Thailand's real estate sector stabilizes in 2023

Thailand's real estate sector stabilizes in 2023

The experts of the REIC Real Estate Information Center came to this conclusion. There are two reasons for this outcome:

  1. Relaxation of the rules for granting housing loans to foreigners;
  2. Simplification of access to the country for foreign nationals.

REIC experts believe that in this way, the Thai real estate market will be able to return to the pre-pandemic results by the end of 2023.

Detailed forecasts

  • In October, the Central Bank of Thailand (TMB) has eased mortgage requirements to stimulate the real estate sector, which currently accounts for about 10% of the state’s GDP. It is estimated that this will increase the number of mortgage loans in the country by $1.5 billion per year;
  • REIC also reports a projected doubling of sales next year. But first, the market will experience a 35% decline to 43,051 units;
  • Initially, Real Estate Center experts expected the sector to return to normal in 2025-2027, but it seems that this will happen sooner;

The Finance minister predicted a 1% growth rate by the end of this year, and a 4% growth rate next year, and after a 6.1% decline last year.

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