The growing industrial sector and the recovery of tourism helped the Ayutthaya real estate market to record a strong recovery of condominiums at a price of 1-1.5 million baht in the second half of last year.
The marketing director of the Ayutthaya City Park shopping complex, said that the industrial and tourism sectors are the main driving forces of the province's economy.
"The industrial sector in Ayutthaya is expanding", he said. "This increases the demand for housing in areas located near industrial zones, while there is a significant increase in individual and duplex homes".
Condominium projects near industrial zones have a high absorption rate of 80-90%, while condominiums and townhouses for rent have also recorded good monthly rates of 8,000-13,000 baht.
According to the National Council for Economic and Social Development, Ayutthaya ranked fourth in the province's gross product with 436 billion baht in 2020.
The UNESCO World Heritage City has five industrial zones with more than 6,500 factories and 497,984 workers, which contributes to population growth and increased costs.
"These factors have attracted real estate investments in various segments, such as low-rise buildings, apartment buildings, shops, shopping malls and hotels", said Mr. Somphon, who is also vice president of the Ayutthaya Tourism Board. "After the pandemic, foreign tourists returned and increased the incomes of local residents".
According to the Real Estate Information Center (REIC), the newly launched housing supply in Ayutthaya in the second half of 2022 amounted to 279 units, which is 78% less than last year.
Most of the new offer consists of condominiums, about 237 apartments, all from registered developers from Bangkok. Approximately 200 units, or 86%, were valued at 1-1.5 million baht, and the rest at 1.51–2 million baht.
Sales of new apartments increased from 24 units worth 55 million baht in the first half of 2022 to 183 units worth 292 million in the second half. About 84% were located near the Bang Pa In Industrial Area and 16% were located near the Rohan Industrial Park.
The supply of new low-rise housing, launched in the second half of 2022, amounted to 42 units, all townhouses, after a record volume for more than four years of 1,526 units in the first half.
Last year, there were 6,383 low-rise buildings worth 21.2 billion baht and 352 apartments worth 751 million baht in this area. Of these, 658 low-rise buildings and 143 apartments are ready for delivery.