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Tight Mortgage Lending Drives Home Building and Renovation in Thailand
Thailand: As banks tighten mortgage lending, buying a house has become increasingly difficult. As a result, buyers are shifting their focus to building or renovating homes, particularly in rural areas, suburbs, and the outskirts of Bangkok. Most people set a construction budget of up to $85,000, while renovation expenses, typically covered by savings, range between $3,000 and $8,500. An SCB EIC survey shows that self-built homes costing more than $85,000 are attracting interest from middle-income earners. Additionally, the high cost of construction materials has led many to delay projects or opt for less expensive decorative options to stay within budget.
Source: National Housing Authority