The Thai property market remains buoyant as the economy continues its slow recovery, with increasing supply providing greater opportunities for new home-buyers, the inaugural DDproperty Property Index revealed on Tuesday.
DDproperty, an online real-estate portal, launched the Property Index for Thailand for the third quarter of 2017.
The DDproperty Property Index (for Bangkok prices) reached 199, a 5-percent increase from the second quarter, highlighting the ongoing growth in the market since the start of the year.
The modest growth is further proof that the property market is gradually recovering from the Kingdom’s economic slowdown and weaker purchasing power in the mid- to low-end segments caused by rising household debt, said Kamolpat Swaengkit, country manager for DDproperty, which each month helps more than 3 million Thais in their search for a home.
“We’re cautiously optimistic about the Thai property market and believe there are opportunities for sellers, but particularly for buyers given rising supply levels and the low-interest rate environment which is expected to persist for some time,” Kamolpat said.
The index tracking residential prices increased 13 percent year-on-year during the third quarter, bringing growth over the past two years to a remarkable 53 percent, he added.
Condominiums continue to command the most attention from home-buyers, with the condo price index hitting 219 in the third quarter, continuing an upward trend from the previous three months.