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Residential market slows, new stimulus packages awaited

14 Sept 09:10 Key points summarised by AI

Thailand's residential market experienced a sluggish start in 2023, marked by weak housing demand, stagnant property prices, and a decline in the residential price index, primarily due to high interest rates and reduced consumer purchasing power.
Higher interest rates, increased home purchase expenses, and stricter loan criteria are significantly impacting home buyers, especially those in middle-to-lower income brackets, prompting a need for careful financial readiness.
While overall demand slows, there's a notable shift in buyer preference towards low-rise, horizontal properties like detached houses and townhouses, particularly in Bangkok's midtown and suburban areas, reflecting a desire for larger, more adaptable spaces.
The real estate sector and consumers are eagerly anticipating new government economic stimulus plans and specific housing policies to drive economic recovery, stimulate consumer spending, and ease homeownership despite rising interest rates.

Today 14:58 Key points summarised by AI

Thailand's government will launch the "Chainat-Pasak-Gulf" water diversion canal project in fiscal year 2027, a seven-year mega-infrastructure initiative.
This permanent structural solution aims to mitigate recurrent central plains flooding by diverting water from the Chao Phraya River directly into the Gulf of Thailand, significantly reducing flow to major cities like Ayutthaya and Bangkok.
Prime Minister Anutin Charnvirakul justifies the long-term investment as a means to reduce future damages and fiscal burdens, contrasting it with the 40-50 billion baht spent annually on short-term flood relief.
Concurrently, the Prime Minister instructed officials to expand drainage capacity into the Tha Chin River and swiftly remove water hyacinths to improve immediate flood management.