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Property boom and home improvement spending in Thailand

PHOTO: Brand Inside


A surge in spending on real estate and home improvement is being attributed to the post-pandemic revival of tourism in Thailand. The Bangkok Post reports that the effects can be seen in popular tourism destinations such as Phuket and Pattaya, according to property developers and home improvement firms.

The managing director of Home Product Centre, which operates home decoration and improvements store HomePro, agrees. Weerapun Ungsumalee says the firm’s increased revenue during the first quarter of the year was due to the recovery seen in the tourism sector.

“The recovery of the tourism industry led to an increase in spending on property renovation and improvement in tourist destinations, resulting in significantly higher growth compared to other provinces.”

Another key contributor was the opening of 3 new stores providing construction materials: Mega Home in Rattanathibet, Tiwanon in Nonthaburi, and Bang Phli in Samut Prakan.

Meanwhile, Pringprai Nitayanont from home accessories firm, Karat Enterprise, says demand for the company’s products was very high in popular tourism destinations during the first quarter of 2023.

“Our customers in Phuket and Pattaya were mainly focused on projects, particularly high-end hotels and resorts that cater to foreign tourists. They were not just to renovate existing properties but also develop new ones to serve a robust tourism market.”

The property development firm Supalai Plc has also experienced a jump in revenue, with managing director Tritecha Tangmatitham saying foreign demand in tourism provinces led to presales of 9 billion baht during the first quarter of the year.

“Residential demand in the provinces has continued to rise, mainly attributed to the return of foreign tourists. The top provinces where we recorded good sales in the first quarter were Phuket, Chon Buri, Songkhla and Rayong.”

SOURCE: Bangkok Post

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