The experts of the REIC Real Estate Information Center came to this conclusion. There are two reasons for this outcome:
- Relaxation of the rules for granting housing loans to foreigners;
- 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.