There was an improvement in the Thai condominium market in 2021, despite the fact that the overall mood remained low due to the lack of foreign buyers. This is stated in the study on the impact of the pandemic on the country's economy, customer trust and purchasing power.
The decrease in the number of international investors has slowed down the development of the country's economy. Foreign buyers, who traditionally make up a significant part of the buyers of real estate in the center of Bangkok, could not come to the country. And many did not dare to conduct the transaction online.
It is noteworthy that in 2021, a total of 137,710 foreigners lived in Thailand. This is 3.7% less than in 2020. The number of expats living in Bangkok decreased by 4.3% in 2021 compared to 2020.
The number of Japanese and Chinese expatriates working in the Thai automotive industry has decreased. The number of Chinese citizens working in Thailand decreased by 9.7%.
The prolonged pandemic has pushed companies to send their foreign employees back to their home countries in order to reduce their living costs.
Now the real estate market in Thailand is recovering. The developers are announcing new projects. Nevertheless, the overall forecast remains unsatisfactory due to the impact of inflation and the rise in the cost of building materials.