Article | Creating Resilience

Top Thailand Property News Of The Week 11 March 2024

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.

March 15, 2024


The top residential and commercial real estate news of the week - 11 March 2024

Russians control residential leasehold segment in Phuket
Bangkok Post
The value of residential units in Phuket leased long-term by the top 10 foreign nationalities almost tripled to 12.8 billion baht in 2023, mainly driven by Russian buyers fleeing the conflict in Europe as the foreign quota for condos was filled in many areas of the island.

CPN rolls out B121bn for store investment
Bangkok Post
Retail and property developer Central Pattana Plc (CPN), the operator of Central shopping centres, plans to invest 121 billion baht over five years for store renovation and to open two new projects as customer purchasing power increases and foreign tourist arrivals grow.

Sentiment declines in February amid high debt
Bangkok Post
The Thai Industry Sentiment Index (TISI) fell in February to 90 points from 90.6 the previous month as people remained cautious about spending amid high household debt, says the Federation of Thai Industries (FTI).

Centel targets ambitious revenue increase
Bangkok Post
Central Plaza Hotel (Centel) has allocated capital expenditure of 13-20 billion baht for the next three years, in a bid to double the revenue of its food and hotel business by 2029.

Is greenwashing taking travellers to the cleaners?
Bangkok Post
Every hotel wants you to save the planet. The messianic messages are everywhere - on little tent cards on the desk, proud notices on the bathroom door, and in dolorous the-end-is-nigh letters from the GM. Every hotel is saving the Yanomami Indians, Atlantic salmon and mountain gorillas.

CBRE Thailand contributes to sustainability efforts
CBRE Thailand reports that a significant proportion of existing office buildings have become obsolete due to outdated structures and designs, many of which have been in place for a considerable number of years. As these buildings age, their performance and efficiency inevitably deteriorate, leading to increased resource consumption, escalating maintenance costs, declining air quality and a substantial negative environmental impact.

Gaysorn Amarin to create income boost
Bangkok Post
Luxury developer Gaysorn Property expects the opening of Gaysorn Amarin, formerly known as Amarin Plaza, with an investment of 1 billion baht will help boost revenue by 50% to 1.3 billion baht this year.

Ananda readies seven projects worth B18.6bn
Bangkok Post
Despite carrying unsold condo units ready to transfer worth a total of 33 billion baht, SET-listed Ananda Development is planning to launch seven new projects worth a combined 18.6 billion baht this year.

Mortgage rejection rate soars after pandemic
Bangkok Post
Following the pandemic, there has been a surge in the rejection rate of housing loan applications, attributed to would-be homebuyers' weakened debt repayment capability, stemming from the sluggish economic growth and higher cost of living.

Overwhelmed by success
Bangkok Post
Phuket's rapid urbanisation has brought soaring property prices and highlighted its insufficient infrastructure.

Retail sector still sensitive
Bangkok Post
Despite higher tourist spending and tax incentives to spur purchases, Thailand's retail industry remains fragile, with an influx of substandard goods from China piling pressure on local entrepreneurs.

More Thai millionaires snapping up property abroad
The Nation
One of the investment strategies of Thai tycoons this year is shifting towards increasing investments in foreign real estate to fortify their portfolios.