The Real Estate Information Centre (REIC) has made a forecast for 2022 that the amount of property transfer will increase by 3%, according to the GDP forecast for 2022, which will grow to 3-4%. The housing stock of residential complexes and condominiums is increasing by 10-15%.
According to Apha Atboonwong, President of the Thai Condominium Association, 2021 was a bad year for the housing market. The number of foreign buyers dropped to almost zero, the activity of locals also remained low due to a decline in purchasing power, the construction of many projects was postponed, and some of them were closed.
As for real estate trends in 2022, with the return of tourists to the country, the condominium market will back to pre-pandemic levels. In 2022, there will be an increase of 10-15%, and it will be consolidated in 2023 when the tourist flow and purchasing activity of foreign nationals will finally recover.
Prices for condominiums will increase by 3-5% soon due to the gradual exhaustion of the supply of new projects.