Real estate industry begins to slow down

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BANGKOK – The Real Estate Information Center of the Government Housing Bank has revealed that the real estate industry has begun to slow down.

Director of the Real Estate Information Center Vichai Viratkapan said real estate sales had slowed down in Bangkok and its vicinity although there had been no signs housing bubbles.

He also said that the number of housing units built this year would decline from the year before by 7%. Around 116,000 new housing units will be built by the end of this year.

The Director of the Real Estate Information Center said real estate sales could drop further if the unemployment rate rises.

However, Vichai believed that the industry would begin to improve in the second half of this year as property developers are trying to meet their sales targets.