Thailand’s property sector unfazed by inflation, expects a profitable 2023
As many as 120,000 residential units are expected to be snapped up this year despite rising inflation, property firm Supalai said in its latest prediction.
Supalai director Prasas Tangmatitam said that listed real-estate companies had sold 115,902 units last year compared to 75,364 in 2021. He said this was a clear indicator of the property market’s expansion.
Prasas reckoned that the sale of property had risen because homebuyers in the 26-30 age group had not been affected by the economic fallout of the Covid-19 crisis.
He said he expects the Thai property market to regain confidence thanks to a pick up in tourism and investment since the third quarter of 2022.
He also said that the rising prices of construction materials and high mortgage rates triggered by inflation should not affect the property market much.
“Taking all factors into account, demand for new homes is expected to stand at 120,000 units this year,” he said.
Prasas said property firms will probably be working hard on promotions to woo young homebuyers this year to stimulate the sale of residences.