick for consumers attracted to an urban lifestyle, says the inaugural DDproperty Property Market Outlook report.
Housing for senior citizens will grow in popularity as developers compete for this segment of the market amid an aging population in Thailand, the research report said.
The report aims to help homebuyers make informed decisions. It analyses data from the past year to forecast market trends in the next six to 12 months, helping buyers, sellers, renters or lessors to not only understand the market, but to prepare plans and make decisions with greater confidence.
Real estate demand in Bangkok in 2016-2017 was supported by developers launching projects near future mass transit lines and the city’s fringe areas.
However, when the government’s economic stimulus package expired in the second quarter of 2016, demand became sluggish for most of 2017.
“DDproperty expects demand for new releases to start moving in an upward trend as we head into 2018, thanks to rising consuming spending – in-line with the economic recovery, the expansion of mass transit lines, and government infrastructure projects along the Eastern Economic Corridor,” said country manager Kamolpat Swaengkit.
“On the supply side, 2018 may see even more projects from developers compared to 2017, so the real estate market is forecast to show signs of improved health next year.”