Property companies are predicting that Thailand’s property market will see growth around five to ten percent in 2016 with Greater Bangkok expected to lead the charge, The Nation reported. The government’s investment in infrastructure projects across the country are just one reason property companies are positive about the market this year.
“When the government starts to invest in infrastructure projects, that will open up new land for property firms to develop residential projects,” president and chief executive officer of Pruksa Real Estate, Thongma Vijitpongpun told the newspaper. “This will challenge property firms to invest in the new locations following the new mass-transit route from Bangkok to the suburbs and nearby provinces.”
The Nation noted that infrastructure projects either under construction or scheduled to begin construction soon include railway double-tracking, motorways, and ten new mass-transit routes. The goal is to make Thailand a regional transport hub and this in turn will boost demand to buy homes in Thailand as foreign companies invest in Thailand as a gateway to other Asean countries, Thongma noted.
He added, “We believe that Thailand’s property market will show average growth of five to ten percent a year from 2016-2020. We will launch more new residential projects nationwide to serve strong demand in the market, especially in locations close to the mass-transit system.”
Supalai deputy managing director Tritecha Thanmatithum agreed with this sentiment and pointed out that the government measures cutting transfer and mortgage fees will also help improve the property market this year. He told The Nation that Supalai plans to launch up to 29 residential projects in 2016. Of these, 20 will be low-rise developments such as detached houses and townhouses, and the rest will be condominiums.
Ananda Development president and CEO Chanond Ruangkritya also believes the property market in Thailand will see growth and the company is making plans accordingly. The developer is expected to launch ten residential projects in 2016. Ananda intends to launch eight condominiums as well as two detached housing projects.
