Thailand’s Property market will growth by 5-10 per cent nationwide in 2016, said the president and chief executive officer of Pruksa Real Estate, Thongma Vijitpongpun.
“When the government starts to invest in infrastructure projects that will open up new land for property firms to develop residential projects.
“We believe that Thailand’s property market will show average growth of 5-10 per cent a year from 2016-2020,” he said.
Foreseeing strong long-term demand for homes, Thongma said Pruksa had a strategy to maintain average business growth of 15-20 per cent a year.
“We will launch more new residential projects nationwide to serve strong demand in the market,” he said.
Supalai deputy managing director Tritecha Thanmatithum is also confident that the property market this year will grow by 5-10 per cent. This is thanks to such government measures as cutting transfer fees, and also the investment in infrastructure.
In keeping with this market environment, Supalai plans to launch 28 or 29 residential projects worth up to Bt35 billion next year. Twenty projects worth Bt20 billion will be low-rise developments such as detached houses and townhouses, and eight or nine will be condominiums worth a total of Bt15 billion, he said.
Ananda Development president and CEO Chanond Reunkitiya agreed with the growth prediction of 5-10 per cent. The company plans to launch 10 residential projects this year. Eight projects will be condominiums, four of them developed by a joint venture with its Japanese partner Mitsui Fudosan, and the other four it will develop itself. Two projects will comprise detached houses.
Meanwhile, property agencies said the demand for homes was still growing strongly..
While more consumers are expressing interest in developments, they still prioritise locations that are quiet and good for families.
According to a survey by the Real Estate Information Centre (REIC) of Government Housing Bank, demand to buy land for development of commercial and residential buildings is growing strongly.