During the pandemic, the condominium market slowed down significantly. Developers slowed growth rates down, and buyers were less likely to carry out real estate transactions. Following the improvement of the epidemiological situation and active government support, the market will start its revival in 2022.
Nine real estate developers have already informed about their plans to commission 72 housing units this year. Their total cost will exceed 131,000,000,000 baht.
Thais remain the main buyers, as foreign investors have not yet returned to the country completely. At the same time, household debt is growing and reaching horrendous proportions across the country. This is the reason why banks are reluctant to lend funds for the purchase of expensive goods.
So developers have focused on low-cost apartments in condominiums. Apartments with a price of about 1,000,000 baht are in great demand. Demand for secondary housing is also expected to increase.
The Real Estate Information Center (REIC) expects that condominium sales will increase by 5-15% in 2022. Developers will continue to construct affordable housing and offer various promotions to attract buyers. Companies will focus on local youth as the main potential buyers.