The provincial property market has great potential to grow due to the urban lifestyle preferences of the new generation, says Samma Kitsin, director-general of the Real Estate Information Center (REIC).
Samma: Land prices have doubled
Younger people prefer an urban lifestyle and want to relocate to Muang districts.
"Growth upcountry can be seen from the entry of large shopping malls," said Mr Samma.
"In many provinces, land prices have more than doubled."
The REIC says 10 factors indicate potential residential development upcountry.
Mr Samma said these provinces should be at the centre of a group, not a satellite area, while they should also have a transport network linking with nearby provinces or be in an area where high-speed trains will be operational.
They should have a commercial airport with many daily flights that can transport passengers to other provinces or abroad, he said.
They need leading educational institutions or popular medical centres and should have nice weather.
Provinces should have a large government centre or be near the border.
They should also have good shopping malls, modern trade outlets and construction materials centres. Their economic fundamentals should be good, with a strong chamber of commerce.
"With only three or four of these, a province has a chance for residential development," Mr Samma yesterday told a seminar on the government's financial and investment policy influence on property market development.
He said Asean integration and development of the Greater Mekong Subregion's East-West and North-South economic corridors will create plenty of business opportunities.
They will also boost the property industry, particularly office buildings, hotels, factories, shopping and community malls, apartments and condos, Mr Samma said.