The AEC will see countries in south-east Asia co-operate to achieve a host of economic goals, with the aim to create a "highly competitive economic region".
Full implementation of the AEC is expected in 2015, and the director-general of the Real Estate Information Centre in Thailand Samma Kitsin told The Nation that this will deliver benefits for Thailand's property sector.
He explained that, once the AEC comes into force, more multinational companies will relocate to Thailand and other south-east Asian destinations.
"Most of them will need space for work and living. This will provide opportunities for property firms who develop office and condominium projects," Mr Samma asserted.
ASEAN, which was founded in 1967, comprises ten member states - Thailand, Malaysia, Indonesia, Laos, Vietnam, Singapore, Myanmar, Cambodia, the Philippines and Brunei Darussalam.