Real Estate in the Era of Economic Growth: Boosting GDP by 5% to Energize the Housing-Condo Market

As Thailand is approaching the end of Q3/23, and reflecting on the current state of the housing market and look ahead to 2024. Under the theme “Organize 9 armies, get 10 directions to fight the real estate crisis,” presented by prop2morrow, a total investment of 193 billion baht is planned for 2023.

It’s noteworthy that there is one quarter left in the year, but it’s not without its challenges. Despite the recent formation of a new government and the appointment of the 30th Prime Minister, Settha Thaweesin, who hails from the real estate industry of the Pheu Thai Party, there are hurdles to overcome. High levels of household debt and tightened bank loans have made 2023 a challenging year for the real estate market.

Looking ahead to 2024, there are two critical aspects: construction technology and residential technology. Construction technology promises better quality houses and condominiums, delivering value for time and money. Meanwhile, residential technology, influenced by the post-COVID era, focuses on innovation to meet customer needs, enhancing after-sales service through apps and promoting health and wellness.

The real estate market’s recovery is in sight, with optimism driven by the new government’s policies. Notably, tourism promotion has attracted foreign buyers, further stimulating economic growth.

In the medium term, Thailand can anticipate increased investment and project launches. As country’s demographic landscape changes, foreign customers may play a more significant role in the real estate sector. However, challenges regarding leasehold durations compared to neighboring countries need to be addressed.

In conclusion, the real estate sector is closely tied to economic conditions, with a multiplier effect. Confidence in government policies and economic growth is key to the industry’s success. We look forward to a dynamic future for real estate in Thailand.

#RealEstate #Thailand #EconomicGrowth

Cr.Prachachart.net