Thailand is poised for significant economic growth as it implements key strategies aimed at enhancing tourism, real estate development, and the healthcare sector. These efforts are centered around the Eastern Economic Corridor (EEC), which is seen as a major driver for residential and commercial development, particularly leading up to 2025.
According to Prapphan Sakchaisuwan, the Managing Director of LW Solutions, residential housing demand within the EEC has been consistently on the rise. Recent surveys revealed 75 development projects comprising 26,526 units, including 27 condominium projects with over 15,000 units launched since 2017. Interestingly, of these, approximately 4,330 residential units remain available for sale, indicating strong market interest.
Sakchaisuwan noted, "The demand for residential properties within the EEC is continuously increasing," highlighting promising market sentiments as the region's unique economic incentives appeal to potential homebuyers, particularly young professionals. The residential pricing trends indicate significant interest for condominiums priced below 2 million baht, reflected by the sold units achieving around 70-90% sales rates.
On the other hand, multi-family housing preferences have favored townhouses, particularly those priced below 4 million baht. The data indicates high occupancy rates, particularly at industrial parks like Amata City, home to roughly 220,000 workers, with comparable labor income levels supporting this housing trend.
Investment within these economic zones underlines their appeal, as confirmed by the Thailand Industrial Estate Authority, which reported new land sales and leases covering 6,069 rai demonstrating growth of 52.7% year-on-year during 2024. The EEC, with its remarkable investment potential, has quickly become the center for businesses due to its operational efficiency and favorable market conditions.
Chan Leosunthorn, Vice President of WPH Hospital, also foresaw substantial gains from increasing foreign tourism, particularly under the government’s initiative designated the Amazing Thailand Grand Tourism and Sport Year 2025. “Our hospital aims to achieve 15-20% revenue growth supported by tourism policies,” he stated, outlining plans for new hospital facilities to cater to the anticipated increase in tourists, especially those from abroad.
The sector has witnessed substantial growth figures, with hotel bookings around filming locations like Phuket and Krabi skyrocketing four to five times, largely attributed to popular international series and movies filmed on Thai shores. This wave of international attention not only boosts hotel occupancy but also creates myriad opportunities within the ancillary services sector such as hospitality and healthcare.
WPH is advancing its growth strategy with investments totaling 1.2 billion baht to establish new pavilions capable of accommodating up to 200 patient beds, addressing the needs of locals and tourists alike. The initial phase will open with 100 beds by late 2025, ensuring the facility supports peak tourist seasons.
“The construction process aligns with our organization’s strategy to meet healthcare demand, catering both local and international visitors,” added Leosunthorn. He also highlighted collaboration with Ekachai Medical Corporation to develop specialized hospitals focused on elder care, catering to health trends and needs of both tourists and Thai nationals.
While entrepreneurs are reassessing their expansion plans based on growing consumer demands, the broader investment climate indicates sustained interest. Total investment applications for the year 2024 have risen to 1.138 trillion baht—a 34.5% increase over the previous year—with the EEC representing 44% of the total, amounting to 504.9 billion baht.
These economic opportunities reflect the potential for development coupled with Thailand's strategic focus on enhancing its hospitality sector, which are seen as complementary to the increasing labor force drawn to the industrial hubs of the EEC.
With lower interest rates projected to persist, investing within the real estate market, particularly within these developing economic zones, appears to be not just timely but also viable. The synergy between healthcare growth, property demand, and increased tourism positions Thailand for the next growth phase leading up to 2025 and beyond.
Investors and developers are urged to tap these opportunities, aligning with government strategies and responding to market demand to bolster Thailand's economic stature as it evolves within the regional and global marketplace.