Kittiratt believes Thailand will not face real estate bubble

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BANGKOK, 28 September 2013 The Finance Minister has expressed his confidence that Thailand will not be faced with real estate bubble, believes banks have plans to cope with the situation. 

After preside over the opening ceremony of GH Bank Expo held at IMPACT Muangthong Thani, Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said despite the country’s economic slowdown, the real estate industry is still expanding as the number of houses is increasing constantly, adding that more people living in the capital want a condominium or an apartment located where they can commute easily by public transport.

He went on to say that the real estate sector will not experience an economic bubble, citing commercial banks’ strong policies as one of the factors that will help stabilize the industry. He said the banks are very careful before they issue a real estate loan, while most borrowers usually realize their affordability. All of these factors in the mechanism convinced him that chances of a real estate bubble are very slim, he added.