Property firms in Bangkok are moving ahead with the development of new condominiums before the limitations of the new city plan come into effect on May 15, 2013. The new city plan states that high-rise construction with utilisation space of more than 10,000 square metres in a middle-density population area, in the central business districts will have to be located on a main road that is wider than 16 metres.
In the current city plan, property firms can build high-rise residences with space utilisation of more than 10,000 square metres on a road only 10 metres wide. The new city plan would mean property firms can build high-rises on the main road only. They cannot build on land in a sub-road or in a soi.
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Thailand Condo – New city plan speeds up development of condominiums
Thailand Property Outlook
It is clearly not in our interest to keep guests at our hotels when it is not safe to do so and we are the first to respond to any threats to safety. I urge the foreign embassies and media to give the private sector more credit and to share responsibility with the private sector in minimising the extensive damage that comes from overplaying the danger to tourists.
Although the Thai real estate industry has continued growing significantly since 2008, we have not seen a real estate bubble environment manifesting. The industry seems to have learned its lessons during the 1997 financial crisis and has successfully implemented the following safeguards: The banking industry has become much more cautious providing project financing and mortgage loans.
The completion of the Suvarnabhumi-Bangkok International Airport has spurred growth in commercial property markets in eastern Bangkok as well as in the beach resort of Pattaya. Thailand has become even more accessible by air with a wide range if International carriers using Bangkok as a hub. In recent years, there has also been a surge in budge carriers, offering very competitive prices to both local and international destinations.
Many Real estate developers in Thailand have developed and implemented market research technologies and monitor the market closely.
Thailand’s property market was able to rebound from past crises and there is every reason to believe it will be able to absorb the blow of recent political tensions. The taxation situation has actually improved the conditions for purchasing property in Thailand, and if property prices do dip slightly as a result of the current situation it may actually be a good time to buy as there is a very real possibility Thailand property will regain its golden outlook soon. As a result, the financial condition of most major housing developers in Thailand is much more robust than in the past. The development of the local bond markets and increasing domestic savings has the made the industry much less dependent on foreign funds, a significant difference from 1997.
The real demand for residential real estate stems from local residents and foreigners living or working in Thailand. The latter group will definitely be affected by the weak global economy but what about local Thai residents? The Thai domestic economy will also be adversely affected by the crisis, especially the export sector.