Energy, building materials, and mortgage rates all rose this year. The Thai Condominium Association and Housing Business Association are working with developers to provide homes at the original pricing. 42nd House and Condo Exhibition in Bangkok has proposals from 200 developers.
At the Queen Sirikit National Convention Center, the 42nd Annual House and Condo Exhibition got underway under the watchful eye of Labor Minister Suchart Chomklin. He made this statement during the event, noting that the growth of the Thai economy is being fueled in part by the real estate market. Many industries are tied to the real estate market, which accounts for this. He admitted that the rising cost of electricity will eventually be reflected in higher building costs of 5-10%. Construction prices will increase as a result of the increase in minimum wages.
It is still a good moment to acquire real estate, according to Chairat Thamphira, head of the organizing committee for the 42nd House and Condo Exhibition. The present government measure to lower the property transfer fee and mortgage registration charge were noted. The Bank of Thailand has recently loosened lending guidelines for mortgages, allowing borrowers to secure loans equivalent to the value of the property. Even though construction costs have increased, the property developers in attendance at the exhibition are not adjusting their asking rates.
Condominiums make up a sizable portion (32.8%) of the real estate on display. Approximately 19.7% are single-family detached residences, whereas 16.4% are attached townhouses. The developers are offering attractive discounts on the houses they are selling. Starting today (October 27) and running through next Sunday (October 31), an estimated 100,000 individuals will attend the 4-day show. The organizer estimates that 50 billion Thai Baht will be made in sales during and immediately following the event.
Visitors to Hall 5 of the Queen Sirikit National Convention Center will be able to view a selection of developers’ most recent real estate offerings.