Plus Property Points to Ayutthaya as New Star Location For Housing

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Plus Property, the full-service professional property and facility management agency, reveals stand-out growth tendency for housing demand in Ayutthaya, as continuous expansion of industrial estates ramps up real estate growth. Horizontal projects have received warm response, especially for townhouses priced no more than 3 million baht; 73% of the 503 units made available in the past 1 year have already been sold.

During the same period, 357 new detached houses became available and 51% have already been sold; detached houses priced no more than 5 million baht were popular and have seen an average absorption rate of 6.9 units per month per project. Recently, major developers from Bangkok have entered the foray and have snatched up 30% of market share.

Mr. Anukul Ratpitaksanti, Managing Director of Plus Property Company Limited, the full-service professional property and facility management agency, disclosed that Plus Property had conducted a survey of the property market in Ayutthaya and – based on its most recent survey conducted in May, 2017 – discovered an interesting growth tendency.

Ayutthaya’s characteristic as a transportation center that links to the North and Northeast, and the fact that it houses large industrial estates, have resulted in an inflow of vast numbers of people and growing demand for housing. Said demand comes mainly from locals and industrial estate workers – both Thai and foreign – who are relocating because of their industrial estate jobs.

State sector economic stimulus measures and transportation infrastructure investments, which are expected to gain momentum by the end of 2017, have become driving forces that are spurring investment in the Ayutthaya area by various companies. In turn, this fact will generate improved demand for housing in the future.

The following provides a general view of the Ayutthaya property market at present: 55% of properties are being developed as townhouses, 40% are being developed as detached homes and 5% are being developed as condominiums. Of all new projects that launched sales during June 2016 and May 2017, there were 503 units of townhouses, of which 73% have been sold; there were 357 units of detached homes, of which 51% have been sold; and there were 294 units of condominiums, of which 70% have been sold.

Townhouses were the type of housing most wanted by the market, especially in locations near industrial estates. The demand is from Thai and foreign workers at the industrial estates, as well as locals, who want to purchase the townhouses for residential use. Townhouses that sell for no more than 3 million baht received good response, with an average absorption rate of 6.8-8 units per month per project.

Meanwhile, developers have placed emphasis on detached houses with mid-range prices not exceeding 5 million baht. The average absorption rate was 6.9 units per month per project. Another locale where sales were still satisfactory was industrial estate zones; the average absorption rate was 2-3 units per month per project for units priced 5 million baht or less. Supply of condominium units has started entering the market; currently there is just one project with 280 units.

“An interesting fact about properties in Ayutthaya is that major developers from Bangkok have been consistently penetrating the market there, in addition to local real estate investors. Examples include Phruksa Real Estate, Land and House and Wangthong Group. The developers placed emphasis on horizontal projects because such properties still received good response in the Ayutthaya area, especially for townhouses priced no more than 3 million baht.

The migration of people as a result of industrial estate expansions was the main factor that prompted investment in this area by major developers from Bangkok. Transportation infrastructures investment also provided a supporting factor. As an example, the Udon Ratthaya-Ayutthaya motorway will facilitate commute and shipping between Bangkok, Ayutthaya and Central Region provinces in instances of natural disaster or emergencies. The Ayutthaya-EEC high-speed train project is an expansion from the Bangkok-Rayong high-speed train line and will provide a link to the Eastern Economic Corridor (EEC).

We have evaluated that housing demand in Ayutthaya will continue to increase in the next 2-3 years. Projects that encompass a variety of products – townhouses, detached homes and twin homes – within one compound are expected to garner improved demand in Ayutthaya in the future, as they provide a choice that covers the whole range of consumer demand,” said Mr. Anukul.

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