2023-11-01-莱坊-Thailand_Half-Year_2023_Half-Year-2023_46页_9mb

Thailand Market Overview Summary (Half Year 2023)

• Real Estate:

  • Condominiums: Market stable but inventory increases due to unsold low-to-mid priced units. New supply (especially Grade B/C) increases, but sales rates decrease. Prime and super-prime segments remain strong, particularly near BTS stations and international schools, driven by Thai and Chinese demand. Prices generally hold steady.
  • Luxury Housing: Maintains positive trends, fueled by high absorption in the >10M Baht segment. Supply additions lower compared to last year, focusing on strategic locations. High-end buyers (Thai professionals, expatriates) remain a key driver.
  • Retail: Market recovers strongly post-COVID, supported by rising tourist arrivals (aiming for >28M arrivals in 2023). Adaptive strategies include rent adjustments, promoting online channels, exploring new markets, and incorporating technology (hybrid models, ESG, omnichannel). Demand evident across all retail formats (large malls, community centers, outlets). Bangkok's CBD average occupancy nears 76%, rent increases noted.
  • Hotels: Bangkok: Strong recovery, occupancy rates above 76%, particularly boosted by tourism. Chinese demand key growth driver; moderate ADR increases post-reopening. Supply pipeline includes new upscale/midscale properties, but some international brands exhibit cautious expansion due to visa/route challenges. Demand robust for luxury segments catering to leisure tourists.
    Phuket: Significant surge in tourism (259% YoY visitor growth), occupancy reaching >81% (+49pp YoY). Chinese tourism return expected in H2. Future supply focus on upscale hotels; low-cost segments offer potential, though challenges remain.

• Commercial Real Estate:

  • Office: Occupancy decreased slightly to 79%, with green buildings demonstrating strong demand. Grade A/net absorption performance strong, supply expansion driven partly by newly constructed buildings. CBD demand positive due to recovery, supported by tech-adaptation (WiredScore/SmartScore certifications). Rental rates steady or rising.
  • Logistics (Warehouses): Market recovers steadily; logistics sector faces capacity crunch. Net absorption near 12% YoY increase. Price increases reported (esp., Bangkok region). Future supply expected, offering affordable landed plots. Centralized inventory management, AGV tech adoption potential.

• Other Industries:

  • Manufacturing: Expansion driven by automotive and electronics sectors. Export data mixed; domestic consumption aids growth. Smart electronics and EV bases attracted FDI. (Serviced) industrial land demand increases, particularly for the EEC (Rayong > Chonburi > Samut Prakan). Asking prices rise.
  • Overall Economic Outlook: Thailand's economy shows signs of recovery, lagging Regional peers but potentially surpassing pre-pandemic levels in late 2023. Uncertainty due to inflation, high energy costs, and global slowdown. Forecasts cautious but positive for certain high-value sectors.