by Daryl Lum | Apr 26, 2024 | Bangkok Property Market Updates, Investment Analysis
A research firm suggests that the price index for new residential properties in Greater Bangkok is likely to continue its upward trajectory in the latter half of the year. This projection comes as older inventory gets absorbed following recent property stimulus measures initiated by the government.
Vichai Viratkapan, the acting director-general of the Real Estate Information Centre (REIC), highlighted that the government’s new stimulus measures, particularly aimed at residential properties priced at 7 million baht or lower, are expected to boost housing demand significantly.
“We anticipate seeing the impact of these measures in the second half as they facilitate the clearance of older inventory,” stated Mr. Vichai.
Once the existing unsold units are taken up, developers are poised to introduce new supply at higher price points, consequently leading to an increase in the price index during the latter part of the year, according to Mr. Vichai.
The recently introduced property measures include a reduction in transfer and mortgage fees to 0.01% from the previous 2% and 1%, respectively, for units priced at 7 million baht or below. Additionally, there are reduced interest rates for home loan credit lines of 3 million baht or lower.
According to the REIC, the price index for new low-rise houses and condos available for sale in Greater Bangkok experienced year-on-year increases of 2.5% and 0.2% in the first quarter of 2024, reaching 131.5 and 155.0, respectively.
The index for low-rise houses marked its fifth consecutive quarterly increase, while the condo index rebounded from 154.3 in the fourth quarter of 2023 to 155.0 in the first quarter of 2024, after reaching 155.0 in the third quarter and 155.1 in the second quarter of 2023.
By category and location, the most significant year-on-year increase in the price index was observed for single detached houses in neighboring provinces like Nonthaburi, Pathum Thani, and Samut Prakan, rising by 3.9% to 134.5.
This upward trend has persisted for over seven consecutive quarters since the second quarter of 2022.
The rise in prices was particularly pronounced among projects launched in 2022-23, attributed to escalating construction material costs, as per the centre’s analysis.
The area witnessing the most substantial increase for single detached houses encompassed the districts of Bang Phli-Bang Bo-Bang Sao Thong in Samut Prakan for unit prices ranging from 5.01-7.5 million baht.
Following closely were the districts of Lam Luk Ka, Khlong Luang, Thanyaburi, and Nong Sua in Pathum Thani in the 3.01–5 million baht range, followed by the districts of Muang, Lat Lum Kaew, and Sam Kok in Pathum Thani for units priced over 10 million baht.
The year-on-year increase in the price index for townhouses in these provinces exceeded that for single detached houses, rising by 4.1% to 133.8, rebounding from a decline in the fourth quarter of 2023.
The area experiencing the most significant increase in the townhouse category was Bang Phli-Bang Bo-Bang Sao Thong for unit prices ranging from 2.01-3 million baht, followed by Lam Luk Ka-Khlong Luang-Thanyaburi-Nong Sua, also within the same price range.
The price index for condos followed a similar trajectory to that of low-rise houses, with the most substantial year-on-year increase observed in neighboring provinces like Samut Prakan and Nonthaburi, rising by 1.2% to 143.2, according to the REIC.
The area witnessing the largest price increase for condos was the Muang and Pak Kret districts of Nonthaburi in the 2.01-3-million-baht range, followed by Bang Phli-Bang Bo-Bang Sao Thong with unit prices ranging from 1.5-2 million baht.
In Bangkok, the condo price index saw a marginal year-on-year increase of 0.01% to 157.7, with the most significant rise observed in the Huai Khwang-Chatuchak-Din Daeng districts for units priced between 3.01-5 million baht.
Second was the Thon Buri area within the same price range, while third was the Bang Sue-Dusit district for units priced between 5.01-7 million baht.
Mr. Vichai noted, “An improved economy can help enhance housing affordability and increase access to mortgages as housing prices rise.”
by Daryl Lum | Apr 25, 2024 | Bangkok Property Market Updates, Investment Analysis
Record-breaking land prices in Bangkok’s central business district have led to unprecedentedly high prices for new luxury condominiums, according to real estate consultant Property DNA.
“This year, we’ve witnessed a surge in the introduction of new condo projects priced at over a quarter million baht per square meter, a rarity compared to 2019,” stated Surachet Kongcheep, managing director of the firm.
These ultra-luxurious condo developments are situated in prime areas such as Rama I, Phloen Chit, Wireless Road, Silom, Sathorn, Rama IV, specific segments of Sukhumvit Road, and along the Chao Phraya River.
Despite the steep prices, buyers are swiftly purchasing these units, with some projects reporting booking rates ranging from 65% to 85%.
High-rise condos near Lumpini Park are particularly sought after due to their rare views of the city’s green space. The absence of nearby train stations isn’t a deterrent, as many buyers prioritize privacy over convenience.
Surachet also forecasted that prices for new luxury condos will soon reach up to 600 million baht per unit, as major developers pay record prices for vacant plots in prime CBD locations.
An example of this trend is Sansiri Plc’s acquisition in 2020 of a 1 rai (1,600sqm) plot on Sarasin Road for 1.56 billion baht, setting a new record for land prices in Thailand. The company plans to develop a high-end condo on the site.
Property DNA also anticipates that affluent buyers will seize the opportunity to purchase luxury condos in mixed-use projects such as One Bangkok on Wireless Road and Dusit Central Park on Rama IV Road.
“Both Thai and foreign buyers have already displayed interest in these projects, even before official sales have commenced,” Surachet remarked. “Developers have also partnered with operators of five-star hotels to oversee these projects, further enhancing their value and prices.”
by Daryl Lum | Apr 19, 2024 | Bangkok Property Market Updates, Investment Analysis
Thailand is poised to experience growth of slightly over 4% this year, primarily driven by newly approved measures aimed at revitalizing the property sector, as announced by the finance ministry. The initiatives are anticipated to generate around 800 billion baht (equivalent to approximately SGD 29.6 billion) in property transactions, over 400 billion baht in investments, and 120 billion baht in consumption, according to Pornchai Thiraveja, head of the fiscal policy office within the ministry.
Thiraveja stated during a briefing that these measures would contribute to economic growth exceeding 4% for the year, with the stimulus expected to boost growth by 1.7-1.8 percentage points. Lavaron Sangsnit, the ministry’s permanent secretary, emphasized the continued necessity of using fiscal policy to stimulate the economy, expressing hope for a return to appropriate growth levels.
Thailand’s economy, the second-largest in Southeast Asia, expanded by 1.9% in the previous year, a deceleration from the 2.5% growth recorded in 2022. Prime Minister Srettha Thavisin highlighted the urgency of significant stimulus measures, coinciding with the government’s plans to implement a delayed flagship “digital wallet” handout scheme worth 500 billion baht in the final quarter of 2024 to bolster consumption.
The recently approved property measures include reduced transaction fees for houses valued up to 7 million baht, with cuts to ownership transfer and mortgage registration fees to 0.01%, down from 2% and 1%, respectively. Additionally, the government will provide home loans totaling 30 billion baht from state banks, offer tax breaks for select property developers, and grant tax deductions of up to 100,000 baht for individuals intending to construct their homes.
Deputy Finance Minister Krisada Chinavicharana noted that the Cabinet has tasked relevant agencies with exploring potential relaxation of regulations concerning foreign ownership of Thai property. Furthermore, the ministry intends to request the central bank to ease loan-to-value (LTV) rules for property, aligning with Srettha’s previous suggestion of removing such restrictions.
by Daryl Lum | Apr 11, 2024 | Bangkok Property Market Updates, Investment Analysis
Thailand is set to unveil new real estate initiatives on Tuesday, April 9, as confirmed by the finance ministry, in an effort to rejuvenate the nation’s economy, the second largest in Southeast Asia.
Deputy Finance Ministers Krisada Chinavicharana and Julapun Amornvivat will present economic stimulation strategies through the real estate sector at a briefing scheduled for 0730 GMT on Tuesday, after a cabinet session, as announced by the ministry.
The presentation is expected to detail initiatives aimed at positioning Thailand as a leading global industrial hub, though specific information was not disclosed.
Reports from Thai media suggest that the finance ministry will recommend to the cabinet a series of real estate incentives, including a reduction in transaction fees for properties valued at up to 7 million baht (approximately USD 190,891), decreasing ownership transfer fees to 0.01 per cent from the current 2 per cent.
Additional measures reported include tax incentives for individuals constructing their own homes and mortgage assistance for those with lower incomes.
The ministry is also set to suggest amendments to regulations governing foreign property ownership, notably by extending lease terms to 99 years from the existing 30 and permitting foreign nationals to purchase certain residential properties.
Prime Minister Srettha Thavisin, underscoring the need for significant economic stimulus, indicated on Monday that economic growth for the first quarter of 2024 might not exceed 1 per cent, a deceleration from the 1.7 per cent growth rate recorded in the preceding quarter.
by Daryl Lum | Mar 6, 2024 | Bangkok Property Market Updates, Investment Analysis
The Thai business group has upheld its growth forecast for 2024, anticipating a GDP expansion of 2.8% to 3.3%. Thailand’s economy is poised to maintain this projection, with the Joint Standing Committee on Commerce, Industry, and Banking, comprising representatives from these sectors, affirming that exports, a pivotal driver, are expected to increase by 2% to 3% this year.
Last year, Southeast Asia’s second-largest economy recorded a growth rate of 1.9%. The business group’s decision to retain its forecasts is grounded in the deployment of the government budget in the second quarter, providing a boost to the economy. Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries, highlighted during a press briefing that growth is anticipated to improve in the latter half of the year, driven by the enhancement of tourist arrivals.
The business group foresees 34 million to 35 million foreign arrivals in 2024, with tourism being a crucial driver for Southeast Asia’s second-largest economy. The expected improvement in growth is attributed to the deployment of government funds and the positive impact of increasing tourist numbers. Prior to the pandemic, Thailand welcomed nearly 40 million visitors, contributing 1.91 trillion baht (USD 53.41 billion) to the economy.
In 2023, the country registered 28 million foreign visitors, generating tourism revenue of 1.2 trillion baht (USD 33.71 billion).
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by Daryl Lum | Feb 19, 2024 | Bangkok Property Market Updates, Investment Analysis
Official data released on Monday indicates that the Thai economy experienced a 1.9% expansion in 2023, marking a deceleration from the revised 2.5% growth observed in the preceding year. This downturn is attributed to lackluster exports.
According to the National Economic and Social Development Council (NESDC), a government agency, the gross domestic product for the October-December quarter exhibited a 1.7% increase from the previous year. This surpassed the 1.5% growth witnessed in the July-September quarter, with robust tourism and heightened consumption being the contributing factors.
A recent economist poll by Reuters had initially projected a 2.4% growth for the entire year and 2.5% for the fourth quarter. In contrast, the NESDC had projected a 2.5% growth for the full year in November.
The underwhelming performance of the Thai economy in the past year underscores the impact of weak global demand on export-oriented economies in Southeast Asia. Malaysia, Singapore, and Vietnam all recorded slower growth in their annual GDP figures, attributed to the global economic slowdown, central banks’ monetary tightening, and a downturn in China, the primary trade partner for many countries in the region.
Looking ahead to 2024, the NESDC downgraded its forecast, anticipating the economy to grow between 2.2% and 3.2%, compared to the previous projection of 2.7% to 3.7%. This contrasts with private sector economists’ recent projections ranging between 3.6% and 4.1% for the year. They attribute the anticipated acceleration to an improved export outlook, increased household consumption, and augmented government spending. Foreign tourist numbers are also expected to contribute to the growth.
Enrico Tanuwidjaja, an economist at UOB’s research centre, stated, “The 2024 growth would be supported by a sustained rebound in foreign demand for Thai goods and services, resilient private consumption, and fiscal stimulus driven by political and macroeconomic stability.” However, he cautioned that geopolitical conflicts, a more abrupt-than-expected global economic slowdown, and uncertainties surrounding China’s economic recovery could potentially derail the projected recovery.
by Daryl Lum | Jan 25, 2024 | Bangkok Property Market Updates, Developer Watch, Investment Analysis
The real estate landscape in Bangkok is witnessing a notable shift in condominium prices. Lower Sukhumvit has emerged as the focal point of a substantial surge in prices, contributing to the overall upward trajectory in the city. In contrast, neighboring provinces are grappling with a decline in prices, primarily attributed to an excess of unsold units.
Vichai Viratkapan, the acting director-general of the Real Estate Information Centre (REIC), recently highlighted a consistent year-on-year increase in the price index of new condominium units in Bangkok. This trend has persisted over the past four quarters, commencing in the first quarter of 2023. According to Viratkapan, the condo price index in Bangkok is unequivocally on an upward trend, with lower Sukhumvit leading the way in the 7.51-10 million baht per unit price range.
Beyond lower Sukhumvit, other areas such as Thon Buri and the Lat Phrao-Wang Thong Lang-Bang Kapi zone have experienced notable increases, specifically in the 3.01-5 million baht price range.
In the Greater Bangkok region, which encompasses Bangkok, Nonthaburi, and Samut Prakarn, the price index for new condo units saw a 2.7% rise to 154.3 in the fourth quarter of 2023 compared to the same period in 2022. The primary impetus behind this increase was the 3.5% rise in the price index within Bangkok, reaching 157.3. However, it’s worth noting a marginal 0.5% decrease from the third quarter, attributed to a strategic decline in response to developers implementing year-end sales campaigns.
Viratkapan also pointed out a consistent year-on-year decline in the price index of condo units in Bangkok’s neighboring provinces, Samut Prakan and Nonthaburi. This decline, observed over five consecutive quarters since the fourth quarter of 2022, is largely attributed to a surplus of unsold units from projects initiated before 2021. The maintenance of construction costs based on earlier material and labor rates prompted developers to respond with discounts and campaigns, constituting 71.5% of the sales strategy in the fourth quarter of 2023.
According to REIS, the condo price index in Samut Prakan and Nonthaburi for the fourth quarter of 2023 was 141.2, reflecting a 0.9% year-on-year decrease and a 0.2% decrease from the third quarter of 2023.
In conclusion, Viratkapan highlighted, “The condo price index in these two provinces continues to decline due to consecutive year-on-year decreases over five quarters, from the fourth quarter of 2021 to the fourth quarter of 2022.” Notably, Muang Samut Prakan-Phra Pradaeng-Phra Samut Chedi, Muang Nonthaburi-Pak Kret, and the Bang Phli-Bang Bo-Bang Sao Thing zone have witnessed the most significant decreases, characterized by high competition and a notable inventory of unsold units in the 1.01-1.5 million baht, 2.01-3 million baht, and 2.01-3 million baht price ranges, respectively.
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by Daryl Lum | Nov 3, 2023 | Bangkok Property Market Updates, Investment Analysis
In the first half of 2023, there was a remarkable surge in international demand for condominiums, offsetting a slowdown in local buyer activity. Foreign buyers, predominantly led by those from China, accounted for a substantial 24.6% of the total transfer value nationwide, marking a notable increase from 20.5% in the previous year.
Vichai Viratkapan, acting director-general of the Real Estate Information Centre (REIC), noted that the influx of foreign buyers was a consequence of the complete reopening in the latter part of the prior year. This enabled foreign purchasers, particularly those who had bought pre-sale units, to finalize their unit transfers.
There was also a noticeable rise in the number of foreign buyers acquiring completed units from developers, indicating a growing trend in the market.
This surge in foreign demand has been a continuing trend since the second half of 2021, with the proportion of foreign buyers receiving condo transfers in terms of value rising steadily. For instance, in the first half of 2023, this figure stood at 24.6%, up from 21.5% in the second half of the previous year.
The Thai market, however, experienced sluggish demand from local buyers. To revitalize the real estate sector and the economy, Vichai suggested that the government should consider strategies to attract more foreign buyers, such as potentially increasing foreign ownership quotas in select areas like Pattaya and Phuket.
The first half of 2023 saw a substantial increase in the number of condo transfers to foreign buyers, amounting to 7,338 units valued at 35.2 billion baht, indicating a notable surge of 65.6% and 57.8% in units and value, respectively, compared to the previous year.
Chinese nationals maintained their dominance in condo purchases, followed by Russians and Americans. Notably, Myanmar buyers, who were not among the top 10 before 2022, have risen in rank to eighth place, reflecting their increased interest in the Thai property market.
Chon Buri province surpassed Bangkok for the first time in the number of condo transfers to foreigners, with 43.4% of the total, while Bangkok accounted for 37.7%. Together, these two areas represented 81.1% of all nationwide transfers.
Regarding value, Bangkok led the pack with 20.2 billion baht, followed by Chon Buri with 9.84 billion baht, solidifying its dominance in the market.
The most popular category among foreign buyers remained units priced below 3 million baht, with 44.5% of the total, while units with sizes ranging from 31 to 60 sq m or having 1-2 bedrooms continued to be the preferred choice, making up 53.6% of the market.
Mr Vichai highlighted that while the foreign market showed significant improvement, it has yet to reach pre-pandemic levels.
Yours sincerely,
The editorial team at IBP Real Estate Co., Ltd.
by Willie Tan | Oct 3, 2023 | Bangkok Property Market Updates, Investment Analysis
The World Bank has reduced its economic growth predictions for Thailand for both the current year and 2024 due to expectations of a decline in the country’s exports caused by a decrease in global demand. The main drivers of economic growth in Thailand are tourism and private consumption.
According to the World Bank’s East Asia and Pacific Regional Economic Outlook in October 2023, Thailand’s economic growth forecast for 2023 has been revised from 3.6% to 3.4%. Additionally, the projection for 2024 has been lowered by 0.2 percentage points. It now stands at 3.5% instead of the previous estimate of 3.7% in April.
Exports
The World Bank anticipates a 2.1% contraction in Thailand’s goods exports in 2023, measured in US dollars, primarily due to reduced demand from major advanced economies. Furthermore, economic growth in the second quarter of this year declined more than expected, reaching 1.8% on a year-on-year basis.
Political outlook
The prolonged process of forming a new government is also expected to delay both public and private investments. The GDP growth outlook for 2023 and 2024 hinges on the recovery of the tourism sector and robust private consumption. Foreign tourist arrivals are projected to return to pre-pandemic levels by the end of 2024.
The World Bank also predicts that Thailand’s economic growth will be 3.3% in 2025.
Debt and Inflation
Moreover, the bank forecasts headline inflation of 1.5% in 2023, which is lower than most emerging market economies. This is due to lower energy prices and the continued implementation of price controls. However, there are still upward risks to core inflation due to increased consumption and higher global food prices.
With the slow progress in fiscal consolidation due to extended energy subsidies, Thailand’s public debt is expected to remain above 60% of GDP until the end of 2023. The current account balance is projected to shift from a deep deficit over the past two years to a positive position in 2023.
The decrease in inflation is expected to alleviate some pressure on households. The expansion of the state welfare card program is anticipated to contribute to poverty reduction in 2023.
According to World Bank East Asia and Pacific vice-president Manuela V. Ferro, Thailand’s household debt ratio, which stands at 90.6% of GDP, is a more significant concern than public debt. Public debt is projected to be 60.2% of GDP in 2023, decreasing to 59.6% in 2024. It is expected to further decline to 59.5% in 2025.
As a result, the poverty rate will decline to 9.1% in 2023. It will continue to decrease in 2024 and 2025.
The World Bank has noted that the region’s growth remains higher than that of other emerging markets and developing economies. The East Asia Pacific region is expected to grow by 4.6% in 2023, with China’s growth projected at 5.1% in the same year.
Mr. Ferro emphasized that over the medium term, maintaining high growth in the region will necessitate reforms, particularly in the services sector. To sustain industrial competitiveness, diversify trading partners, and enhance productivity in areas such as retail, finance, education, and healthcare.
by Willie Tan | Aug 21, 2023 | Bangkok Property Market Updates, Expat Living & Relocation, Investment Analysis
In the April-June quarter, Thailand’s economy expanded by around 3.1%, a rise from the previous quarter’s growth of 2.7%. This upswing is attributed to the increased influx of foreign tourists, as predicted by a median survey of 21 economists.
Quarterly calculations indicate that the gross domestic product (GDP) growth, when seasonally adjusted, is projected to be approximately 1.2%. This marks a slowdown compared to the preceding quarter’s growth of 1.9%, as indicated by a smaller set of forecasts gathered between August 14 and 17 in a Reuters poll.
Although Thailand’s economy, which heavily relies on tourism, is anticipated to exhibit gradual improvement, the number of visitors remains significantly lower than the levels seen before the Covid-19 pandemic. The projection for this year suggests that Thailand might welcome around 29 million tourists, a decrease from the 40 million visitors recorded in 2019, the year before the pandemic hit.
As of August 13, the Tourism and Sports Ministry reported a total of 16.47 million foreign tourists visiting Thailand from January, with a total expenditure amounting to 690 billion baht (equivalent to USD 19.48 billion).
Exports, which play a crucial role in driving growth, have been contracting since October 2022, reflecting subdued global demand, particularly from China, Thailand’s primary trading partner.
Chua Han Teng, an economist at DBS, noted that the ongoing recovery in foreign tourism, including returning visitors from China, along with resilient private consumption, were the pillars supporting the expansion of the economy. However, the decline in merchandise exports, although stabilizing, continued to impede overall growth, thus preventing a more robust improvement in the second quarter of 2023, due to the challenging global economic environment.
The growth forecast for the year shows an average of 3.7%, aligning with the estimate from the Bank of Thailand (BoT). Additionally, a separate Reuters poll indicated that growth is expected to reach 3.8% in 2024.
by Daryl Lum | Jun 30, 2023 | Bangkok Property Market Updates, Investment Analysis
According to real estate appraisal and consultancy agencies, the growth in Thailand’s property market during the second half of this year will be driven by foreign buyers, while domestic buyers have not fully regained their purchasing power due to unfavorable factors. The country’s economy has shown signs of improvement, thanks to foreign purchasing power, especially since the reopening of China and the resurgence of the tourism sector and selected businesses. The Ministry of Finance’s Fiscal Policy Office predicts that Thailand will welcome 29.5 million tourists in 2023, generating 1.3 trillion baht in revenue. However, growth in the property sector is hindered by rising interest rates, inflation, and political uncertainties.
According to the Real Estate Information Centre (REIC) of the Government Housing Bank, the number of condominium transfers by foreigners across the country increased by 79.2% to 3,775 units, and the value of these transfers rose by 67.6% in the first quarter of 2023 compared to the same period last year. Total transfers at the end of the first quarter amounted to 17.1 billion baht. This indicates a positive recovery trend in the real estate market following the reopening of the country, allowing foreigners to travel and engage in property transactions and transfers as before.
Artitaya Kasemlawan, head of resident sales for real estate service and investment firm CBRE (Thailand), stated that 89% of customers from last year until the beginning of this year were Thai, while the remaining 11% were foreigners, mostly from China, Hong Kong, Taiwan, Myanmar, Singapore, and Japan. The agency has observed a healthy growth in foreign buyers since the beginning of this year.
She further mentioned that foreign buyers in the condominium sector typically have higher budgets compared to Thai buyers, ranging from 15 to 30 million baht per unit. In Bangkok, they prefer to reside in main business districts such as Sathorn, Lumpini, and Sukhumvit, as well as along the banks of the Chao Phraya River.
Sopon Pornchockchai, president of the Agency for Real Estate Affairs (AREA), predicts that foreign buyers will account for 15% of the total property value or approximately 10% of total units transferred, and these numbers will increase to about 18% of total units sold in the next two years.
AREA forecasts that 111,273 property units will enter the market this year, representing a 5.3% increase compared to last year. The value of property units in 2023 will amount to 478.61 billion baht, a 6% increase from 2022.
Sopon also highlighted that only 60% of total purchases are for actual residential purposes, while 22% are speculative investments by Thai investors, and the remaining 18% are purchases made by foreigners for both residential and investment purposes.
He cautioned that if speculative investments continue to rise and the proportion of genuine buyers decreases, it may eventually lead to market problems and a decline in property prices.
by Daryl Lum | Aug 17, 2020 | Bangkok Property Market Updates, Investment Analysis
Thailand’s economy contracted by 12.2% as compared to a year ago. This GDP contraction is the largest since the Asian Financial Crisis more than two decades ago. The contraction, however, was not as severe as the median estimate of a 13% contraction in a Bloomberg survey of economists.
However, the outlook for the Thai economy remains weak as tourism and exports continue to slump from the fallout of the Covid-19 pandemic. This weakness is further compounded by the fact that the Thai Baht has gained more than 6% in the second quarter of 2020, further weakening the demand for Thai exports.
The Thai economic council cut its full-year forecast to 7.3 to 7.8% which is worse than earlier estimates of a 5 to 6% fall.
The government had announced a USD 60 billion stimulus package to counter the effects of the pandemic on the economy. Exports are expected to fall by 10% this year and second quarter unemployment was at 1.95%, the highest level since 2009 and double the usual rate. Another 1.8 million jobs may still be at risk. The government has already spent over 300 billion baht in cash handouts to keep consumption demand afloat. According to Bloomberg’s economists, tourism, which accounts for about 20% of the Thai economy, is not likely to recover to pre-COVID-19 levels till 2022.
Yours Sincerely,
The Invest Bangkok Property Editorial Team
