At the beginning of 2022, ecomonists monitoring the development of the Thai market noticed an increase in demand for real estate in Pattaya and other coastal areas of the Kingdom. According to market professionals, Thai companies should prepare for a post-pandemic boom in the market, despite inflation and higher construction prices.
Experts associate the pandemic with new strains of viruses as the main danger to the market, but also note other reasons that may affect the real estate of the Kingdom. In this article, we will analyze what the Thai market expects in 2022.
According to expert forecasts by Kobsak Pootrakool, vice president of Thailand’s largest commercial bank, Bangkok Bank, the Thai market is expected to boom in 2022-2024.
"We are approaching the end of the tunnel. This is a period of oscillation. If we can get through this, we will catch up with Asia's economic growth and take a prominent place in the global economy after 2022."
Compared to most countries, Thailand's inflation rate remains low. Judging by the market situation, it will be the same until the end of 2022. The only factor that will negatively affect this trend will be the rise in prices for oil and building materials. Its impact on the cost of residential and commercial properties might be unavoidable.
"Construction companies must take decisive steps to improve their activities before the crisis, which will start post-pandemic economic growth in the country."
Kobsak Pootrakool recommends developers pay attention to digitalizing their business, optimizing costs and fixing interest rates to cover costs.
The biggest blow to residential and commercial real estate has been and remains a huge outflow of foreigners from the country, especially Chinese citizens. And the situation will not change in the near future, so the market and the country's authorities are responsible for adapting and overcoming new challenges.
In addition to the coronavirus, there are three other major market risks: the purchasing power of locals, irrelevant reforms and bills and international travel restrictions.
So far, the vaccination program has been large-scale and successful, but there are no guarantees that the vaccine can cope well with any new and unexpected strains of the COVID-19. The opposite is most likely true. Therefore, making plans based on vaccination of the population was also no longer justified.
The main driving force of the market at least in 2022 will be domestic consumers. Since they are mostly end-users, that is, they buy real estate for personal use, not for investments, they will think about purchasing a property much longer than foreign nationals.
Housing near socially significant facilities, such as higher education institutions, will be in great demand among homebuyers, including branded residential complexes.
Kobsak Pootrakool predicts that in the near future, Thailand will face new changes that the local market has not encountered before. The international trade and financial systems are being transformed in the country, as well as geopolitical tensions and rivalry between Asian states will increase. Innovative technologies will also be introduced that will simplify work at all levels of activity.
At the end of 2021, the Thai economy had begun to develop promising trends, which would bear fruit over the next few years: the indices of key drivers, such as production, exports and industrial investment, had improved in the country.
"The new strain of Omicron coronavirus is likely to recede in the coming months thanks to mass vaccination in the Kingdom. It is high time to reinvest in the Thai market."
In 2022-2024, Thailand will actively develop in the real estate sector, and the tourism industry will be the main reason for this trend.
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