Realtors: Secondhand housing industry not ready for AEC

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BANGKOK, 21 February 2012  – The Real Estate Broker Association (REBA) has revealed that the Thai pre-owned housing industry is not ready for the ASEAN Economic Community (AEC), urging the government to come up with stimulus measures. 

With the AEC to be established in 2015, REBA President Dr Somsak Muneepeerakul said the Thai secondhand housing industry will have to compete with neighbors like Singapore and Malaysia. He explained that the Thai real estate agents will not be able to do business in the neighboring countries because they have laws and license to control the works of realtors. He said Thailand is lacking behind on this matter.

Dr Somsak said without any legal act on realtor practice, Thai agents will not be able to penetrate the market in other ASEAN countries. On the contrary, with the opening up of free flow of movements, realtors from the neighboring nations will be able to seek opportunity in the Thai market.