Thailand’s Real Estate Information Center (REIC), part of the Government Housing Bank (GHB), has issued a forecast that the real estate sector will expand by 5 percent this year.
REIC Director Samma Kitsin noted the sector’s overall outlook appeared favourable during the first three months of 2015, and would contribute to the growth rate.
Samma said the key factors responsible for the positive performance included the government’s various infrastructure projects, the recovery of the local economy, declining fuel prices and a reduction in the benchmark rate. He said these conditions have helped public spending in the real estate sector.
The Director, citing a GHB study, said that most Thais want to own a single house but do not have sufficient funds. He said that these individual are likely to consider condominium units or a townhouse as their first piece of real estate property.