According to the Real Estate Information Agency in Thailand (REIC), Thai real estate will recover in 2022. Five key factors were the reason:
- Government incentives – such as measures to reduce transfer fees and real estate mortgage fees for ฿3,000,000 or less by the end of 2022;
- GDP growth by 3-4% - due to increased purchasing power in the country;
- Low rates of infection with Omicron – statistics show that Omicron in Thailand is not as severe as the previous strain;
- Gradual recovery of interest from foreign buyers – domestic mortgage interest rates are still low;
Housing prices remain stable, as purchasing activity in 2021 was low, and potential buyers were in no hurry to decide whether to buy a new property or postpone it.
Although the market is weakened, the trend is positive, which means the recovery will be slow but confident.
Chaiyan Chakarakul, executive director of a major developer in Thailand Lalil Property, said that despite Covid-19, a new type of epidemic, and global inflation, the Thai economy would grow by 3-4% in 2022. As for the real estate sector, its growth compared to the previous year will increase by at least 10%.