Located some 200 kilometres from Bangkok, the Khao Yai area in Nakhon Ratchasima (or Korat) has grown as a property and tourism hotspot, especially in recent years. Spanning some 2,000 square kilometres, the area encompasses the sprawling Khao Yai National Park. It features wonderful air, cooler temperatures and beautiful mountain vistas. In addition, Khao Yai is equipped with modern transport and telecommunications infrastructure, making connectivity a breeze.
Plus Property, a full service property and facility management agency, recently spotlighted Khao Yai’s bustling property market. Since February 2014, 13 projects (with 1,495 units in total) worth THB 12 billion have been launched, and the area enjoys over 80-percent take-up rates. Demand is concentrated in the condominium sector, which witnessed a 13 percent increase in prices. At present, new projects command THB 88,600 on average per square metre.
The most in-demand area is in the immediate Khao Yai area, from Kilometre 15 on Phan Suek-Kud Khla Road to Khao Yai National Park, which represents 51 percent of the market. The area benefits from significant investments in service-oriented businesses, such as restaurants, hotels, resorts and golf courses. Another popular area is Thanarat Road and the Khanong Phra-Yothathikan area, comprising 33 percent of the market, followed by the Mittrapap-Thanarat zone and Muak Lek-Pak Chong zone with 14 percent and 2 percent, respectively.
Condo development and sales continue unabated, reflecting strong consumer confidence and constant high demand. In the detached housing market, only three projects were launched in Pak Chong – two in the Khao Yai zone for THB 13 million or more. These projects boast take-up rates of 50 to 100 percent, also indicating strong demand.
Many buyers are from Bangkok, and in the high income segment. They are interested in living in the Pak Chong area, especially in the immediate Khao Yai zone, or purchasing property in Khao Yai as an investment. The latter reflects the fact that such real estate may soon become a rare commodity, as developers without the right permits will not be allowed to build, thereby leading to diminished supply.
Also, after Thailand’s integration into the ASEAN Economic Community, visitor numbers are expected to increase, and the area is likely to respond with job opportunities and increasing prices for property sales and leases.
