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Top Thailand Property News Of The Week 31 July 2023

CBRE’s weekly property news snapshot features the latest residential and commercial real estate stories in Thailand and elsewhere that you cannot afford to miss.

August 4, 2023


The top residential and commercial real estate news of the week - 31 July 2023

Clear up city condo mess
Bangkok Post
The Supreme Administrative Court ruling on Ashton Asoke, an upscale high-rise condominium, has sent shockwaves among Bangkok project developers.

Ashton Asoke won't be demolished: BMA
Bangkok Post
The beleaguered Ashton Asoke condominium will not be demolished although its developer must re-apply for a construction permit within 30 days, according to Bangkok governor Chadchart Sittipunt.

Bangkok land price index dips in Q2
Bangkok Post
The index of land prices in Greater Bangkok in the second quarter dropped from the first quarter due to the economic slowdown, marking the second quarterly decline since the index was introduced in 2012, with the first decline occurring in the first quarter of 2021.

Smaller hotels struggling to cope with increasing costs
Bangkok Post
Despite the upcoming lower power tariff, midscale and small hotels are still facing a surge in expense due to high interest rates, while their rate of revenue growth lags behind those of five-star properties.

Noble rejects legal worries over condos
Bangkok Post
SET-listed developer Noble Development has insisted that its two condo projects, situated on land where parts were expropriated, have no legal issues like Ashton Asoke because their given entrance-exit has remained unchanged since they were in the possession of the previous landowners.

Phuket plans to ease reliance on tourism
Bangkok Post
The resort island province is working on a plan to develop itself into a "New Economy" less reliant on tourism for its survival.

Call for reintroduction of visa fee waiver scheme
Bangkok Post
Tourism operators want the government to reintroduce a visa fee waiver scheme in a bid to boost Chinese and Indian arrivals within this year after experiencing tepid recovery in several key markets.

World factory activity mired in slump as China, growth slowdown take toll
Global factory activity remained in a slump in July, private surveys showed on Tuesday, a sign slowing growth and weakness in China were taking a toll on the world economy, though the picture in the Americas was notably less bleak than elsewhere.

Residential market records 29.1% drop in new sales in Q1
Bangkok Post
The residential property market witnessed a significant 29.1% drop in new sales in the first quarter of 2023, with condos being the primary factor contributing to the slowdown.

Outlook for spending loses its sheen
Bangkok Post
Spending on shopping in the second half of this year appears to be less promising than initially anticipated, mainly due to numerous challenges faced in both the domestic and international markets.

Locals to spend B16.6bn during extended weekend
Bangkok Post
Almost 5 million Thais are travelling during the long weekend and will spend 16.6 billion baht at various holiday locations in the country, according to the Tourism Authority of Thailand.