これまで、共同事業の大部分はプロジェクトごとに日本の投資家とのものでした。2021年の最初の9ヶ月間で、中国国籍の人々はタイでのマンション購入の約60％を占めました。統計によると、以下の5カ国の外国人がタイでの物件投資者の中でトップでした：中国、バヌアツ、アメリカ合衆国、イギリス、フランスです。最も高額なフラットはシンガポール人によって購入され、1ユニットあたり平均500万THBの料金が支払われました。一方、最も大きなユニットはアメリカ人によって購入され、1ユニットあたり平均54.8平方メートルあたりの料金が支払われました。

ホスピタリティセクターの成長が市場を押し上げる

• 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 市場力学

  • 5.1 促進要因

  • 5.2 抑制要因

  • 5.3 市場機会

  • 5.4 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 市場セグメンテーション

    • 6.1.1 タイプ

      • 6.1.1.1 住宅
      • 6.1.1.2 オフィス
      • 6.1.1.3 リテール
      • 6.1.1.4 ホスピタリティ
      • 6.1.1.5 インダストリアル＆ロジスティクス

    • 6.1.2 主要都市

      • 6.1.2.1 バンコク
      • 6.1.2.2 プーケット
      • 6.1.2.3 パタヤ
      • 6.1.2.4 チェンマイ
      • 6.1.2.5 ホアヒン
      • 6.1.2.6 その他タイ

• 7 競争状況の概観

  • 7.1 概要：市場集中度と主要企業

  • 7.2 企業プロファイル

    • 7.2.1 Developers

      • 7.2.1.1 プルースカ不動産
      • 7.2.1.2 LPN開発
      • 7.2.1.3 サンシリ
      • 7.2.1.4 スパライ
      • 7.2.1.5 アナンダ開発
      • 7.2.1.6 セントラルパタナPLC
      • 7.2.1.7 ペース開発株式会社　PLC
      • 7.2.1.8 ライモンランドPCL
      • 7.2.1.9 オリジンプロパティ
      • 7.2.1.10 Jck インターナショナル*

• 8 タイの不動産市場の将来性

• 9 付録

The Thai residential real estate market is poised to witness a CAGR of more than 5% during the forecast period.

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. As a result of the ongoing COVID-19 outbreak, weak purchasing power continues to hinder real estate market recovery, so developers are offering promotional strategies such as discounts to attract buyers. In the first half of 2021, the retail industry continues to be negatively impacted by the spread of COVID- 19; this situation severely affected the shopping center. Sales at some stores in the center have dropped more than 50% since 2020.

The third quarter of 2021 saw the lowest offering prices for residential units in Greater Bangkok since the fourth quarter of 2016, owing to the weakening economy. Consumers desired to purchase a home, but the weak economy and heavy family debt hampered their ability to do so.

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 2021, the total supply of office space in Bangkok increased to 5.42 million sq. m. as one new building with a net leasable area of 24,000 sqm was completed. In 2020, the total supply increased by 179,500 sqm for the full year. This is the greatest level of annual supply increase recorded over the past decade.

From Q2 to Q4 2021, another 348,600 sq. m. of office space was expected to be added to the market, which will increase the total supply by 6% if there are no building withdrawals or construction delays. E-commerce has been one of the largest drivers of change in the industrial sector, specifically due to the demand for Modern Logistics Property (MLP), which has now emerged as one of the most highly sought-after property types.

Key Market Trends

Demand from the Chinese Buyers Driving the Real Estate Market

Non-residents have been able to explore the Thai real estate market more in recent years because of minor changes in Thai law. Thailand has seen an increase in FDI investment in real estate. Despite the hurdles, there is a boom in real demand from foreigners, who account for 30% of overall sales.

Major investors, such as mainland China and Hong Kong, are expected to boost their foreign direct investment. For foreigners, Bangkok is a popular investment destination. For China, the Bangkok metropolitan area was a top investment destination. Thai banks are becoming cautious about lending to developers on new projects. Thus Thai developers are looking for money from outside sources.

Until now, the majority of joint ventures have been with Japanese investors on a project-by-project basis. In the first nine months of 2021, Chinese nationals accounted for approximately 60% of condominium purchases in Thailand. According to statistics, foreigners from the following five countries were the top property investors in Thailand: China, Vanuatu, the United States, the United Kingdom, and France. The costliest flats were purchased by Singaporeans, who paid an average of THB 5 million per unit, while the largest units were purchased by Americans, who paid an average of THB 54.8 square meters per unit.

In the first nine months of 2021, the average size of the apartment purchased was 43 square meters, with an average price of THB 4.9 million baht per square meter. Many Chinese retirees are on the lookout for a second property in Thailand. Some parents send their children to Thailand to study while building their family's business there. Some people aspire to move to Southeast Asia to do business. The cost of living is also lower than in many other nations.

Growth in the Hospitality Sector to Boost the Market

Many reasons contributed to the resilience of hotel investment activity in 2021, including robust investor demand, the availability of investment-grade assets for sale, and the shrinking gap between buyers' and sellers' pricing expectations.

As the pandemic worsened, more hotel owners, including developers and operators, have decided to sell one or two assets in their portfolios to enhance liquidity. These sellers have also demonstrated greater pricing flexibility. Buyers, on the other hand, have taken a more realistic approach to price expectations, realizing that the light at the end of the tunnel is beginning to shine and that discounts vary by asset.

Investment volume in Thailand's hospitality sector in 2021 grew more than five times the volume witnessed in 2020. As of December 2021, 13 properties were sold, totaling THB 5 billion in combined value, compared to four properties worth THB 1.9 billion in total sold in 2020. With a number of larger agreements in the works and investor confidence in Thailand's tourist and hotel industry's long-term prospects, it is reasonable to expect hotel investment volume to reach a new peak in 2022, following COVID-19.

There are luxury hotels in Bangkok currently under construction totaling 600 rooms, to be launched in 2022. There were two luxury hotels in Bangkok with about 423 rooms postponed, and this trend is expected to continue. Hotel operators may continue to postpone new launch plans until the current COVID-19 situation improves. In November 2021, Thailand introduced an ambitious quarantine-free scheme named Test & Go. There were 346,763 international arrivals under this program just before the government temporarily suspended it on 21st December 2021, amid concerns over the spread of the Omicron variant.

Competitive Landscape

The Thai real estate market is competitive in nature, with the presence of both local and international players. Some of the major players operating in the real estate sector in the country include Pruska Real estate, LPN Development, Sansiri, Supalai, and Ananda Development. In Thailand, property developers are using digital technologies to enhance residential sales from both local and global demand, as well as tapping into a new generation of purchasers providing sales via cryptocurrencies, despite a property market slump and travel barriers. Online sales channels, which many developers have been using since April 2020, will become a normal tool in the post-pandemic period.

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 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 Market Segmentation

    • 6.1.1 Type

      • 6.1.1.1 Residential
      • 6.1.1.2 Office
      • 6.1.1.3 Retail
      • 6.1.1.4 Hospitality
      • 6.1.1.5 Industrial and Logistics

    • 6.1.2 Major Cities

      • 6.1.2.1 Bangkok
      • 6.1.2.2 Phuket
      • 6.1.2.3 Pattaya
      • 6.1.2.4 Chiang Mai
      • 6.1.2.5 Hua Hin
      • 6.1.2.6 Rest of Thailand

• 7 Competitve Landscape

  • 7.1 Overview (Market Concentration and Major Players)

  • 7.2 Company Profiles

    • 7.2.1 Developers

      • 7.2.1.1 Pruska Real estate
      • 7.2.1.2 LPN Development
      • 7.2.1.3 Sansiri
      • 7.2.1.4 Supalai
      • 7.2.1.5 Ananda Development
      • 7.2.1.6 Central Pattana PLC
      • 7.2.1.7 Pace Development Corporation PLC
      • 7.2.1.8 Raimon Land PCL
      • 7.2.1.9 Origin Property
      • 7.2.1.10 JCK International*

• 8 FUTURE OF THE THAILAND REAL ESTATE MARKET

• 9 APPENDIX