主なハイライト

• インフレと経済の減速による価格の上昇が市場に影響を及ぼし、物件への需要が減速しています。しかし、市場は今後、政府政策やその他の要因に支えられて回復することが期待されています。ただし、住宅部門は大幅な成長を示しています。

タイは多くのビジネスや不動産投資の選択肢があり、国際的な注目を急速に集めています。タイは豊富な可能性のおかげで、世界中の投資家を惹きつけています。中央バンコクやその他の人気エリアでは、物件は予想通り高くなります。バンコクのような都市では、観光客や長期居住者向けの賃貸物件がより需要があります。

• 同じように高い賃貸料は、コ・サムイやプーケットのような島にも適用されます。これらの地域では、地元の人々や外国の訪問者、タイ人、そして本土や都市生活からの贅沢な休暇を求めるエクスパットによる不動産の需要が高いです。2021年第3四半期におけるタイのCOVID-19の緩和にもかかわらず、住宅価格指数は常に下降し、供給指数は着実に増加しています。2022年の前半において、小売業はCOVID-19の拡大によって引き続き悪影響を受け、この状況はショッピングセンターに深刻な影響を与えました。


• 2021年4月に、政府は100万戸の低価格住宅プロジェクトの第2段階を開始しました。このプロジェクトには約300億バーツ（9億2300万ドル）から500億バーツ（15億4000万ドル）の予算が見込まれています。第2段階では、金利が引き下げられ、住宅ユニットの価格上限が100万バーツ（307,530ドル）から120万バーツ（36,904ドル）に引き上げられます。2022年第1四半期には、バンコクのオフィススペースの総供給面積が556万平方メートルに増加し、25,000平方メートルの純賃貸可能面積を持つ新しいビルが完成しました。


• 開発者によるプロジェクトの立ち上げが延期され、消費者の販売が遅れているにもかかわらず、供給指数は増加しました。それとは対照的に、特にコンドミニアムに関しては、依然として相当量の在庫があります。これは、長期にわたる経済の低迷によって引き起こされた低い吸収率を示しており、顧客は経済の不確実性と不動産購入の遅れを恐れています。また、市場は投資家や海外購入者にとっての魅力を失っています。

経済の低迷、高い家計の負債、そしてより大きな頭金を要求する厳しい新しいLTV基準により、住宅価格は下落しています。消費者の購買力もCOVID-19の影響を受けており、これにより不動産価格は停滞しています。価格指数全体の低下にもかかわらず、一部の成長が見られます。特に一戸建て住宅において、上昇傾向が価格指数に見られます。

• 1 イントロダクション

  • 1.1 調査の前提

  • 1.2 本調査の範囲

• 2 調査手法

• 3 エグゼクティブサマリー

• 4 市場についての洞察

  • 4.1 タイ経済と不動産市場の概要

  • 4.2 住宅不動産購入トレンド - 社会経済および人口動態的観点からの考察

  • 4.3 不動産セクターに対する政府の取り組みと規制の側面

  • 4.4 住宅不動産セグメントにおける賃貸利回りの洞察

  • 4.5 政府および官民共同の居住支援に関する考察

  • 4.6 不動産市場における資本市場ペネトレーションおよびREITのプレゼンスの考察

  • 4.7 不動産市場において活発な技術イノベーション、スタートアップおよびプロップテック企業

  • 4.8 COVID-19の市場インパクト

• 5 市場ダイナミクス

  • 5.1 促進要因

  • 5.2 抑制要因

  • 5.3 市場機会

  • 5.4 業界魅力度 - ポーターのファイブフォース分析

    • 5.4.1 サプライヤーの交渉力

    • 5.4.2 消費者/買い手の交渉力

    • 5.4.3 新規参入の脅威

    • 5.4.4 代替品の脅威

    • 5.4.5 競合・競争状況の激しさ

• 6 市場セグメンテーション

  • 6.1 タイプ別

    • 6.1.1 住宅

    • 6.1.2 オフィス

    • 6.1.3 リテール

    • 6.1.4 ホスピタリティ

    • 6.1.5 インダストリアル＆ロジスティクス

  • 6.2 主要都市別

    • 6.2.1 バンコク

    • 6.2.2 プーケット

    • 6.2.3 パタヤ

    • 6.2.4 チェンマイ

    • 6.2.5 ホアヒン

    • 6.2.6 その他のタイ

• 7 競合情勢

  • 7.1 概要：市場集中度と主要企業

  • 7.2 会社概要 - デベロッパー

    • 7.2.1 Pruska Real estate

    • 7.2.2 LPN Development

    • 7.2.3 Sansiri

    • 7.2.4 Supalai

    • 7.2.5 Ananda Development

    • 7.2.6 Central Pattana PLC

    • 7.2.7 Pace Development Corporation PLC

    • 7.2.8 Raimon Land

    • 7.2.9 Origin Property

    • 7.2.10 JCK International*

• 8 市場の展望

• 9 付録

The Thailand Real Estate Market size is estimated at USD 54.01 billion in 2024, and is expected to reach USD 68.95 billion by 2029, growing at a CAGR of 5% during the forecast period (2024-2029).

Key Highlights

• The rise in prices due to inflation and economic slowdown affects the market, creating a slowdown in demand for the properties. But, the market is expected to recover in the coming time, supported by government policies and other factors. However, the residential segment is showing substantial growth.
• With many business and real estate investment options, Thailand is quickly gaining international recognition. Thailand attracts investors from all over the world due to its wealth of possibilities. Properties will cost more in central Bangkok and other sought-after areas, as is to be expected. Rental homes are more in demand for tourists and long-term inhabitants in cities like Bangkok.
• The same higher rental rates apply to islands like Koh Samui or Phuket, where real estate is in high demand from locals, foreign visitors, Thais, and ex-pats looking for a luxurious getaway from the mainland or city life. Despite Thailand's ease in COVID-19 in Q3 2021, the residential property price index has constantly declined, while the supply index has steadily increased. In the first half of 2022, the retail industry continued to be negatively impacted by the spread of COVID- 19; this situation severely affected the shopping center.
• In April 2021, the government rolled out the second phase of its one-million-unit low-cost housing scheme, with an estimated budget of around THB 30 billion (USD 923 million) to THB 50 billion (USD 1.54 billion). The second phase offers a lower interest rate and raises the ceiling price of housing units to THB 1.2 million (USD 36,904), up from THB 1 million (USD 30,753) in the first phase. In Q1 2022, the total supply of office space in Bangkok increased to 5.56 million sq. m. as one new building with a net leasable area of 25,000 sqm was completed.
• Despite project launches being postponed by developers and consumer sales being delayed, the supply index increased. In contrast, there is still a substantial amount of inventory, particularly for condos. These represent low absorption rates brought on by the prolonged economic slump, making customers fearful of economic uncertainty and delayed purchasing real estate. The market has also lost its appeal to investors and overseas purchasers.

Thailand Real Estate Market Trends

Decrease in Property Prices Causing Market Slowdown

Due to the weak economy, the high amount of household debt, and the strict new LTV criteria that demand larger deposits, home prices have been falling. The purchasing power of consumers has also been significantly influenced by COVID-19, which has resulted in stagnant real estate prices. There has been some growth despite the overall drop in the Price Index. Positive trends can be seen in the Price Index for landed residential properties, particularly for single-detached homes.

In contrast to the 2021 modest gain of 0.37%, nationwide home prices decreased by 1.48% in Q1 2022. The performance was the weakest since Q1 2017. In Q1 2022, housing prices fell by 2.4% every quarter. According to the Bank of Thailand, property loan outstanding increased by a moderate 3.3% year over year as of Q1 2022 to THB 3.4 trillion (USD 99.15 billion), following yearly increases of 3.4% in 2021.

The pandemic has hindered residential development activities. According to the BoT (Bank of Thailand), nationwide condominium registrations plunged by 16.1% in Q1 2022 from a year earlier to 9,045 units, following yearly drops of 41.8% in 2021 and 8.1% in 2020. However, condo registrations in Bangkok Metropolis increased only 3.4% year over year in Q1 2022 after decreasing by a significant 56.4% in 2021.

The pandemic hindered residential construction. In the first four months of 2021, nationwide condominium registrations fell by 33.6% to 17,618 units from the corresponding period in 2020. Over the same period, condominium registrations decreased by 41% in Bangkok Metropolis. As of January through April 2021, there were 26,670 new dwelling units in the capital, an 18.1% year-over-year decline.

Growth in the Residential Sector may Boost the Market

Over the next few years, the government's policy to entice highly skilled foreigners to live and work in Thailand is expected to boost the country's GDP by 30 billion USD. Due to the Covid-19 pandemic allowing customers more solitude with less potential social encounters in condominiums, villas appear to be where the money is going rather than condos. With the increased incentives, more people are expected to purchase property in Phuket, Thailand, in the following years.

According to the Bank of Thailand, the average price of single-detached homes in Thailand increased by 1.2% in the year to May 2021, a significant decrease from the previous year's 5.9% growth and the lowest y-o-y increase since August 2017. Inflation-adjusted prices dropped by 1.2%. Low-interest rates have helped the mid and low-income detached home industry, though.

Mainlanders who invest nearly half of the international demand for residential condos in the nation come from China and Hong Kong. Large investors include those from the United States, Singapore, Taiwan, Japan, and the United Kingdom.

Thailand Real Estate Industry Overview

The Thai real estate market is partially fragmented and competitive, with the presence of both local and international players. Some of the country's major players operating in the real estate sector include Pruska Real estate, LPN Development, Sansiri, Supalai, and Ananda Development. In Thailand, property developers are using digital technologies to enhance residential sales from local and global demand and tap into a new generation of purchasers providing sales via cryptocurrencies, despite a property market slump and travel barriers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

• 1 INTRODUCTION

  • 1.1 Study Assumptions

  • 1.2 Scope of the Study

• 2 RESEARCH METHODOLOGY

• 3 EXECUTIVE SUMMARY

• 4 MARKET INSIGHTS

  • 4.1 Overview of the Thailand Economy and Real Estate Market

  • 4.2 Residential Real Estate Buying Trends - Socioeconomic and Demographic Insights

  • 4.3 Government Initiatives and Regulatory Aspects for the Real Estate Sector

  • 4.4 Insights on Rental Yields in the Residential Real Estate Segment

  • 4.5 Insights Into Affordable Housing Support Provided By Government And Public-private Partnerships

  • 4.6 Insights on Capital Market Penetration and REIT Presence in Real Estate

  • 4.7 Focus On Technology Innovation, Startups And Proptech In Real Estate

  • 4.8 Impact of COVID-19 on the Market

• 5 MARKET DYNAMICS

  • 5.1 Drivers

  • 5.2 Restraints

  • 5.3 Opportunities

  • 5.4 Industry Attractiveness - Porter's Five Forces Analysis

    • 5.4.1 Bargaining Power of Suppliers

    • 5.4.2 Bargaining Power of Consumers/Buyers

    • 5.4.3 Threat of New Entrants

    • 5.4.4 Threat of Substitute Products

    • 5.4.5 Intensity of Competitive Rivalry

• 6 MARKET SEGMENTATION

  • 6.1 By Type

    • 6.1.1 Residential

    • 6.1.2 Office

    • 6.1.3 Retail

    • 6.1.4 Hospitality

    • 6.1.5 Industrial and Logistics

  • 6.2 By Major Cities

    • 6.2.1 Bangkok

    • 6.2.2 Phuket

    • 6.2.3 Pattaya

    • 6.2.4 Chiang Mai

    • 6.2.5 Hua Hin

    • 6.2.6 Rest of Thailand

• 7 COMPETITIVE LANDSCAPE

  • 7.1 Overview (Market Concentration and Major Players)

  • 7.2 Company Profiles - Developers

    • 7.2.1 Pruska Real estate

    • 7.2.2 LPN Development

    • 7.2.3 Sansiri

    • 7.2.4 Supalai

    • 7.2.5 Ananda Development

    • 7.2.6 Central Pattana PLC

    • 7.2.7 Pace Development Corporation PLC

    • 7.2.8 Raimon Land

    • 7.2.9 Origin Property

    • 7.2.10 JCK International*

• 8 FUTURE OF THE MARKET

• 9 APPENDIX