7 - 11 August 2023: Weekly Thailand Property News

Ashton Asoke Residents Pursue Legal Action After Building Permit Repeal

Residents of Ashton Asoke, a prestigious condominium complex in Bangkok, are seeking legal remedies through the Office of the Consumer Protection Board (OCPB). This follows the Supreme Administrative Court's cancellation of building construction permits, prompting 20 affected individuals to demand either satisfactory solutions or complete contract annulments with refunds and interest. Ananda Development Public Company Limited, accountable for the project, is exploring urgent responses, with a detailed announcement expected soon.

Reference: https://www.thansettakij.com/real-estate/573047

Bangkok Authorities Examine Building Permit Guidelines; Address Ashton Asoke Concerns

On August 7, 2023, Bangkok's Governor Mr. Chatchart Sittipunt led a discussion concerning the Ashton Asoke project. The Department of Public Works in Bangkok will form a committee to refine the regulations governing construction permits for tall and expansive buildings. This decision also involves reviewing existing procedures and issuing orders accordingly. The Governor expressed his readiness to address any corruption in the construction permit process, fostered online permit applications, and provided an update on Bangkok's urban planning, highlighting a systematic and transparent developmental approach.

Reference: https://www.thansettakij.com/real-estate/572808

Thailand's Growing Pet Ownership Fuels a Novelty in Real Estate: 'Pet Residences'

A marked increase in pet ownership in Thailand, from 1.3 million households in 2017 to 1.45 million in 2021, has resulted in an innovative real estate venture. Developers are now focusing on 'Pet Residences' that accommodate both human and pet needs through specialized areas and features. The real estate sector predicts an annual growth rate of 7.2% globally and 8.4% in Thailand is in the pet business market, reaching a significant 66,748 million baht by 2026. Furthermore, the industry's evolution towards a 'LifeScape Developer' approach integrates lifestyles with pet-oriented designs and facilities.

Reference: https://www.bangkokbiznews.com/property/1082762

Challenged Buying Power Directs Industry Shift: Luxury Home Ventures in Emerging Markets

Thailand's real estate market in the first half of 2023 encountered dampened buying capacity due to unfavorable export trends, escalating household debt, rising interest rates, and political instability. Developers are responding by diversifying into ready-to-move-in luxury home projects known as 'Low Rejects' in emerging markets like the Eastern Economic Corridor (EEC) and tourist locations such as Phuket. Despite a decline in project launches, experts predict a modest growth of around 5% for the real estate market in 2023.

Reference: https://www.bangkokbiznews.com/property/1082337

Real Estate Encounters Economic Hesitation, Reveals Shift in Purchasing Behavior

Phumiphat Sinacharoen, CEO of Proud Real Estate Public Company Limited, observes an intensified caution in purchasing decisions in the real estate market, stemming from economic uncertainties and political turbulence. While the purchasing power prevails, the buyers are meticulously studying information and evaluating the socio-political scenario. This discernment is chiefly visible in luxury projects, resulting in extended decision-making. Moreover, a pronounced trend towards buying homes for living, rather than investment, indicates a stable ownership transition. Proud Real Estate continues to navigate these challenges, focusing on targeted marketing strategies and embracing promising international markets, such as Myanmar. The company's Rom Convent project has witnessed significant sales, highlighting an affluent customer base from Myanmar, along with positive revenue growth and profitability for the first half of 2023. The company remains dedicated to augmenting its business and diversifying its offerings to meet varied consumer needs.

Reference: https://www.bangkokbiznews.com/property/1082983

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