Floods, wage hike to spur condo boom | Bangkok Post: business

PATTAYA : The condominium market is poised for a boom in the second half this year, driven by new demand from the public sector's salary increase and new buyers seeking refuge from natural disasters.

Opas Sripayak, managing director of the listed developer L.P.N. Development Plc (LPN), said the increase in the starting salary of civil servants to 15,000 baht would create new demand in the lower-end segment _ those priced around one million baht a unit _ where LPN dominates.

A larger number of new condominium projects in major destinations like Pattaya, Hua Hin and Phuket will be launched this year as people seek to buy second homes in light of floods.