With 2017 drawing to a close, it’s time to look ahead to 2018 and what the new year might have in store for Bangkok’s property market.
Thanks to consistently strong economic growth, the general outlook for the Southeast Asia region remains positive. However, political uncertainty will continue to affect Thailand’s economic investment prospects. Fortunately, this does not appear to extend to residential investment, with funds continuing to flow into the Thai residential property market from neighboring countries, such as Japan, China, and Hong Kong.
While Thailand’s economic growth has certainly slowed compared to what it once was, Bangkok remains a hotspot for Asian real estate investment. Young investors from countries like Hong Kong and Singapore, where real estate prices can be sky-high, often turn to more affordable but mature property markets like Thailand and Taiwan for good investment options.
In 2018, condominiums will remain the top property choice for consumers, with the majority prioritizing urban lifestyle conveniences and proximity to mass transit systems. Correspondingly, property developers are expected to focus on condominium projects along mass transit lines, bolstered by continued expansion of the BTS skytrain and MRT subway lines. This despite the fact there are upwards of 34,000 unsold units in Bangkok alone.
Thailand’s overall economy is expected to improve slightly next year. However, oversupply and high household debts will likely result in a quiet property market. The Kasikorn Research Centre forecasts market growth of no more than 2%, estimating that residential projects for the year will total between 100,000 to 108,000 units.
A new segment developers will begin to focus more on in 2018 is the senior market, driven by Thailand’s aging population.
As always, the most sought after properties will be those in close proximity to mass transit stations, shopping districts, and expressway access points. Located just ten minutes from the Asoke intersection, Millennium Residence fits all three of these location criteria, making it a highly appealing living and investment option.
To those in the market to buy: it certainly looks like 2018 will be your year. For more information on Millennium Residence condos, feel free to contact us at 089-676-9890 (English) or 088-113-3770 (Thai).