Thailand is experiencing a surge in demand for new-built homes in nearly every region, according to reports from the Thai Home Construction Association. Demand in the North, Northeast and South has swelled as much as 20% as wealthy people from Bangkok seek to construct second homes outside the city, and the trend is pushing prices for new builds ever higher. Association leaders say the recovery is so strong that construction companies are in need of laborers, especially in and around Bangkok due to workers leaving the area because of flooding. For more on this continue reading the following article from Property Wire.
Demand for new properties is increasing in Thailand as rising prices pushes consumers to make faster decisions, according to the Thai Home Construction Association.
In the North, Northeast and South of the country demand has grown 15 to 20% in home building markets in the first quarter of the year but growth was marginal in the greater Bangkok area.
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Wealthier people form Bangkok are looking to buy new builds as a second home and this is pushing prices up even further, the association confirmed.
Association president Sitiporn Suwanasut said the recovery in home building is leading to a shortage of labour. This is worse in and around Bangkok, as many workers from the provinces or other countries went home during the floods. The association expects the demand to continue.
Meanwhile, a survey by the Real Estate Information Centre found that Chon Buri had the highest property development outside of Bangkok, with 534 developed projects and 87,500 units worth an average of 2.82 million baht.
Of the total, 69% have already sold and the rest are likely to sell within six months or so.
This article was republished with permission from Property Wire.