A COMPETITIVE ENVIRONMENT OF REAL ESTATE BUSINESS IN THE SPECIAL ECONOMIC ZONE, CHIANG RAI PROVINCE

Abstract

After Chiang Rai was declared as a Special Economic Zone, groups of investors and businessmen, both domestic and foreign, were interested in investing in the area for industrial and service businesses. But due to the country's economic slowdown, the regional economy was affected as well. This research article aimed to study the competitive environment in the real estate business in the Special Economic Zone of Chiang Rai Province. The research areas covered three districts in the special economic zones in Chiang Rai; Mae Sai District, Chiang Khong District, and Chiang Saen district. The 400 samples used in the study consisted of Bank credit officers, entrepreneur groups, and real estate consumers. The research instrument used in this study was a questionnaire on competition in the real estate business. The results showed that the real estate business in the Special Economic Zone in Chiang Rai was influenced by several factors that affected the approach to driving or increasing the business's potential. These factors included the investment situation, the creation of competitive advantages, and consumer behavior. Consumers were the most essential part of the real estate market. The types of real estate investments in the area were divided based on the context of each district. For example, in Mae Sai District, the focus was on investments in shopping centers and finances. In Chiang Saen District, the emphasis was on developing a quality tourism center and an international port, while Chiang Khong District played a pivotal role as a logistics center.