Demand for luxury houses rising in Thailand despite economic woes

Luxury urban houses priced over 10 million baht are in high demand in 2022 with almost 2,000 units sold in the first half of the year. - The Nation Thailand/ANN

BANGKOK, Nov 8 (The Nation Thailand/ANN): Luxury urban houses priced over 10 million baht (RM1.27 million) are in high demand in 2022 with almost 2,000 units sold in the first half of the year, property agency Knight Frank (Thailand) has announced.

Demand has been rising this year despite the ongoing economic recovery from Covid-19, said Nattha Kahapana, the company’s executive director.

He said urban zones are attracting new buyers as facilities and infrastructure expand from the inner city, as can be seen from new projects being opened in outer suburbs.

Buyers in the luxury housing market are high-income earners who are looking to change their living conditions or to buy their second or third house, he added.

The first half of 2022 saw total sales of 1,944 houses worth over 10 million baht, rising from 1,813 units recorded during the same period last year.

Total house sales in the first half reached 17,283 units from a supply of 20,794 units, a take-up rate of 83% or 6% higher than last year.

Nattha added that the luxury housing market in the second half shows positive signs from new projects being opened in outer Bangkok and surrounding provinces.

This also indicates a changing trend among consumers, who are favouring suburbs instead of inner-city areas where property prices tend to be inflated, he said.

Among the most promising zones, he said, is the Krungthep Kreetha area in eastern Bangkok, where new residential projects are being built around golf courses, international schools and community malls. -- The Nation Thailand/ANN