Prominent developer in Thailand, Pruksa Real Estate PLC (PS) has decided to launch at least ten more condo and housing projects this year than it originally planned, growing the number from 50 to 60. The decision comes as a result of market sentiment from last month, which enjoyed unexpectedly high first-quarter presales and revenue. The ten additional projects will be placed on land plots that the company was originally saving for next year.
At the beginning of Q1 real estate players approached the market with conservatism, as Thailand was at the height of its globally attention-getting political unrest, facing speculations of a dwindling economy and unnerving governmental uncertainties. However, in mid-March the housing market and economy started to show signs of improvement by presales and revenue exceeding expectations.
Another sign of Thailand’s recovering economy include a 4% increase of passengers at Suvarnabhumi International airport from the period that Thailand implemented an Emergency Decree in Bangkok. The Decree slowed down tourism for the 60 days that it was in effect, as it spurred a number of travel warnings by other countries.
Now that the Emergency Decree has lifted tourism appears to be returning back to normal. This is a promising outlook for those in the real estate industry who cater their products to expatriates, many of whom make the decision to move to Thailand after vacationing as a tourist.
