Property sector to rebound 10% this year

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BANGKOK, Jan 26 – Thailand’s property sector which experienced a bleak performance last year due to domestic political turbulence is expected to rebound and grow approximately 10 per cent this year, according toThongma Vijitpongpun, CEO of Pruksa Real Estate.

The property business in Bangkok and surrounding areas is projected to recover this year with a total value of Bt322.8 billion, up some 10 per cent from last year.

Positive factors projected to help boost property sector this year are the increasing confidence of the public in the current caretaker government, especially on extension of electric mass transit rail service throughout the metropolitan Bangkok, a plan to construct a dual-track rail line with China with another agreement to be made soon with Japan, a development plan to establish special economic border areas and implementing the ASEAN Community, scheduled at year-end, which could help boost the homebuyers market.

Lersak Chuladesa, Pruksa vice chairman and executive director, said that the property sector business should grow well this year with the improvement of the country’s general economy.

Ongoing low-interest rates would help persuade people to buy homes although their prices are expected to rise 2-5 per cent, said Mr Lersak.