Experts offer recipes to improve the situation. What will help the housing market?
- Economic recovery and wage growth.
- Attracting foreign skilled workers. Changing property ownership policies to attract talented international professionals can boost demand while addressing demographic challenges.
- Controlled liberalization of foreign ownership, combined with tax measures to finance affordable housing for low-income Thais, could soften the market.
Thailand's real estate sector accounts for a significant portion of GDP and employs millions of people. The most important task for policy makers is to take measures to overcome the current downturn, while laying the foundation for sustainable and long-term growth.
The recovery in tourism has been the driving force behind the recovery of the economy after the pandemic, but key sectors such as manufacturing have experienced nine consecutive quarters of decline, indicating a general economic recession that has caused a decline in purchasing power.
It should be noted that in regions that are popular with foreigners, the real estate market feels much more confident. So, in Phuket sales are growing rapidly, writes Bangkok Post. The surge in activity began in 2022 and reached new peaks last year, showing no signs of slowing down. Russians, along with the Chinese, are the most active buyers of apartments and villas on the island.
Source: Nation Thailand
