{"id":25951,"date":"2021-11-24T06:23:15","date_gmt":"2021-11-23T23:23:15","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25951"},"modified":"2021-11-24T07:24:01","modified_gmt":"2021-11-24T00:24:01","slug":"easy-of-mortgage-rules-in-thailand-to-increase-loans-by-1-5m-per-year","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/easy-of-mortgage-rules-in-thailand-to-increase-loans-by-1-5m-per-year\/","title":{"rendered":"Easing of mortgage rules in Thailand to increase loans by $1.5M per year"},"content":{"rendered":"

Mortgage-easing and border reopening are expected to\u00a0<\/span>normalise<\/span>\u00a0the property market by 2023<\/span><\/span>\u00a0<\/span><\/p>\n

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He added that newly sold housing units are expected to fall by 35 percent to 43,051 units this year before doubling in 2022.\u00a0FotobyKKK\/Shutterstock<\/figcaption><\/figure>\n

According to Bangkok Post<\/a>,\u00a0easing of housing loan regulations and reopening of borders is expected to boost Thailand\u2019s property market back to pre-pandemic levels sooner than previously forecasted.<\/span>\u00a0<\/span><\/p>\n

The property market is predicted to\u00a0normalise\u00a0in 2023, from the initially forecasted timeframe of 2025-2027, said the Real Estate Information Center (REIC).\u00a0<\/span>\u00a0<\/span><\/p>\n

Last month, the central bank relaxed mortgage to help recover a key sector that contributes around 10 percent of gross domestic product (GDP) and employs 2.8 million people.\u00a0<\/span>\u00a0<\/span><\/p>\n

“The easing of mortgages and the country’s reopening will make the real estate business active again,” said Vichai\u00a0Viratkapan, acting chief of REIC.<\/span>\u00a0<\/span><\/p>\n

He added that newly sold housing units are expected to fall by 35 percent to 43,051 units this year before doubling in 2022.<\/span>\u00a0<\/span><\/p>\n

The easing of loan regulations would help increase mortgages by THB50 billion (USD1.5 billion) per year, said the central bank earlier.\u00a0<\/span>\u00a0<\/span><\/p>\n

However, Vichai said that banks are still cautious about lending despite eased rules due to a weak economy, as well as higher costs and migrant worker shortages faced by the property sector.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Bangkok\u2019s Supply Index records 7% rise in Q4 2021<\/strong><\/a><\/p>\n

To solve this shortage, the government plans to reopen borders to workers from\u00a0neighbouring\u00a0countries.<\/span>\u00a0<\/span><\/p>\n

Moreover, the finance minister predicted earlier this week that the economy would grow by one person this year and four percent next year, after a 6.1 percent slump in 2020.<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0<\/em>propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mortgage-easing and border reopening are expected to\u00a0normalise\u00a0the property market by 2023\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[906,557,1064,133],"class_list":["post-25951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-housing","tag-property-market","tag-recovery","tag-thailand","news_country-thailand","news_author-property-report"],"acf":[],"yoast_head":"\nEasing of mortgage rules in Thailand to increase loans by $1.5M per year | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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