Siam Real Estate wins at Asia Pacific Property Awards 2009

Tuesday, May 19, 2009

Thailand Property Outlook – The winners of the 2009 Asia Pacific Property Awards (held in association with CNBC Arabia) were announced recently and Phuket real estate agents Siam Real Estate won, adding to their win in 2008 and also at the 2007 Thailand Property Awards.

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Siam Real Estate wins at Asia Pacific Property Awards

Thailand Property Outlook

Although the Thai real estate industry has continued growing significantly since 2008, we have not seen a real estate bubble environment manifesting. The industry seems to have learned its lessons during the 1997 financial crisis and has successfully implemented the following safeguards: The banking industry has become much more cautious providing project financing and mortgage loans.

Many Real estate developers in Thailand have developed and implemented market research technologies and monitor the market closely.

Thailand’s property market was able to rebound from past crises and there is every reason to believe it will be able to absorb the blow of recent political tensions. The taxation situation has actually improved the conditions for purchasing property in Thailand, and if property prices do dip slightly as a result of the current situation it may actually be a good time to buy as there is a very real possibility Thailand property will regain its golden outlook soon. As a result, the financial condition of most major housing developers in Thailand is much more robust than in the past. The development of the local bond markets and increasing domestic savings has the made the industry much less dependent on foreign funds, a significant difference from 1997.

Siam Real Estate wins at Asia Pacific Property Awards

The real demand for residential real estate stems from local residents and foreigners living or working in Thailand. The latter group will definitely be affected by the weak global economy but what about local Thai residents? The Thai domestic economy will also be adversely affected by the crisis, especially the export sector. The investment sector and domestic consumption in Thailand Real Estate Market will also be affected by political instability – resulting in lower sentiment and confidence. Potential home- buyers will have less money for down payments and may delay purchasing decisions.