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Property sector hopes for a turnaround in 2023


snoop1130

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Thailand’s real estate sector did not fully recover in 2022 due mainly to the economic decline and the impacts of the Russia-Ukraine war as well as higher inflation and interest rates. But while the expected recovery did not happen, the overall outlook gives new hope for 2023.

 

The improved CCI (Consumer Confidence Index), which has continued to rise for six consecutive years, currently stands at 47.9, the highest in 20 years, signalling that consumers’ spending confidence is back. Another factor that has supported the property industry is the Bank of Thailand’s continued loan relaxation (Loan-to-Value: LTV), which is about to end. It has successfully encouraged customers with real demand to purchase property units.

 

Home-buyers prioritize location when it comes to making a decision, according to leading real estate website DDproperty. In DDproperty’s Thailand latest Consumer Sentiment Study, 53% of respondents said they look for a project with access to public transportation and 50% say that location is number one factor to decide whether to purchase or not. The study, which covered the period January to November 2022, reveals that surrounding provinces have beaten key tourism destinations in terms of preferred housing choices. Bangkok is still top of the list for home-buyers followed by Nonthaburi, Samui Prakan, Pathum Thani and Chon Buri respectively. Famous tourist spots such as Chiang Mai (6th), Prachuab Khiri Khan (7th) and Phuket (8th) didn’t make it into the  top 5.

 

Full Story: https://www.thaipbsworld.com/property-sector-hopes-for-a-turnaround-in-2023/

 

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-- © Copyright Thai PBS 2023-01-04
 

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I am not going to diss Thailand this time.  It seems like everything has recovered very fast. 

 

It also looks like Western currencies are tanking against Thai baht..... again.

 

Poor GBP and AUD. Heading towards 39 and 21 respectively 

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40 minutes ago, snoop1130 said:

Thailand’s real estate sector did not fully recover in 2022 due mainly to the economic decline and the impacts of the Russia-Ukraine war as well as higher inflation and interest rates

And also due to the Chinese buyers being absent from the market for a fair while now, so now with the Chinese allowed to leave, the property market in Thailand will improve, because let's face it, who's in their right minds would want to stay in a diseased cesspool like China now...

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32 minutes ago, Celsius said:

I am not going to diss Thailand this time.  It seems like everything has recovered very fast. 

 

It also looks like Western currencies are tanking against Thai baht..... again.

 

Poor GBP and AUD. Heading towards 39 and 21 respectively 

Oh...the AUD is heading a good deal lower than 21.  The criminals at the RBA are not keeping pace with global interest rate rises in the vain hope that the Australian residential property market (the world's largest remaining bubble) will not burst.

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Having bought a house down here in PKK not that long ago I am still following the listings.  What I am seeing is that prices for houses similar to ours and with a good location have risen in price (as far as the listings go).  The developers must be hopeful that they can sell in the upcoming market and current high season.  However, with that said, I have also noticed that the lower end houses, and smaller condos have had prices dropped (New builds).  One wonders if that is because they will be just shells and the interior buildups will be included for a non shown price.  I do know that the folks who just finished a new build near us (4/3 with pool on 1/2 Rai) spent over 3 million Thb on the kitchen build, the 3 bathrooms, and the living room built ins as well as the walk in closets.  One wonders what the cost for all of the furniture will be, but as he said he bought the land and built the house (215 sqm) for just under 4 MThb and that included all of the outside cement, tile and 14m x 8m pool. Great location near the beach and south of HH in Pranburi.

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1 hour ago, snoop1130 said:

the overall outlook gives new hope for 2023

Good luck with that, more like a worldwide slump/crash, call it what you like will happen in 2023.

 

The writing is on the wall, just look at China's biggest developer failing and house prices all around the world being over inflated.

 

I won't be putting my money into property.

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20 minutes ago, 4MyEgo said:

Good luck with that, more like a worldwide slump/crash, call it what you like will happen in 2023.

 

The writing is on the wall, just look at China's biggest developer failing and house prices all around the world being over inflated.

 

I won't be putting my money into property.

Article i read today and on the business news today was that China will start paying people to move out of the overcrowded cities.  One wonders if the will be resettled in the Gost towns built years ago. Economy will need to be restructured for jobs etc...

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I think it might well turn around.

 

After the last couple of years of lockdowns etc. there will be a lot of Chinese looking to get out of China or at least having a plan B escape route. Now I know they've tightened up controls on moving money out of the country but the Chinese are very good at getting around such rules. Plus Thailand doesn't tend to ask too many questions about where the money came from.

 

Also, a lot of people (myself included) getting nervous about putting too much more into the stock market given the returns over the last year or so.

 

I'm not saying it will rocket, but compared to other options it might be a decent place to park some money until things stabilize.

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50 minutes ago, ThailandRyan said:

houses similar to ours and with a good location have risen in price

Main market for houses and large condos is Thai. Chinese prefer small city units and will buy without seeing as so cheap to them. My realtor told me this.

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26 minutes ago, ThailandRyan said:

Article i read today and on the business news today was that China will start paying people to move out of the overcrowded cities.  One wonders if the will be resettled in the Gost towns built years ago. Economy will need to be restructured for jobs etc...

In my opinion, it is always a good time to buy/build property if your going to live in it in the current climate, even better if your mortgage free, suffice to say market fluctuations won't bother you either way as everyone needs a roof over their heads.

 

If one has investments in real estate and are not debt free, then they are open to the market fluctuations including interest rate increases at the whim of the banks or government policies.

 

Will be an interesting year ahead, perhaps for many more to come.

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