Property markets in Thailand are forecast to rebound during 2018 as the economy continues to recover.
According to the inaugural Property Market Outlook report from leading property portal DDproperty.com, condominiums will remain the first choice for consumers.
The portal also predicted that the housing for senior citizens will also grow in popularity, as property developers compete for what is an ageing population in Thailand.
“DDproperty expects demand for new releases to start moving in an upward trend as we head into 2018, thanks to rising consuming spending.”
“[This is} in-line with the economic recovery, the expansion of mass-transit lines, and government infrastructure projects along the Eastern Economic Corridor,” said Kamolpat Swaengkit, Country Manager for DDproperty.
The DDproperty Property Index, which was launched last month, showed condominiums had the highest price index growth at 209 during Q3 2017, compared with single, detached houses and townhouses, reflecting increased demand.
Thailand property developers have already increased launches throughout 2017, with an estimated 45,000 new units forecast to reach the property markets before the end of the year, a 15 percent increase from 2016, according to DDproperty.com.
More supply can be expected with the government’s decision to launch a new economic stimulus scheme, Previous ones have prompted greater consumer spending, including within the real estate sector.
According to DDproperty’s Consumer Sentiment Survey, and contrary to data published in recent research reports, consumers don’t believe property prices have changed during the past six months.
They also expect them to remain stable for the next six months.
Moreover, they also believe property prices will increase by between 5 percent and 10 percent during the next five years, with condominiums enjoying the highest price growth.
“In addition to incorporating some quirky innovations into newly launched developments, leading developers are expected to debut more residential projects with senior-friendly facilities,” concluded Kamolpat.
Note: The author was employed as International Group Editor by PropertyGuru Group, of which DDproperty.com is its Thailand property portal.