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ASEAN property market takes a hit as people delay buying a home


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ASEAN property market takes a hit as people delay buying a home

 

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This aerial photograph shows apartment buildings in the outskirts of Bangkok. (Photo by Mladen ANTONOV / AFP)

 

Half of Thai consumers decide to put off buying and selling property for the time being

 

The governments of many ASEAN countries have taken measures to stimulate their economies over the past few months in the hope of building up confidence among consumers and encouraging them to spend. But slow growth and insecurities about the future are putting many off laying out their hard-earned savings on purchases, especially on major items like cars and houses. This reticence is having a major effect on the property market across the region.

 

The World Bank‘s “Global Economic Prospects” report shows that the economic outlook for the East Asia and the Pacific in the short term remains highly uncertain as a result of the COVID-19 pandemic. Even if the pandemic subsides, the economic damage from last year’s recessions could prove deeper and more durable than expected. “Consumer and business confidence may be even slower to recover, resulting in more protracted weakness in domestic demand,” the report notes.

 

The real estate sector in ASEAN continues to be affected. This is because purchasing a property is a long-term financial burden especially when consumers are facing challenges from an economic slowdown and the pandemic. Understandably, all except the very rich are sticking to strict financial planning and postponing their real estate purchase plans.

 

Full story: https://www.thaipbsworld.com/asean-property-market-takes-a-hit-as-people-delay-buying-a-home/

 

 

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22 minutes ago, webfact said:

in the hope of building up confidence among consumers and encouraging them to spend

You can't spend what you don't have, and most guys are up to their eyes in debt already. I don't know how close to collapse we are, but when it happens it's gonna be dramatic. 

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4 minutes ago, nausea said:

You can't spend what you don't have, and most guys are up to their eyes in debt already. I don't know how close to collapse we are, but when it happens it's gonna be dramatic. 

Yep, I think the effects of the worldwide COVID restrictions are going to have a far worse economic impact than any government has dared predict.

 

PS

I don't see any signs that the effects of the government restrictions are subsiding.

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found out yesterday that the air hostess who bought my house a year ago hasn't made a SINGLE payment on it. apparently those working (or furloughed) from various industries, air in this case, are exempt from mortgage payments for the foreseeable future.

 

stunning if true, the banks must be hurting too

 

 

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If Thailand really wants to get out of this real estate over supply mess there is a simple answer. Let foreigners buy houses that have been vacant for over a year. Or just let it continue to rot until it has no real value to anyone.

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There is no end of 3 million worth properties at 6-9m on offer at a knock down price of 6-9m from my 1 year in exile's worth of looking though 🤔   

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