• Nipon Wongjinda Faculty of Business Adminstration, Naresuan University, Phitsanulok, Thailand
  • Sahanon Tungbenchasilikul Faculty of Business Adminstration, Naresuan University, Phitsanulok, Thailand



Property Development, Price Determination, Readiness of Property Development


The research aimed to explore the property market and study the readiness of the property business development in northeast Thailand. The first part was concerned with price determination analysis of the market with the use of multiple regression analysis in Khon Kaen and Udon Thani. Results showed that the factors had the positive impact on property price are the size or usable area, number of bedrooms, size of garden, parking lot, fitness & swimming pool and the security system. While the negatively influenced factors were the promotion, marketing policy and distance of community.  The second part examined both producers’ and government’s decision making in the property development with the adoption of logistic regression analysis. Empirical results indicated that the readiness of the property development in northeastern Thailand was 96%, while, Khon Kaen readiness was 85.03% and Udon Thani readiness was 93.75% respectively. The influential factors included city planning system, the higher per capita income, being near the super store, the credit policy and environmental impact analysis.


Abraham, J., & Hendershott, P H. (1995). Bubbles in metropolitan housing markets. J. Housing Res.,7(2), 191-207.

Agarwal, A., & Mahajan, D. (2017). A probability analysis of construction project schedule Using risk management tool master: International Journal of Science and Technology, 3(1).Retrieved from

Blaug, M. (2007).The Social Sciences: Economics, Macroeconomics. The New Encyclopædia Britannica, 27, 349.

Blomquist, G., & Worley, S. (1981). Hedonic prices, demands for urban housing amenities and benefit estimates. Journal of Urban Economics, 9, 212-221.

Bulloch, B., & Sullivan, J. (2010) Information - The key to the real estate development process. Cornell Real Estate Review, 8, 78-87.

Clapp, J. M., & Giaccotto, C., (2002). The influence of economic variables on local house price dynamics. Journal of Urban Economics, 36, 161-183.

Devi, M.(2016). Economic Reform in Timor Leste between economic growth. Retrieved from

Edwins, S., & Lubelle, S. (1995). Projecting growth of metropolitan areas. Journal of Urban Economics, 37, (3), 344-360.

Fiscal Policy Office. (2016). Economic Report 2016. Bangkok: Fiscal Policy Office.

Follain, R., & Emmanuel, J. (1985). Estimating the demand for housing characteristics: A survey and critique. Regional Science and Urban Economics, 15, 77-107.

Gayle, V., & Lambert, P. (2006). Using Quasi-variance to Communicate Sociological Results

[Ebook]. Stirling. Retrieved from

Goodman, Allen, & Thomas, G. ( 2003). Housing market segmentation and hedonic prediction accuracy. Journal of Housing Economics, 12, 181-201.

Gujarati, D. N..& Porter, D. C. (2009). Basic econometrics (15th ed.). New York:McGraw-Hill/Irwin.

Guy, S., & Henneberry, J. (2002). Understanding urban development processes: Integrating the economic and the social in property research. Urban Studies, 37(13), 2399– 2416.

Harrison, D., & Rubinfeld, D. (1978 ). Hedonic housing prices and the demand for clean air. Journal of Environmental Economics and Management, 5, 81-102.

Hosmer, D., & Lemeshow, S. (2000). Applied logistic regression (2nd ed.). New York: John Wiley & Sons.

Kohlhepp, D. (2012). The real estate development matrix. N.P.: Johns Hopkins Carey Business School Edward St. John Real Estate Program.

Madsen, J. (2011). A model of house prices. Monash: Monash University, Business and Economics.

Papadimitriou, D. B., Chilcote, E., & Zezza, G. (2006). Are housing prices, household debt and growth sustainable?. N.P.: The Levy Economics Institute.

Palmquist, R. (1985). Estimating the demand for the characteristics of housing. Review of Economics and Statistics, 66, 394-404.

Pansuwan, A. (2009). Industrial decentralization policies and industrialization in Thailand. Silpakorn University International Journal, 9-10, 117-147.

Real Estate Information Center. (2016). Annual Report 2016. Bangkok: Real Estate Information Center.

Samuelson, & Nordhaus. (2004). Economics, ch. 27, The Process of Economic Growth.N.P.: McGraw-Hill.

Srivanit, M. Hokao, K., & Phonekeo, V. (2010). Assessing the impact of urbanization on urban thermal environment: A case study of Bangkok Metropolitan. N.P.: n.p.

Suriya K .(2009). Logit Model: Theory and Applied in Economic Research. The Quantitative Analysis Center, Faculty of Economics. Chulalongkorn University.

The telegraph. (2016). The top 10 places to invest in Asia. N.P.: Information courtesy of the Global Property. Retrieved from http://The top 10 places to invest in Asia. N.P.:

Tungbenchasilikul, S. (2005). Market orientation, strategic marketing conduct, and marketing performance: Evidence of UK companies. (Doctoral dissertation).Manchester: Manchester Business School.

United Nation (2010). Policy framework for sustainable real estate markets: Principles and guidance for the development of a country’s real estate sector. Geneva: United Nation.

Uzawa, H. (1987). Models of growth, the new Palgrave: A dictionary of economics, v. 3. N.P.

Vanichvatana, S. (2007). Thailand real estate market cycles: Case study of 1997 economic crisis. Government Housing Bank Journal, 1(1), 38-47.

Wigren, R., & Wilhelmsson, M. (2007). Construction investments and economic. Growth in Western Europe Policy Model, 3, 439–451.

Wild, M. (2009). What drives land prices in your market? The Use of Multiple Regression Analysis to Confirm the Significance of Determinative Real Estate Value Elements. Journal of The ASFMRA, 3, 1-17.

World Bank. (2011). World development report 2011 : Conflict, security, and development. N.P., World Bank.




How to Cite

Wongjinda, N., & Tungbenchasilikul, S. (2018). KEY SUCCESS OF PROPERTY DEVELOPMENT IN NORTHEAST THAILAND: KHON KAEN AND UDON THANI. PEOPLE: International Journal of Social Sciences, 4(2), 144–159.