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REIC urges govt to stimulate property market

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REIC urges govt to stimulate property market

 

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BANGKOK (NNT) - The Thai economic slowdown in accord with the global economic situation has affected people’s business confidence resulting in a sluggish overall housing market in the first half of the year. In Bangkok and its vicinity, more than one hundred and fifty thousand units remain unsold. Property sales are expected to shrink 5-7 percent this year. The government is being asked to take measures to stimulate purchasing power.

 

Mr Wichai Wiratkaphan, Government Housing Bank (GHB) Inspector and acting director of the Real Estate Information Center (REIC), has asked the government to stimulate buyer interest by trimming transfer fees on properties.

 

In the first half of 2019, property sales continued to decline. If a property stimulus measure is not implemented, the tepid property market will continue throughout the second half, resulting in a 5-7 percent contraction this year, he said. The malaise is set to continue into 2020 with a further five percent continuous contraction.

 

This is mainly due to the domestic and global economic slowdown that makes people less confident to take on long-term debt. The Bank of Thailand’s measures to oversee second house purchases has resulted in a decrease in the number of investment buyers by 20-30 percent and the high value baht has reduced the purchasing power of foreigners in the residential market.

 

An overview of residential projects in Bangkok and its vicinity, in the first half of 2019, reveals more unsold projects compared to the same period last year due to a decrease in the purchase of all types of housing especially townhouses. Total unsold properties amounted to 152,149 units in 1,670 projects, with a combined value of 669.67 billion baht, up by 11.8 percent on the same period last year.

 

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At the moment the Law for condo owners is 49% farangs 51% Thai's, Thai's get 2 more votes to stay in power. How hard is it to let Farangs have 65% of ownership at 1 vote and Thai's 35% at 2 votes, this would give Thai's 5 more votes and allow Farangs to buy more condos ????? 

Edited by Laurie Hansen

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Casino's ...Take a Kamagra and feel the love...

Edited by mok199
  • Haha 1

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52 minutes ago, Laurie Hansen said:

At the moment the Law for condo owners is 49% farangs 51% Thai's, Thai's get 2 more votes to stay in power. How hard is it to let Farangs have 65% of ownership at 1 vote and Thai's 35% at 2 votes, this would give Thai's 5 more votes and allow Farangs to buy more condos ????? 

Trouble is all the expats would want to take the condo or house home with them when they left Thailand.

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18 minutes ago, overherebc said:

Trouble is all the expats would want to take the condo or house home with them when they left Thailand.

What ever they do will be to little to late But any change is better than none

 

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3 hours ago, webfact said:

If a property stimulus measure is not implemented, the tepid property market will continue throughout the second half, resulting in a 5-7 percent contraction this year, he said.

Forgive me if I am wrong, but waiting until basically November to implement anything is kinda leaving it a little late to effect anything isn't it ? 

 

 

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10 minutes ago, Thailand said:

Let foreigners own land,job done!

Chinese would buy it all up in about 2 weeks though

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7 minutes ago, Thailand said:

Let foreigners own land,job done!

Been said many times. Even if just the Rai your house sits on.

It still put money into the system and it's not money from gov' hand outs that are reported as stimulating the markets. It's not as though there is a shortage of houses for sale.

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2 minutes ago, Orton Rd said:

Chinese would buy it all up in about 2 weeks though

Wouldn't be difficult for the gov' to allow only certain nationalities to buy, would it, if you get my gist.

 

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There is so so much land in Thailand!. Allowing a long term resident (under marriage) to own a small plot of 120wah to call his home is a decent thing to do. There should be stringent checks and rules to comply to avoid speculation of property.  With such confidence, the foreigner will be most willing to contribute back to the thai society - bringing in business, social work, improve education, etc. Many foreigners have their specialities and their vast experiences can be put to good use to help this beautiful country to move ahead. If there is no ownership, self worth and a stake in this country, how can we bring ourselves to love this country more.

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