A new law on real estate has been passed, stirring controversy. Many organizations oppose it, claiming it "sells out the nation," while government sectors and 18 real estate associations argue that it will stimulate the economy.
Real Estate Trend: Up or Down Depends on Public and Private Sector CooperationAt the ThaiBev Building in Bangkok, a discussion on "The Future of Thai Real Estate: Information for Public and Private Sector Planning" was held. The event was organized by the International Real Estate Federation (FIABCI-Thai) and the Thai Real Estate Research and Appraisal Center. Dr. Sophon Pornchokchai, a renowned Thai real estate expert, served as the organizer of the event and also participated as a speaker.
The Thai government has injected TH฿330 billion into more than 90 projects aimed at catalyzing the development of the Eastern Economic Corridor (EEC). This corridor encompasses three eastern provinces: Chachoengsao, Chonburi, and Rayong. Of these projects, 77 are funded by the government with a budget of 178,578 million baht, while 16 are undertaken by the private sector with a total investment of 159,219 million baht. The objective is to bolster the EEC's potential as a thriving economic hub. Key developments include high-speed rail connections between Bangkok and Hua Mak-Chachoengsao-Sriracha, as well as a special highway linking Bangkok and Aranyaprathet sub-district. These initiatives emphasize efficient transportation systems and a well-connected network, utilizing modern technology in public infrastructure development to optimize land, water, and air transport. These projects will be executed continuously from 2023 to 2028.
Real Estate Gurus Suggest Matching Strategies to Build Networks and Investment in EEC
The real estate business has not been affected much by the Ukrainian-Russia war. Foreign investors especially the Chinese have enjoyed buying 100 million baht luxurious condominiums in the Rama 9-Ratchada-Huay Kwang-Chinese embassy areas, as well as in popular tourist destinations like Phuket,Pattaya and Chiang Mai. Minister of Finance is ready to listen to every problem.
During the Covid pandemic, the real estate business is trying to survive by getting into the virtual world of metaverse marketing in order to increase the sales volume together with launching other new businesses for the modern world. It is widely known that, no one can say no to it and the world is delving into the digital metaverse. At the least, you have to know what it is; however, exposing yourself to it more or less depends on your acceptance of the hottest trend in the world of 2021.
The Bank of Thailand is taking the lead to help the government stimulate the real estate sector, hoping to grow proportionately by 9.8 of gross domestic product (GDP) after a heavy collapse in 2021 from the impact of Covid-19
The government has readjusted the economic growth target after the 4th wave outbreak of Covid-19
Challenging the public sector, the private real estate business is recovering during COVID- 19. The economy has grown by 2.5-3.5+2. It will be speeding in 2023-2024. In the real estate business, the executives must be the role models of CSR.