According to statistics from the Tourism Authority of Thailand, it was found that the number of tourists who arrived during this year increased 3 times compared to the same period last year. In total, 135 million tourists came to the country in 2022, although this is still less than it was before the COVID-19 outbreak.
The arrival of tourists has a positive impact on Thailand's economic growth in many areas, including real estate. Because tourists stay not only in hotels, but also rent apartments and houses.
The return of tourists stimulates the real estate market, especially in Bangkok and resort and tourist cities. So, Bangkok, Chiang Mai, Phuket, Pattaya, Hua Hin, Cha Am remain the most popular among tourists.
In 2022, a new 10-year visa was introduced. It is believed that this will stimulate the economy and make investments more active. A long stay of foreigners in the country will have an impact on the real estate market: the demand for long-term rental housing and the purchase of real estate from foreigners will increase.
In 2023, real estate prices are expected to rise by at least 10% due to rising costs of materials, construction, labor, oil, as well as inflation and rising interest rates. There is little time left to buy real estate at the old prices and this increases consumer demand at the end of the year.