120,000 units to be added to thai market this year

120,000 units are expected to be added to the Thai property market this year, according to the Government Housing Bank.

Photo credit: Eternal Vagabond

The housing market is set to expand by 10 per cent in 2013, the GHB told the Pattaya Mail. The growth will mostly be driven by construction of condo units. Indeed, 60,000 condominiums were built in the first three quarters of 2013, with 80,000 forecast to be completed by the end of the year; a rise of 20 per cent.

New housing units, meanwhile, totalled 32,000 in the first three quarters of 2013, with a total of 40,000 predicted to be completed by the end of 2013.

High land prices have seen more buyers turn to condos rather than homes, explains Samma Kitsin, director of the GHB Real Estate Information Centre, which has helped to fuel the growth within the sector.

Lower income taxes have also helped to boost buying power of consumers, also stimulating demand.