Thai property market to normalise in 2023 – industry centre

BANGKOK : Thailand’s property market is expected to return to pre-pandemic levels in late 2023, sooner than previously forecast, supported by an easing of housing loan regulations and a reopening to more foreign visitors, a property research centre said on Wednesday.

The central bank last month relaxed mortgage rules https://www.reuters.com/world/asia-pacific/thai-cbank-ease-rules-housing-loans-support-property-sector-2021-10-21 to help revive a key sector that accounts for about 10per cent of gross domestic product (GDP) and employs 2.8 million people, from the coronavirus-driven slump.

The sector had initially been forecast to return to normal in 2025-2027, but it could pick up sooner, the Real Estate Information Center (REIC), a unit of the Government Housing Bank, said in a statement.

“The easing of mortgages and the country’s reopening…