More than one week after explosions rocked Bangkok, the property and real estate industry throughout Thailand is still assessing what impact, if any, will be felt by the sector.
Prior to August 17, many developers were ramping up their plans for new launches for the second half of the year, despite the increasing effects of an economic slowdown.
Demand for property remains strong, and several industry experts feel the sector is unlikely to feel any significant impact from last week’s events in the Thai capital.
Surachet Kongcheep, Associate Director of real estate firm Colliers International Thailand, said he believed the impact of the bomb attack will be limited to the tourism sector only.
The property sector should not be significantly affected as long as the aftermath does not drag out, he said, adding that a prolonged situation could affect developers’ foreign roadshows.
Stock Exchange of Thailand-listed property developer SC Asset said it has no plans to cancel six planned roadshows in Hong Kong, Taiwan, Malaysia and China before the end of this year. Its property exhibitions will feature condominium projects from Bangkok and Pattaya.
In agreement with Khun Surachat was David Simister, Chairman of CBRE Thailand.
He said: “A week on from this tragic event for which no one has taken responsibility, we can say that we believe there is no long-term impact on real estate.
“The immediate effect for CBRE’s activities has been to postpone and delay events scheduled for last week, including a limited number of sales, but we also agreed a new sale on Rajadamri.”
“Whilst we hope the perpetrators of this wicked act are brought to justice, Thailand is a strong and robust country with a history of resilience in overcoming such tragedies,” he added.
Simister is right. Thailand has always remained resilient and property prices, at least in the capital, have barely registered a blip in their upward curve over the course of the last 10 years, during which time the kingdom has seen several coups and bouts of street violence.
Last weekend at least six separate property exhibitions and new launches took place in Bangkok, a further indication if one is needed that it’s still business as usual.
