Real Estate Slowdown in Thailand: What To Look Ahead in 2023

Overview of the economic slowdown in Thailand and its effect on the real estate sector, including the decrease in property transactions. 

According to the National Economic and Social Development Council (NESDC), property transactions in Thailand fell by 9% YoY in 2022. It mention that the new construction projects have also decreased significantly in recent years, for example, The National Housing Authority (NHA) reported that the number of new housing units under construction fell by 14% YoY in 2022. Thai government's efforts to encourage buyers to exercise caution when making property purchases, such as the Real Estate Information Centre, and its initiatives to promote transparency and informed decision-making in the market.

The report would also examine the legal aspects of buying property in Thailand, emphasizing the importance of due diligence and the potential risks involved. It would offer tips on what to look for when checking the title deed and advise readers to be cautious of any "special offers" that may be too good to be true. Additionally, it would discuss the opportunities that the current market presents, such as lower prices, for example, According to the Real Estate Information Centre, the average price per square meter for condominiums in Bangkok decreased by 3.2% in 2022 and the potential for long-term appreciation.

One important aspect of this report would also be discussing the potential rental income that can be generated by owning a property in Thailand. As a popular tourist destination many property owners in Thailand choose to rent out their properties on a short-term or long-term basis. According to data from the Tourism Authority of Thailand, the number of international visitors to the country increased by over 38 million in 2019, providing a significant opportunity for property owners to generate rental income.

Another aspect that would be covered in the report is the tax benefits of owning property in Thailand. The Thai government offers various tax deductions for property owners, such as deductions for repairs and maintenance, and this can have a significant impact on the overall returns on investment.

Phuket Property Recommendation

When it comes to purchasing property in Thailand, expats should take their time to review all the available options. The most popular regions for home buying and investment are Bangkok, Pattaya and Hua Hin, as well as the islands of Phuket and Koh Samui. Phuket is particularly attractive due to its natural beauty, great infrastructure and year-round sunny climate. Expats should be aware however, that buying property in Phuket can be a complex process and there are certain risks that should be taken into consideration.

For example, it is important to note that foreigners can not own land in Thailand although they can purchase condos, villas and houses. It is also necessary to carry out due diligence when purchasing property including a title search to ensure the seller has a clear and legal title for the property. Additionally homebuyers should use a lawyer to review any contracts and be wary of any “special offers” from developers.

When looking for property in Phuket expats should consider the renowned Laguna Phuket Resort which offers a variety of villas and condominiums, as well as luxury amenities such as a golf course, spa and restaurants. The villas are located beachside offering stunning views and an idyllic tropical lifestyle. Additionally the nearby town of Patong is a popular spot for shopping, restaurants and entertainment.

Other popular property developments in Phuket include the luxurious Baan Suan Layan, which features a range of modern villas and apartments, as well as a variety of amenities such as a fitness center, tennis court, and swimming pool. The development is located close to Bang Tao Beach, making it an ideal spot for expats who want a beachfront property.

Finally, the award-winning Blue Horizon Villas offer modern villas in the hills of Phuket, with stunning ocean views and a variety of amenities. The development is also close to a number of beaches, making it an ideal option for expats looking for a peaceful and tranquil lifestyle. 

When buying property in Phuket, it is important to take your time and do your research to ensure you are making an informed decision. Doing due diligence, using a lawyer, and understanding the risks are all important steps to take when considering a property purchase in Thailand. With the right research and preparation, expats can find the perfect property for their.