An article in Thailand Real Estate magazine from December 2008, right during the thick of the world wide economic collapse, includes some notable quotes from major property developers in the Khao Yai area that highlight why Khao Yai land values continued to increase dramatically while property prices other places in Thailand and around the world were falling rapidly. The owner of Kirimaya Golf Resort and Spa, Kitti Thanakitamuay, said this:
Demand for Khao Yai residences is different from that at other tourist destinations in Thailand because most of the home-buyers are local people who want to buy second homes that are not far from Bangkok. As a result, residential projects in Khao Yai don’t feel any negative impact when demand from foreign investors falls because of the global economic crisis.
That is the key point about property values in Khao Yai, that it is wealthy Thais purchasing Khao Yai land. And we have seen what that means. When the world wide financial mess hit so many western countries the property markets in areas popular with foreigners like Phuket, Pattaya and Hua Hin took a dive. But wealthy Thais have been more interested in buying in Khao Yai so prices actually accelerated upward during the last two years.
Kwanchai Mordpradit, managing director of Art the Hill Khao Yai, another luxury Khao Yai real estate, said demand for resort residences at Khao Yai had not suffered any negative impact from global economic problems. Indeed, the ultra wealth Thais have been snapping up land and resort homes like crazy. A few big names include Charoen Pokphand Group chairman and chief executive Dhanin Chearavanont, Amata Corporation managing director Vikrom Kromadit, King Power International’s chairman Vichai Raksriaksorn and Workpoint Entertainment’s chairman Phanya Nirunkul. Those are some of the larger land owners in the area, some holding rather extensive pieces of prime land.