Recently, Thai media reported that due to heavy rainstorms for several months, floods have ravaged many places in Thailand, and a large number of people's houses have been severely damaged. According to Onlau, chairman of the Thai House Builders Association, the cost of housing construction soared in 2022, not only did the labor shortage lead to wages, but the prices of building materials also increased by 20-25% compared with the beginning of this year.
Onlau said that the repair fee for family houses in Thailand in 2021 is about 70,000-80,000 baht, while in 2022 it will increase by 20% or 100,000 baht on this basis. Therefore, this will lead to people having to reduce the purchase of other items such as furniture.
As for Thailand's residential construction business in 2022, Onlau said that the overall growth was better than expected, with a total business volume of 12.5 billion baht, while the previously set target was 10 billion baht. Especially in the northeastern region, high-priced housing has grown well. At the same time, due to the decrease in people's income, residential buildings of 2.5-3 million levels have decreased by 10-15%, and are expected to recover in the next two years or 2024.
