According to experts, 6,000 new housing units were put into operation in the condominium market in Bangkok during the second quarter (April-June) of 2022. However, the supply has increased again to over 20,000 units (with commissioned projects and secondary housing).
Developers expect an influx of foreign buyers after the "Test&Go" system is canceled and free entry into the country is resumed.
This is an important factor for accelerating the economic recovery and boosting the tourism sector and the housing market. In addition to foreign investors, overseas tenants should return to the country, which will significantly revive the real estate market, especially in resort areas, where the demand for villa rentals has dropped without foreign tourists.
In cities such as Pattaya, Phuket, and Chiang Mai, hotel construction projects are starting to be launched again, which also count on foreign investment. Previously, investors from China made a significant contribution to the construction of hotels, but the country has not yet opened after the COVID-19 pandemic, and an influx of investment from this country is not yet expected.