Thailand set for ‘boom year’

It’s all Change for Thailand this year and property investors are well placed to benefit, reports the OPP...
 
Thailand’s property market is set to take off this year as developers make the most of the country’s attractiveness to tourists and international investors, particularly after the recent election brought the coalition PPP government to power, promising reforms of property ownership and investment freedoms.

Thailand is rapidly growing in stature as one of Asia’s top tourist attractions. Long-haul holiday operator Travel 2 Travel 4 recently put Thailand at the top of its list for y-o-y growth so far in 2008. It revealed that Thailand has experienced at least a 20% rise in passenger numbers in the first month of this year and outranked the popular holiday destinations of Australia, Malaysia, the US and New Zealand.

As tourist numbers continue to rise, and confidence in the forward policies of the PPP government attracting more FDI to the nation is felt, developers are rapidly building villas, condominiums and city apartments to take advantage of the favourable conditions.

According to the Agency for Real Estate Affairs (AREA), a total of 117 new residential projects worth over Bt70billion will be launched into Bangkok and the suburban markets alone this year at an average price of Bt2.8million per unit.

AREA said the top 10 locations for developers in 2008 will be the towns, regions and districts of:

• Sukhumvit Rama IV
• Phahonyothin road
• Klong San
• Bang Na-Trad KM 1030
• Pattanakan
• Yanawa-Silom
• Rama VBang Krouy
• RachadaLad Prao
• Pracha Uthid
• Rachayothin.

AREA’s president Dr Sopon Pornchokchai added: “The figures show that the residential property sector plays an important part in Thailand’s property market while other sectors still need more attention from investors especially from overseas.”