New infrastructure expected to boost market in Northeast

Newinfrastructure is expected to revive the economy and strengthen home purchasing power in Nakhon Ratchasima and Udon Thani, as transfer and mortgage fee cuts and lower interest rates have had a limited effect, according to local developers.

- KANANA KATHARANGSIPORN

Nuttapong Prasansivamai, president of the Nakhon Ratchasima Real Estate Association, said new infrastructure projects, particularly major developments such as the high-speed railway and the motorway, will inevitably raise incomes in the province.

“Improved connectivity will stimulate the local economy in Nakhon Ratchasima as it can boost tourism and the meetings, incentives, conventions and exhibitions sector, including sporting events and conferences,” he said.

The motorway, with 90% completion in terms of civil works, is expected to open on a trial basis next year, while phase one of the Bangkok-Nakhon Ratchasima high-speed railway is scheduled for completion in 2028.

By late 2026, the province is also set to complete its outer ring road. Four of the six phases are already open, and once fully finished, the road will form a complete loop, further enhancing mobility within the province.

“The residential market in Nakhon Ratchasima has remained flat without a clear recovery, despite the extension of transfer and mortgage fee cuts in April,” said Mr Nuttapong.

However, the combination of this measure with eased loan-to-value limits and two interest rate cuts could signal an improvement in the market during the second half, said Mr Nuttapong.