Exciting news in Thai Real Estate

Foreign purchasing power plays a significant role in driving the market, contributing to a positive recovery. Condominium ownership transfers by foreigners grew by 79.2%, with a 67.6% increase in value compared to last year.

The return of foreign tourists has been crucial, with over 6 million visitors generating 250 billion baht in domestic income during the first quarter of 2023. China leads the way, and regulations have eased for housing services in tourist areas, providing more options for tourists.

Thailand’s economy is expected to expand by 3.6% in 2023, supported by improved consumption and a growing tourism sector. Foreign tourists are expected to reach 29.5 million, contributing approximately 1.3 trillion baht. This will have a positive impact on the real estate sector’s growth.

In Bangkok, housing demand increased by 13% in May, especially for condos priced between 1-3 million baht. Chiang Mai experienced a temporary slowdown due to the dust problem and a decrease in tourism. Phuket’s market remained stable, and Chonburi saw growth supported by the Eastern Economic Corridor (EEC) development project. Nakhon Ratchasima’s potential as a transportation hub influenced housing demand.

Overall, foreign purchasing power, along with local consumer preferences, contributes to the dynamic growth of Thailand’s real estate market. Stay tuned for measures to stimulate the market and facilitate legal foreign ownership. Exciting times lie ahead!

Cr.REIC,DDPROPERTY

“Achieve More with Siam World Estate: Your Trusted Partner”

Email : info@siam-estate.com

Tel : +66611628791

#RealEstateNews #ForeignPurchasingPower #TourismRecovery #ThailandEconomy #HousingDemand #ExcitingTimes