KEY DRIVER OF THAI ECONOMY
The real estate market is one of the key drivers of Thailand’s economy, contributing about 10 per cent to the country’s gross domestic product (GDP).
Mr Phattarachai Taweewong, director of research and communications at Colliers Thailand, told CNA that “this is a wait-and-see moment”.
“Most developers delay their decisions. It is not the right time to launch new projects during the political vacuum. If the company launches a new project, there is a tendency the project will not reach its sales goal,” he explained.
He noted that listed companies and developers in the country had planned to launch numerous new projects in the first half of this year, but the political situation has driven them to adjust their targets.
“We had expected to see new condominiums being launched in the Bangkok Metropolitan area, of almost 45,000 new units. However, after the first half of the year, with the uncertain political situation, only 12,000 units of condominiums were being launched,” said Mr Phattarachai.