Demand for new build real estate in Thailand driving up values
The demand for new build homes in Thailand is driving strong growth in property prices in the Asian country. A new report from the Thai Home Construction Association has found that growth is particularly strong in the north, north-east, and south of Thailand.
This increased demand for new homes is partly being driven by demand from wealthy Thai investors and also from overseas buyers. Keep reading to learn more about this booming sector of the Thailand property market.
Prices of new build property in Thailand up sharply in 2012
The Thai Home Construction Association reported that prices in the north, north-east and south of the country have risen by between 15 and 20 per cent in the opening quarter of 2012.
Property Showrooms reported that the surge is partially due to wealthier Bangkok residents looking to buy a second home outside of the capital. Property prices in Bangkok only showed a marginal growth in the first three months of 2012.
With high demand, buyers have been forced into quick decisions in order to secure their choice of new build property. This has led to a shortage of labour, particularly in the country’s capital.
President of the association, Sitiporn Suwanasut, says that the shortage of construction workers is partly caused by the number of provincial workers who returned home from Bangkok after the floods in 2011.
It seems the price of new build property in some areas of Thailand has risen sharply this year. With increased foreign interest in the country and a shortage of property, it’s a very competitive market.
Tourist markets such as Phuket and Koh Samui remain popular with tourists and also with British and European buyers. However, you may have to move fast to secure the property of your dreams.”