The property market of Thailand is expected to increase between 3 and 5 per cent in the remaining months of 2019. However, according to Property Perfect's executive director, the condo sector may probably dip by 25 per cent - the worst in 10 years.
Wongsakorn Prasitwipat, as per reports by the Nation reports, blames new loan-to-value directives that the Thai government imposed on banks months ago. The situation, which could have been manageable, was exacerbated by a slow economy and a strong baht. These factors not only triggered condo price increases but also discouraged foreign demand for Thai property.
Mr Wongsakorn said: “The LTV measure has had the most impact on condo sales in the past 10 years. The government should introduce measures to stimulate market recovery, which should take approximately a year.”
But hope springs eternal. To end 2019 on a high note, Property Perfect will launch a promo entitled “Condo of the Year: Book a condo to win a trip to Japan."
The goal of the campaign is to reach 1.5 billion baht condo sales from the developer's "6 billion baht worth of stock.”
Part of the Government Housing Bank’s “One Million Houses” project, the “Yuruay Condo” promo will target buyers across a wide range of income sectors. Low-income earners, as well as private company employees earning between 20,000 and 30,000 baht, are welcome to partake in this scheme. Condo units under this promotion will sell for 899,000 baht.
According to Mr Wongsakorn, “Property Perfect plans to focus on horizontal low-rise condo projects next year." This move will help mitigate economic risks and "secure a quick return on investment.”
Locations currently being considered by Property Perfect include Srinakarin-Romklao and New Krungthep Kreetha roads. Sansiri and SC Asset are likewise eyeing these locations because it's easy to commute from the CBD to Suvarnabhumi Airport and vice versa.
Explore a range of properties for sale including condo units and detached houses here.