Real estate demand in Northeast Thailand is increasing due to recovering local economies in places like Khon Kaen and Udon Thani. Tourism, agriculture and MICE events have been the biggest drivers with the reopening of China also playing a role in the turnaround.
In Khon Kaen, residential sales are nearing pre-pandemic levels. Data from the Real Estate Information Center (REIC) found that 871 units were sold during the second half of last year which is close to matching the 894 units moved during the first half of 2020.
Local experts believe the Khon Kaen real estate market will continue to record growth in 2023, although a few negative factors which could possibly stall momentum are being monitored.
“The end of the easing of the loan-to-value limits, rising interest rates and inflation will have an impact on housing demand. However, the overall economic factors in the province are likely to support continuous growth in the residential market,” Wuttichai Chatchaiphonrat, President of the Khon Kaen Real Estate Association, told the Bangkok Post.
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Meanwhile in Udon Thani, the REIC found that residential sales rose by nearly THB600 million during the second half of last year. Several economic activities, such as the opening of Robinson Department Store and the hosting of the International Horticultural Expo 2026, will boost the local property market further.
“The economic sentiment and consumption showed a flat growth while the service and durable goods sectors witnessed an improvement,” Jaturong Thanapura, President of the Udon Thani Real Estate Information, explained to the newspaper. “Farmers’ income increased due to the conflicts elsewhere, resulting in a return of home purchasing power.”
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