Ocean Property is seeing steady growth when it comes to demand for Khon Kaen property with Northeast Thailand continuing to establish itself as an up-and-coming destination. The developer noted that it has already sold out its first project in the northeastern capital and is now launching a second condominium.
According to data from the Real Estate Information Center (REIC), there were 11 condo projects with 2,140 units in Khon Kaen. More than 70 percent of this total has already been sold. The key for developers has been launching projects that meet the needs, tastes and budgets of buyers in the region.
“Our current developments in Khon Kaen are ideally suited to meet the growing demand for quality residences in prime locations. We are confident in the local markets purchasing power and investment interest, and despite the recent COVID-19 pandemic, Khon Kaen is showing signs of economic growth and strong future potential,” Khun Napong Paripontpochanapisuti, Managing Director of Ocean Property, explained.
The newly launched Ocean Grand Residence Mitthraphap – Khon Kaen from Ocean Property is an eight-story, low-rise condominium with 236 units. The project features a modern Thai contemporary design with northeastern Thai architecture. Additionally, a range of modern amenities have been installed throughout the development.
Ocean Grand Residence Mitthraphap – Khon Kaen launching now is also a sign that things in the region are returning normal after the COVID-19 pandemic. Ultimately, the situation won’t impact Khon Kaen property in the long term.
“The regional property market is showing steady positive growth with the sales volume expanding regardless of the recent COVID-19 situation,” Khun Napong said. “Khon Kaen’s market is different from Bangkok and outlying areas, where condominium sales have slowed and the horizontal market is very competitive. This has led many developers to expand their investments to key regional markets, such as Khon Kaen.”
Khon Kaen property benefits from Northeast Thailand’s increasing clout
Another development stimulating Khon Kaen property demand is the fact Northeast Thailand is growing as a whole. The city is seen as an ASEAN education hub and the under construction, high-speed rail line will help to significantly elevate the region’s economy.
In an interview with Dot Property last year, Ernie Draper, Managing Director of Isan Real Estate, explained the high-speed rail line will open up lucrative trade between the region and China.
Draper, who has been carefully monitoring the high-speed train project since it was first presented by the Chinese government to Thailand, reported a number of opportunities are now available in the Northeastern provinces of Thailand because of the project.
Despite this potential, real estate in Khon Kaen and Northeast Thailand remains more affordable than elsewhere in the country. However, with impending infrastructure projects and more tourists on the way, it is only a matter of time before prices start trending upward. The demand being seen by local developers is simply another sign it will happen sooner rather than later.