Top executives of the Thai Real Estate Association, Thai Condominium Association, and the Housing Business Association affirmed Wednesday that there are no signs of bubbles in the domestic property market

Thai Condominium Association president Thamrong Panyasakulwong said he and executives of the other associations met with Bank of Thailand BoT deputy governor Krirk Vanikkul to discuss reports of a possible bubble burst in the condominium business.Mr Thamrong told the deputy BoT chief there are no signs of bubbles in the property market as reported, and that such reports had affected potential clients’ decision to buy condominiums.So, he asked the central bank to exempt housing units in horizontal lines such as single-detached houses if it issued a measure to prevent the bubble burst within this month.However, the deputy BoT governor asserted if the central bank decided to issue the measure, it would cover all kinds of property.

Issara Boonyoung, president of the Housing Business Association, affirmed that there were no signs of bubbles in the property sector because demand remains close to the supply.Currently, he said, more consumers are interested in buying condominiums.If the central bank wants to issue the measure to control what it considers overrapid property growth, it should target groups properties facing a bubble burst, [not those which are not facing such an event]. It should also give property developers time to adjust.“Around 140,000 housing units have emerged annually in the past decade. At present, only 60,000 units are built annually. The latest information shows no sign of bubbles in the property sector although the number of properties transferred since early this year had reached 120,000 units compared with 157,000 units [last year],” he said. MCOTonline news

via Top housing execs: no signs of bubble in property business.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

A short Guide to Taxation in Thailand

If the land or building is left empty or unused for a period of more than three consecutive years, it will be subject to an additional rate of 0.3% every three years, but the amount will not exceed 3%.

Chinese investors eye Thai property as travel resume between the two countries

According to data from Thailand’s Real Estate Information Centre, Chinese buyers have been the largest group of foreign buyers of condominium units in Thailand since 2018, accounting for almost half of the units sold to foreigners.