ANN/THE NATION – Thailand’s property market is under increasing strain as escalating land and construction costs continue to push up prices for new homes and condominiums, according to a report by the Real Estate Information Center (REIC).
Over the past few years, housing prices have steadily risen, driven by soaring construction expenses and surging land values, particularly in prime locations along Bangkok’s BTS and MRT transit lines. These trends have made homeownership more expensive, especially in high-demand urban areas.
Data from REIC indicates that in the fourth quarter of 2024, new housing estate prices saw the sharpest increases in Minburi, Nong Chok, and Lat Krabang, while condominium prices experienced significant hikes in Huai Khwang, Chatuchak, and Din Daeng.
The report highlights that prices for new housing estates rose by 0.8 per cent, marking the ninth consecutive quarter of growth. Meanwhile, new condominium prices saw a 3.6-per-cent in-crease, the eighth straight quarter of rising values. The continued price hikes are largely attributed to higher costs of land, building materials, and labour. Developers are particularly impacted in areas with strong demand, where rising expenses have led to increased pricing for new projects, especially those situated near major public transport networks.
As affordability concerns grow, industry experts suggest that policymakers and developers may need to explore strategies to manage costs and sustain market accessibility for homebuyers. Condominium prices in Samut Prakan and Nonthaburi saw particularly high increases at 4.2 per cent.
