Impact of Covid19
There is no doubt that covid19 impacted the real estate market in Thailand. The launches of new properties during the pandemic decreased by over 75%, with developers aggressively discounting prices by 25 to 50%. However, with these changes in the market, a new type of buyer emerged from the marketplace.
New Opportunities and Recovery
Online sales have increased dramatically, with more sales occurring digitally. Since the 3rd and 4th quarters of 2022, the market is begun its trajectory of recovery, with buyers looking for bargains. In fact, some markets have recovered by over 30-50%. With lockdowns and travel restrictions dwindling, the market is expected to make continue to head toward recovery with a huge shift in the market coming from foreign buyers by the 3rd quarter of 2023.
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