{"id":27006,"date":"2022-02-09T15:00:51","date_gmt":"2022-02-09T08:00:51","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=27006"},"modified":"2022-02-09T10:00:41","modified_gmt":"2022-02-09T03:00:41","slug":"the-state-of-thailands-residential-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/the-state-of-thailands-residential-real-estate-market\/","title":{"rendered":"The state of Thailand\u2019s residential real estate market"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Prices are expected to go up by 3\u20135 percent<\/span><\/p>\n<figure id=\"attachment_27007\" aria-describedby=\"caption-attachment-27007\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-27007\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/02\/shutterstock_561610792.jpg\" alt=\"\" width=\"1000\" height=\"749\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/02\/shutterstock_561610792.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/02\/shutterstock_561610792-400x300.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/02\/shutterstock_561610792-600x449.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/02\/shutterstock_561610792-768x575.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-27007\" class=\"wp-caption-text\">Freebies were the most popular promotion for enticing low-rise homeowners in the fourth quarter of last year. non c\/Shutterstock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Thai home price market is expected to increase in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following a decline since the first quarter of 2020, new home costs are on the rise due to higher inflation, a labor shortage, and rising fuel and construction material prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn 2022, we expect to see property prices go up by 3\u20135 percent,\u201d Apa Ataboonwongse, chief executive officer at Richy Place told <\/span><a href=\"https:\/\/www.nationthailand.com\/business\/40011127\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Nation Thailand<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cDevelopers cannot maintain the same prices despite management cost having reduced over the past year. Also, due to COVID-19, most migrant workers have returned to their countries, causing labour shortage,\u201d she added. \u201cThis, in turn, has spiked the manpower cost and delayed most projects by 10 to 20 percent from their previous schedules.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A domino effect has occurred within the global supply chain. According to <\/span><a href=\"https:\/\/www.bangkokpost.com\/property\/2256759\/home-prices-set-to-surge-in-2022\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bangkok Post<\/span><\/a><span style=\"font-weight: 400;\">, delays in shipping and supply shortages are the main reasons for the non-delivery of exported materials.<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/second-home-investment-destinations-take-the-spotlight-in-thailand\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Second-home investment destinations take the spotlight in Thailand<\/strong><\/a><\/p>\n<p><span style=\"font-weight: 400;\">There will be a significant increase in construction material prices this year, particularly steel, which has risen 30 percent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bureau of Trade and Economic Indices also noted the price increases for concrete (5.6 percent), aluminium, asphalt, and sand (4.2 percent), as well as electricity and water (3.8 percent).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wichai Wiratkaphan, acting director of Government Housing Bank\u2019s Real Estate Information Centre noted that developers will be offering fewer discounts and promotions as demand matches supply in the property sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Marketing campaigns were used extensively last year due to the impact of the pandemic on consumer confidence.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Freebies were the most popular promotion for enticing low-rise homeowners in the fourth quarter of last year, accounting for 44.4 percent. Air conditioners, furniture, drapes, water pumps, and water tanks were among them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was followed by cash discounts as well as transfer fees and common area expenses, which accounted for 28.8 percent and 26.7 percent, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Condominiums took the brunt of the consecutive drop since Q3 2020.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The Property Report editors wrote this article. For more information, email: <a href=\"mailto:propertyreport@propertyguru.com\" target=\"_blank\" rel=\"noopener\">propertyreport@propertyguru.com<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prices are expected to go up by 3\u20135 percent<\/p>\n","protected":false},"author":12,"featured_media":27007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[1077,464,2601,2247],"class_list":["post-27006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-construction-sector","tag-economy","tag-exports","tag-residential-housing","news_country-thailand","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The state of 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