Mr. Athip Pechanon, President of the Housing Business Association, revealed during the annual seminar 2018 titled "Real Estate as a Key Economic Indicator for 2018" that the overall real estate business in 2018 is expected to perform better than in 2017. It is anticipated to grow faster than GDP, with an estimated economic expansion of around 4% this year. The real estate sector is projected to grow by more than 5-10% compared to last year's growth rate of 5%, supported by positive factors from government investments, particularly in mega projects and extensions along various electric train lines, which will continuously support the real estate business.

        However, this year also presents negative factors, such as rising interest rates and stricter lending criteria from commercial banks for housing loans. Additionally, purchasing power in rural areas has not yet recovered due to low agricultural product prices. The laws regarding land and property taxes, as well as the procurement act, will impact the real estate sector, potentially affecting GDP by about 12%, as the real estate business accounts for 12% of GDP. Currently, the real estate sector employs approximately 2 million workers, primarily using domestically sourced construction materials.

        Mr. Vichayut Boonchit, Deputy Secretary-General of the National Economic and Social Development Board (NESDB), stated that Thailand's economy is expected to grow by about 4.1% this year, compared to 3.9% last year. The real estate sector is projected to grow by around 5%. The export sector is also expected to perform well this year, with increased public investment and ongoing infrastructure development. Private sector investment is expanding, tourism continues to grow, household spending is stable, and the income base of the population is becoming clearer, with agricultural products and prices improving.

        Mr. Don Nakrathap, Senior Director of the Macroeconomic Department at the Bank of Thailand (BOT), mentioned that the real estate business is expected to grow by about 5-6% this year, supported by public investment. Negative factors may arise from the still-high loan rejection rates, although they are gradually decreasing, and an increase in loan disbursement is anticipated. Currently, land prices have significantly increased, and rising labor costs are expected to impact construction costs and real estate prices.

        Mr. Benjarong Suwankhiri, Assistant Managing Director of Thai Military Bank Public Company Limited, stated that the real estate market is expected to grow by 5%, compared to a 2.5% growth last year, driven by an economic recovery projected to grow by 4.2%, compared to last year's 4%. The loan rejection rate is expected to decrease to about 30%, down from 40% last year. The remaining inventory will consist of properties priced below 1.5 million baht, with the expansion of various electric train lines and the development of the Eastern Economic Corridor (EEC) contributing to growth.

        "The real estate market, with a growth rate of 5%, indicates that the mid to upper market segments are still performing well, especially residential properties along electric train routes in the Bangkok metropolitan area. The sales rate for horizontal housing remains strong due to the high purchasing power of the customer base, while the lower market segment has not yet recovered, particularly in rural areas where conditions remain stagnant," Mr. Benjarong added.

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