Local Real Estate News

Prop​erty devel​op​ers need new mech​a​nisms to draw in the for​eign mar​ket as the Cen​ter for Eco​‐ nomic Sit​u​a​tion Ad​min​is​tra​tion (CESA) is set to con​sider a stim​u​lus pack​age for this sec​tor to​day. There are two CESA agenda items fo​cus​ing on the prop​erty sec​tor: aid mea​sures and a co-project with Thai​land Elite Card to boost condo sales from for​eign buy​ers. Chanond Ruangkritya, pres​i​dent and chief ex​ec​u​tive of SET-listed Ananda De​vel​op​ment, said Thai​‐ land should re​open to tourists at spe​cific des​ti​na​tions such as Phuket and Sa​mui, with a fo​cus on mar​‐ kets with high po​ten​tial such as China. If the gov​ern​ment can re​gain at least 20% of tourism rev​enue in those prov​inces, the prop​erty sec​‐ tor will also ben​e​fit.

The Bangkok Post reports that Phattarachai Taweewong, associate director at property consultant Colliers International Thailand, said a large number of newly launched condos totalling more than 15,500 units last year made devel‐ opers freeze new launches this year. “Condo demand in Pattaya slowed after the virus hit globally, as Pattaya’s property market heavily relies on foreign buyers, particularly Chinese,” he said.