Thailand real estate to show ongoing resiliency in 2024

Thailand’s commercial real estate industry is poised to perform strongly in 2024, driven by the ongoing recovery in the country’s tourism market, growing manufacturing sectors, and flight-to-quality and flight-to-green movements into prime assets across core sectors. According to JLL, Thailand’s real estate market will demonstrate resilience in the coming 12 months as an uncertain global macroeconomic environment will be offset by an array of domestic policy initiatives and domestic market confidence.

Compelling statistics in 2023 highlight the dynamism of Thailand’s real estate market, including a significant year-on-year growth of 66 percent in investment amounts for targeted manufacturing industries. Tourist arrivals increased by 152 percent compared to last year, exceeding the government’s target, signaling a robust recovery and demand in the hospitality sector. In addition, the demand for prime office space in Bangkok's Central Business Area (CBA) remains stron