According to experts, the
Thailand real estate market will return to the level it was before the start of the coronavirus pandemic by the end of 2023. This is reported by the Information Center for Real Estate.
Thus, the recovery of
Thai real estate market will happen much earlier than expected. Previously, it was assumed that the sector would bounce back only in 2025-2027. The Real Estate Information Center predicts that
home sales in Thailand will double next year.
The Thai authorities expect to revive the housing sector primarily by easing the requirements for
mortgage. Last month, the Central Bank has already simplified the rules for granting loans for
buying property in Thailand. Thus, it is planned to increase the volume of
mortgage loans by $1.5 billion a year. However, banks are still cautious about lending to
homebuyers.
Also an important factor for the recovery of the market
Thai real estate will be the return of foreign tourists and investors to the country, which is already happening.
Recall that the housing sector accounts for about 10 percent of Thailand's GDP. According to the latest data, 2.8 million people work in the real estate industry. Last year, the state's economy fell by 6.1 percent. According to the Thai finance minister, it will grow by 1 percent this year and 4 percent next year.
