Korat may not be the largest or most famous city in Thailand, but there is a high demand for residential real estate in this area. According to the Nakhon Ratchasima Real Estate Association, the restoration of industrial zones in the region has boosted purchasing power, which has spurred the local real estate market.
People working in the industrial sector will have more opportunities to obtain loans than those working in the service sector or retail. The demand for housing in Nakhon Ratchasima also comes from those who live in neighboring provinces, including Chaiyaphum, Buriram and Surin, who move to work in the province.
The COVID-19 pandemic has reduced the demand for housing in Korat. However, by the end of last year, the situation returned to normal levels with a marked increase in the number of apartments and houses sold.
This turnaround was not a big surprise, as the Real Estate Information Center predicted last year that the real estate markets of Korat, Khon Kaen and Udon Thani are likely to recover quickly.
The high demand for housing in Korat is similar to what happened on the East Coast. The COVID-19 pandemic in 2021 did not disrupt the operation of factories in the Eastern Economic Corridor, which helped raise the real estate market there. The weakening of the Thai baht increased the purchasing power of workers in the industrial export sector, which contributed to the economic recovery in the provinces of Chonburi, Rayong and Chachoengsao.
Although the supply of housing in Korat is declining, many developers are preparing for new launches, including Land & Houses, which will present a new residential complex this year. The company participates in the most prominent retail project in the region, the Terminal 21 Korat shopping center.