Ananda Development Plc will launch five new apartment projects, most of which will be in Bangkok. According to CEO Chanond Ruangkritya, the company invests more than ฿12 billion to implement them.
The construction is planned jointly with the Japanese developer Mitsui Fudosan. The company expects to earn up to 20% of investment returns.
Chanond Ruangkritya says that the real estate market directly depends on the revival of the tourism sector. Sales growth is associated with citizens' incomes, while tourism is an important component of the Thai economy. As a result of border closures, Covid-19 has affected the influx of foreigners into the country and the demand for housing.
Pattarajai Tavivong, Deputy Director of Real Estate Research and Communications at Colliers International in Thailand, says that the overall occupancy rate shows a downward trend in demand. As the influx of tourists, expats, and foreign investors increases, the situation will stabilize and cover all areas of the real estate market.