






{"id":32905,"date":"2023-03-30T11:31:39","date_gmt":"2023-03-30T04:31:39","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=32905"},"modified":"2023-03-30T11:31:39","modified_gmt":"2023-03-30T04:31:39","slug":"out-of-the-woods-thai-real-estate-on-the-path-to-redemption","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/out-of-the-woods-thai-real-estate-on-the-path-to-redemption\/","title":{"rendered":"Out of the woods: Thai real estate on the path to redemption"},"content":{"rendered":"<p><span class=\"TextRun SCXW187049801 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW187049801 BCX0\">The property market is poised for a rebound, driven by foreign investments and sustainable developments<\/span><\/span><\/p>\n<figure id=\"attachment_32906\" aria-describedby=\"caption-attachment-32906\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-32906 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/03\/shutterstock_1480806221.jpg\" alt=\"\" width=\"1000\" height=\"562\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/03\/shutterstock_1480806221.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/03\/shutterstock_1480806221-400x225.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/03\/shutterstock_1480806221-600x337.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2023\/03\/shutterstock_1480806221-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-32906\" class=\"wp-caption-text\">Developers are optimistic about the market&#8217;s long-term potential, with several new projects in the pipeline. MarrySurg\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">According to the Real Estate Information Center (REIC), the property market in Thailand is expected to rebound this year, with the Center revising its outlook due to improved economic conditions and the government&#8217;s economic stimulus measures. Its president, Atip Bijanonda, told the <\/span><a href=\"https:\/\/www.bangkokpost.com\/property\/2508499\/reic-revises-up-property-market-outlook-for-this-year\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Bangkok Post<\/span><\/a><span data-contrast=\"auto\"> that the property market should expand by three to five percent\u00a0this year, compared to the previous estimate of two to four percent.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Regardless, the REIC warned that the market still faces challenges such as rising construction costs, which could affect developers&#8217; ability to complete projects on schedule. It also noted that the market is still adjusting to the new normal post-pandemic, with buyers and sellers taking a more cautious approach.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Increased consumer confidence<\/span><\/i><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Yet, the property sector is\u00a0hoping for a turnaround in 2023, with <\/span><a href=\"https:\/\/www.thaipbsworld.com\/property-sector-hopes-for-a-turnaround-in-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Thai PBS World<\/span><\/a><span data-contrast=\"auto\"> citing\u00a0the improved CCI (Consumer Confidence Index), which has continued to increase for six years straight. At present, the CCI is at 47.9, the highest in the past two decades, indicating the return of consumers\u2019 confidence.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The Thailand Consumer Sentiment Study conducted by <\/span><a href=\"https:\/\/www.ddproperty.com\/en\/property-guides\/Thailand-Property-Market-Outlook-2023-69021#What-to-Expect-in-2023\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">DDproperty<\/span><\/a><span data-contrast=\"auto\"> also uncovered similar sentiments from consumers, with 57 percent planning to purchase properties within the year, seven percent looking to rent, and 35 percent without definite plans for either.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThere is a pent-up demand caused by the covid years and purchasing power is increasing due to a better performing national economy,\u201d added Leong Choong Peng, an advisor for Mentabuild Limited, a consultant chartered surveyor, and a respected member of the PropertyGuru Thailand Property Awards judging panel. This year, he is expecting a mild increase in uptake for residential projects, particularly for mid-priced developments.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Developers hopeful for recovery<\/span><\/i><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Developers, on the other hand, are optimistic about the market&#8217;s long-term potential, with several new projects in the pipeline. Among them are the Thai winners from the highly anticipated\u00a0<\/span><a href=\"https:\/\/www.asiapropertyawards.com\/en\/the-best-of-the-best-real-estate-developers-projects-prevail-at-17th-propertyguru-asia-property-awards-grand-final\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">2022 PropertyGuru Asia Property Awards Grand Final<\/span><\/a><span data-contrast=\"auto\">, such as the Best Landmark Mixed Use Development (Asia) titleholder One Bangkok by Frasers Property Holdings (Thailand) Co., Ltd. (FPHT), Best Condo Development (Asia) winner The Aspen Tree at The Forestias by Magnolia Quality Development Corporation Limited, and Best Waterfront Housing\/Landed Development (Asia)\u00a0victor Lake Legend Bangna-Suvarnabhumi by Hongkong Land and Property Perfect PC.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Professor Sonthya Vanichvatana, Ph.D, MRICS, associate architect, chairperson of the Department of Real Estate, MSME School of Management and Economics, Assumption University, as well as another esteemed member of the judging panel, added: \u201cThai housing developers are good at finding markets for each company&#8217;s expertise. In the past year, there were more low-rise housing projects compared to 2021. However, for this year, housing developers are leaning towards condominium projects.\u201d<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/growing-demand-for-homes-greets-return-of-the-propertyguru-thailand-property-awards-for-18th-edition\/\" target=\"_blank\" rel=\"noopener\"><strong>Related: Growing demand for homes greets return of the PropertyGuru Thailand Property Awards for 18th edition<\/strong><\/a><\/p>\n<p><i><span data-contrast=\"auto\">Factors driving the upturn<\/span><\/i><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To further propel this momentum, the <\/span><a href=\"https:\/\/www.bangkokpost.com\/property\/2519529\/real-estate-trends-to-watch-in-2023\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">property trends<\/span><\/a><span data-contrast=\"auto\"> that are likely to transpire this year include the growing popularity of sustainable and green developments, the increasing use of technology in property management, and the emergence of new investment models such as real estate investment trusts (REITs).<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.bangkokpost.com\/property\/2522626\/foreigners-picked-to-buoy-property-market\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Foreign investors<\/span><\/a><span data-contrast=\"auto\"> are also expected to play a key role in buoying the property market, seeing as the recent government measures have made it easier for foreigners to buy property in Thailand. This, combined with the country&#8217;s low property prices compared to other major cities in the region, is expected to attract more foreign buyers in the coming years.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In conclusion, the positive outlook for the Thai property market in 2023 is a promising sign that the industry is indeed on the path to redemption, with new investment models, foreign interest, and innovative sustainable developments leading the way, taking the market out of the woods and into a bright future.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><b><i><span data-contrast=\"none\">Know of award-worthy residential, commercial, or industrial projects in Thailand? Nominate them for the 18th annual PropertyGuru Thailand Property Awards on or before 16 June 2023. To know more, vis<\/span><\/i><\/b><b><i><span data-contrast=\"none\">it <\/span><\/i><\/b><a href=\"https:\/\/www.asiapropertyawards.com\/en\/award\/thailand\/\"><b><i><span data-contrast=\"none\">AsiaPropertyAwards.com\/Award\/Thailand\/<\/span><\/i><\/b><\/a><b><i><span data-contrast=\"none\">.<\/span><\/i><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"none\">Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: <\/span><\/i><a href=\"mailto:gynen@propertyguru.com\"><i><span data-contrast=\"none\">gynen@propertyguru.com<\/span><\/i><\/a><i><span data-contrast=\"auto\">.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property market poised for a rebound, driven by foreign investments and sustainable developments<\/p>\n","protected":false},"author":9,"featured_media":32906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[464,881,638,133],"class_list":["post-32905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-economy","tag-outlook","tag-real-estate","tag-thailand","news_country-thailand","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Out of the woods: Thai real estate on the path to redemption | 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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