Recovering local economy drives Khon Kaen property market growth

Recovering local economy drives Khon Kaen property market growthWith economic activities resuming in full, the Khon Kaen property market has seen an increase in activity this year. Housing sales rose while some developers have even resumed condo launches in anticipation of increased future demand.The Khon Kaen pr…November 22, 2022

Recovering local economy drives Khon Kaen property market growth
Photo/Rawipad C.KKU - The new terminal at Khon Kaen Airport is one of many infrastructure projects in Isan which helps support MICE activities, a key driver of the local economy

With economic activities resuming in full, the Khon Kaen property market has seen an increase in activity this year. Housing sales rose while some developers have even resumed condo launches in anticipation of increased future demand.

The Khon Kaen property market recorded notable growth during the first half of 2022 with local experts expecting this to carry on. According to the Real Estate Information Center, the number of single detached houses sold in the region during the first six months increased by 23 percent when compared to the same period last year.

However, activity is not limited to the housing sector. Homebuilders are now eyeing the province’s condo market which has been relatively dormant over the past few years.

“Many condo projects will be launched in the second half of this year. Some were previously planned to launch 10 years ago but were held back due to an unfavorable market in the province,” Khun Channarong Buristrakul, president of the Khon Kaen Chamber of Commerce, told the Bangkok Post. “Now they are redesigned from 20-storey to eight-story buildings.”

Related: Explore Khon Kaen: Cool Isan comes to life

What is driving the Khon Kaen property market?

The Khon Kaen property market is benefiting from the full resumption of economic activities in the region. In particular, the meetings, incentives, conferences and exhibitions (MICE) industry has picked up significantly during the past few months.

This is not the only driver of the local economy with investment in the private sector also increasing because of Khon Kaen’s strategic location along the second phase of the Sino-Thai high-speed railway that will eventually connect Bangkok to Kunming in China.

Most recently, sugar manufacturer Mitr Phol Group announced plans for a research and development facility in Khon Kaen in addition to relocating its food lab from Bangkok to the province