The city of Ayutthaya, some 60 miles north of Bangkok, has been identified as a location with “stand-out growth” by one real estate firm.
In its latest research, real estate agency Plus Property cited the continuous expansion of industrial estates as one reason for a ramping up in real estate growth.
It said that the market for townhouses priced no more than THB 3 million saw 73 percent of the 503 units made available in the past year already sold.
In the same period, 51 percent of 357 new detached houses that became available were sold.
Major developers from Bangkok, noting the trend, have entered the foray and have snatched up 30 percent market share, the agency noted.
Anukul Ratpitaksanti, Managing Director of Plus Property, conducted a survey of the property market in Ayutthaya and – based on its most recent survey – discovered an interesting growth tendency.
Ayutthaya’s characteristic as a transportation centre linking to the North and Northeast, and the fact that it houses large industrial estates, has resulted in an inflow of vast numbers of people and growing demand for housing.
That demand comes mainly from locals and industrial estate workers – both Thai and foreigners – who are relocating because of their industrial estate jobs.
Currently in Ayutthaya, 55 percent of properties being developed are townhouses, 40 percent are being developed as detached homes and 5 percent are being developed as condominiums.
Of all new projects launched for sales between June 2016 and May 2017 there were 503 townhouses, of which 73 percent have been sold; 357 detached homes, of which 51 percent have been sold; and 294 condominium units, of which 70 percent have been sold.
“An interesting fact about properties in Ayutthaya is that major developers from Bangkok have been consistently penetrating the market there, in addition to local real estate investors. Examples include Phruksa Real Estate, Land and House and Wangthong Group,” he said.
“The developers placed emphasis on horizontal projects because such properties still received good response in the Ayutthaya area, especially for townhouses priced no more than THB 3 million.”
Anukul concluded that his firm has evaluated that housing demand in Ayutthaya will continue to increase during the next two/three years.
Projects that encompass a variety of products – townhouses, detached homes and twin homes – within one compound are expected to garner improved demand in Ayutthaya in the future, as they provide a choice that covers the whole range of consumer demand,” Anukul said.