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 Thailand Property Developers May Change Business Strategy as Production Issues

Rising land prices, higher construction-material costs and a labour shortage are forcing leading property developers to revise their business strategies for next year. Several companies are delaying the launch of high-rise condominium projects, focusing instead on low-rise condominiums, and some have decided to wait for environmental impact assessment (EIA) permits before launching projects onto the market.

Residential prices, meanwhile, are showing signs of increasing by between 10 and 15% in 2014 from this year's level, property experts said.

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Labour Shortage Affects Smaller Property Developers in Thailand

According to a survey by the Agency for Real Estate Affairs (AREA), many small and medium-sized property firms have had to suspend their condominium and other housing projects due to a labour shortage and bank restrictions on the provision of project financing.

Some developers, meanwhile, have had to delay the transfer of units to customers after being unable to complete projects on time due to a shortage of labour in the construction industry.

Thailand Construction Labour Shortage“ title=

This article is a follow-up to the "HBD Says" column in Jan 2013, to suggest further that Thailand developers change their working and construction system to reduce the working hours and their dependence on intensive labour. Adjustment and a change in methods by the Thailand home-building business is the only way to resolve the labour shortage crisis in Thailand.

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CENTARA AVENUE - Residence & Suites Pattaya

CENTARA AVENUE - Residence & Suites Pattaya

Referring to a discussion with chairman of the Thai Real Estate Association, the house said that the central bank is more concerned with possible bubbles in the property market. It is prepared to launch new preventive measures like the more stringent loan to value rule.

The central bank's Labour Sourcing Difficulty Index in the month was below 50, indicative of business operators' hardship in sourcing workers. As another hurdle for condominium development, the requirement for the environmental impact assessment (EIA) would also delay their projects as the process could take 6-12 months. 

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