Building And Construction In Asia Pacific > Thailand > Thailand

Thailand: Building and Construction in Thailand 2021-2025: May 2021 Update

We have revised down the construction sector growth to 3.9% in 2021, from 5.9%, in terms of nominal work done value. While the civil engineering sector, backed by public infrastructure spending, is expected to grow by 9.4% (revised from 9.7%), the residential and non-residential sectors are expected to contract further by 2-3% each.  More construction sites were put under quarantine amid construction camp cluster growth since April. This is likely to impact on work progress in affected development projects. 

Furthermore, the outbreak has once again dampened developer and investor sentiment that had showed signs of a recovery in the Thai property market in H2 last year. The latest restrictions will see a deterioration in employment that will further push back the property market recovery to H2 2022. We expect developers will continue to focus on selling down housing inventory at discounted prices while selectively launching last year’s delayed affordable and low-rise housing projects. They are likely to remain cautious in launching new high-rise residential, condominium and office projects amid still relatively weak property market fundamentals.   

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