Crisis has reached real estate market of Thailand
6 November 2008Global financial crisis and political disorders on local arena have negatively affected the real estate market of Thailand. However, experts consider that market crash will not occur.
According to company Citi, in the third quarter 2008 sales volumes in the real estate market of the country have gone on recession. In September volumes of new building of apartments have decreased on 55 % comparing the similar period of last year.
Nevertheless, according to the head of Thai branch of consulting agency CB Richard Ellis David Simister, political instability in the country is not something new and will not lead to a collapse of the real estate market.
The expert believes, that volumes of building of new apartments will continue to decrease. In some areas of the country the offer lack is observed.
In turn, the analysts from Asia Plus Securities have declared, that repetitions of crash of the local market, similar to 1997 crisis, is not expected.
