Read on for insights to several real estate trends and news highlights this January, provided by CBRE, a leading real estate agent in Thailand.
Ratchaprasong Set to Compete with Asia’s Hottest Shopping Districts
Billions of baht will soon be poured into revamping the Ratchaprasong area of downtown Bangkok with intentions of having it rival some of Asia’s top districts, such as Hong Kong’s Central District, Singapore’s Orchard Road and Japan’s Ginza. The renovation works will commence in the first quarter of next year and take eight months to complete.
Stable Oil Prices for Stable Property Prices
Global oil prices are currently below $50USD per barrel. If they stay at this price or lower, logistic costs have the potential to be cut by at least ten percent. If oil prices and logistics are low, construction material (cement and steel) costs will be as well. All of these factors will lead to a year of property firms offering flat and stable prices to homebuyers.
Thai Property Market Predicted to Grow Up to Ten Percent
Those who withheld their property purchases in 2014 will most likely choose 2015 as the year to buy a house or condo in Thailand. This, in addition to a combination of government expenditure and private investments boosting domestic spending, the Thailand residential property market could potentially grow between five and ten percent this year.
Trend Now: Using Prefabricated Construction Elements
Prefabricated elements are being used in construction plans more and more frequently, creating a trend in the local industry. The benefits developers reap from using these materials include a reduction in the number of laborers needed on site, as well as speeding up the overall construction process.
Simple and Functional
A new trend in architecture and interior design of residential projects this year is one of functionality and simplicity, with elegance – a combination aimed to serve both older customers and young buyers alike.
