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Thailand Property Residential Market Could Grow 5 – 10%

By on Jan 28, 2015 in Property News

The Thailand residential property market could grow by between 5 and 10 per cent, thanks to government expenditure and private investment boosting domestic spending, according to leading developers. Meanwhile, the trend in residential construction and design is changing to use more prefabricated elements. The proportion of prefabricated elements used in the construction process is expected to rise to more than 80 per cent in new residential launches this year. This will reduce the number of on-site labourers and save time.

Pruksa Real Estate president and chief executive officer Thongma Vijitpongpun is confident that the residential market will expand 5-10 per cent from last year’s level, when the market slumped 10 per cent. This is because many people who delayed their decision to purchase last year can be expected to take the plunge during 2015, while low interest rates seem set to be maintained, or even drop, he said.

Given the improving market trend, the top 10 listed property developers plan to launch residential projects worth more than Bt200 billion around the country this year. To speed up construction and minimise the use of workers amid a tightening labour market, companies will be making increased use of the prefabrication system.

The trend in the architecture and interior design of residential projects this year is one of functionality and simplicity, with elegance – a combination aimed to serve both older customers and young buyers alike.

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