The pandemic has affected not only the construction industry but also the economy of most countries. Thailand was no exception, bearing the consequences of the lockdown. Real estate in Thailand has always been in demand but lockdowns have had disastrous consequences. Key developers in Thailand were forced to suspend or postpone real estate construction and carefully think about starting new ones. However, this does not mean that the market has frozen in the country. Condominiums are being built and commissioned, and transactions are made in real-time and remotely. The quality of life and excellent climatic conditions attract foreign investment.
Content:
- More about the main trends in the Thai real estate market
- TOP 10 construction companies in Thailand
- The largest construction companies in Thailand
- How to choose a developer in Thailand
- We will help you buy real estate in Thailand
More about the main trends in the Thai real estate market
One cannot talk about the best construction companies in Thailand without considering other aspects of the country. For foreigners, overseas property in the Kingdom has always been a priority. Many people purchase a property not only for investment or permanent residence but also for a comfortable winter holiday. New buildings in Thailand were in great demand but in 2021, the pandemic affected the situation. According to Knight Frank, offers in new condominiums in the third quarter of 2021 decreased by almost 71% compared to the same period in 2020. This was due to the temporary freezing of real estate projects during the lockdown as well as a reduction in tourist flow. Developers are cautious about launching new projects and many of them have obligations to implement projects that were not put into operation on schedule.
According to CBRE, a real estate consultant, the reduction of new projects has led to a demand for low-rise housing. This shows that flats, apartments, and houses in the Kingdom remain in demand. Experts believe that the situation will improve as the pandemic is overcome. Construction companies will focus on consumer demand and, as they implement launched projects, will plan new ones.
TOP 10 construction companies in Thailand
According to the number of assets for January 2022, analysts suggest the following list of the richest building companies, with profits shown in dollars:
- Italian-Thai Development PLC with a budget of 2 billion.
- HomePro – 1.7 billion.
- Pylon Public – 1.6 billion.
- Central Pattana – 1.1 billion.
- CH. Karnchang Public – 953.7 million.
- Sino-Thai Engineering & Construction Public – 855.8 million.
- AP PUBLIC – 849 million.
- Supalai Public – 789 million.
- Best Tech & Engineering – 785 million.
- Thai Metal Trade Public – 531 million.
The list is not complete. The following is an overview of popular construction companies in Thailand.
The largest construction companies in Thailand
Leading developers in Thailand are responsible to shareholders and their activities are therefore regulated by legislation. Their main specialization is the condominium sector. This foreign housing is popular not only with investors but also locals. But most developers are working on several projects from multi-story houses to villas.
Sansiri
The company was founded in 1984 and is one of the leaders in the Kingdom’s market. A distinctive feature is the wide selection of real estate price ranges. Among the offers from the construction company, you can find budget flats and luxury apartments.
Land & Houses (LH)
The organization focuses on townhouses and land sales. For foreigners, buying land in Thailand is not the most attractive type of transaction as expats are officially prohibited from owning land plots. The issue is addressed within a long-term lease or purchase registration for a company in which at least 51% of the shares belong to a citizen.
Matrix
The Matrix Corporation operates in Pattaya. About 10 condominiums have been built at the resort and some are under construction. The buildings comply with international quality standards. The developer has affordable prices that allow a buyer to choose apartments for permanent residence and investment.
Major Development
This organization has been building condominiums since 1999. The company is family-owned. They have many buildings in Bangkok. The building agency’s assets also include office buildings, hotels, and commercial real estate.
AP Asian Property
The company builds condominiums, townhouses, and houses. The real estate price range is wide enough to select the right option for any budget. One can choose affordable housing and luxury apartments.
It is possible to find other options after having first been acquainted with the reputation of the developer and its financial capabilities.
How to choose a developer in Thailand
There is no one-size-fits-all advice on how to find the right developer in Thailand as the largest companies are not insured against force majeure. However, several aspects need to be studied before buying a home. The main recommendations for finding a construction company in the country is as follows:
- Study the developer's website. The information should be as transparent as possible. The organization must be experienced and have merits to the state or business.
- Focus on reviews and feedback. It is necessary to do this not only on the developer's website but also on third-party resources.
- Analyze commissioned real estate and its demand. A developer can work on the market for many years but only have unfinished condominiums.
- Use professional services. Real estate agencies specializing in the Thai housing market can control the situation and prevent problems. They will help you understand the pros and cons of the developer and select the right property.
Choosing a developer remains one of the most important stages of buying a home in a new building. The more thoroughly the preliminary analytical work is done, the higher the chances of getting quality housing from the company.
We will help you buy real estate in Thailand
You will find more housing options from proven developers in the catalog at Thailand-Real.Estate. Our specialists will help you buy an apartment in a new building in Thailand, provide you with detailed information, and ensure a legitimate deal.