Several economists believe Thailand is on the cusp of an economic recovery and this will support the country’s post-pandemic property market. While the timeline for a full turnaround is not set in stone, many experts point to the positive signs seen in the fourth quarter of last year as proof that the situation is improving.
“We are getting close to the end of the tunnel. “It is a transitional period with fluctuations. If we can make it through, we should be able to ride Asia’s economic growth wave, which can be prominent in the global economy after 2024,”Bangkok Bank Senior Executive Vice-President Khun Kobsak Pootrakool was quoted as saying by the Bangkok Post.
The economic recovery will support the post-pandemic property market in Thailand. Even with the Omicron variant causing a spike in COVID-19 cases, Khun Kobsak believes this won’t deter the Kingdom’s rebound. That means it is important for homebuilders to act now.
“Earlier this year, the mobility index improved. Traffic increased, homebuyers visited project sites and car sales rose,” Khun Kobsak stated. “It’s time to reinvest in the property sector. The new Omicron variant will likely ease by the end of next month because of mass vaccination.”
While the post-pandemic property market in Thailand holds promise, developers were encouraged to think strategically about how they could improve their business moving forward.
“Before the crisis ends, which will bring a post-pandemic boom, developers should grab an opportunity in the final stretch,” Khun Kobsak explained. “They should digitize and improve their business, reduce costs and lock in interest rates for financial costs.”
Read More: Sophisticated buyers require Thai developers to adapt
Digitization key for the post-pandemic property market in Thailand
Several homebuilders have already recognized the importance of digitization as it relates to the post-pandemic property market in Thailand. With homebuyers becoming more comfortable with technology over the past two years, firms will need to adjust to this trend.
“Developers who had crisis strategies and were very flexible benefited from the pandemic,” Oleg Golubev, Co-Founder and SMD at Serene Condo Phuket, explained. “One of the important changes has been a change in the minds of people around the world and a tolerance for buying products such as real estate online, which has led to a new wave of sales.”
Keep Reading: Digitization has shaped the Phuket property market during the pandemic