Thailand’s property spending boosted by tourism recovery
Thailand's strong tourism recovery had a positive impact on housing demand and property renovation at major tourist destinations in the first quarter of this year, according to construction material distributors and residential housing developers.
Commercial property and residential condo buildings are pictured in Bangkok. (Photo: AFP/VNA)
Bangkok (VNA)ܫ - Thailand's strong tourism recovery had a positive impact onhousing demand and property renovation at major tourist destinations in thefirst quarter of this year, according to construction materialdistributors and residential housing developers.
WeerapunUngsumalee, managing director of Home Product Centre Plc, the operator of homedecoration and improvement store HomePro, said the company's revenue growth in thefirst quarter was boosted by the recovery of the tourism industry. The recoveryof the tourism industry led to an increase in spending on property renovationand improvement in tourist destinations, resulting in significantly higher growthcompared to other provinces, he said. Another driver of spending in the firstquarter of 2023 was the "Shop Dee Mee Khuen" tax incentive, under whichconsumers can claim up to 40,000 THB in tax refunds on goods and servicesshopping from January 1 to February 15. According toWeerapun, the incentive had a positive impact on the company's sales, both inphysical stores and through online channels. PringpraiNitayanont, deputy chief executive of Karat Enterprise (Thailand), said demandfor the company's products was very strong in Phuket and Pattaya during thefirst quarter of this year, noting that its customers in Phuket and Pattayawere mainly focused on projects, particularly high-end hotels and resorts thatcater to foreign tourists. TritechaTangmatitham, managing director of residential developer Supalai Plc, said residentialdemand in provinces has continued to rise, mainly due to the return offoreign tourists. Supalai'spresales in the first quarter of 2023 reached 9 billion THB, up 22% from the fourth quarter of 2022, and 2% fromthe same period of last year./.
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Commercial property and residential condo buildings are pictured in Bangkok. (Photo: AFP/VNA) 
