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Thailand Property News (98)

Chiang Mai's Condominium Market is Booming Since 2012

The numbers of tourists and people moving to Chiang Mai is expected to continue to climb, Chiang Mai has seen a phenomenal year of rapid growth in size that seems to be running out of control. Large amounts of money are being moved into the market continuously and the number of tourists and residents has jumped. Traffic has become snarled and not much different from Bangkok.

Chiang Mai people will have to adapt themselves as next year people will need to learn to manage travel times and cope with higher costs of living.

Taxation on Unused or Empty Land Would Help Property Developers

Thai Property firms have welcomed the Finance Ministry's plan to tax unused or empty land at a rate of at least 0.5% of the value of the plot, which should increase the availability of land for development to create economic value.

"We agree with a tax for unused land because that will force landlords to manage their property and distribute it for others to use, which will increase the value of the land," said Kanda Group chief executive Issara Boonyoung, and adviser to the Housing Business Association.

New Residential Projects Fall by Half in Sept from Aug in Bangkok

According to a survey by the Agency for Real Estate Affairs, new residential-project launches in Bangkok in September dropped by 50% from the previous month in terms of number of projects, by 9% in terms of units and by 16% in terms of value.

AREA president Sopon Pornchokchai attributed the drop in launches to the strong rain, which flooded some areas.

 Expats to Face Higher Rents in Bangkok Residential Leasing Market

According to CBRE Thailand, rents for expatriate-standard apartments and condominiums are likely to rise for the first time in more than 20 years, amid shortage of accomodations with 2-3 bedrooms.

"Since the early 1990s, there has been very little increase in total amounts of rent paid by expatriates for their residential accommodation, but this looks like it is about to change," James Pitchon, executive director of the international property consultant said.

Bangkok Property Developers Plans to Explore New Market Outside the Capital City

Some Bangkok-based developers have decided to explore new destinations to launching projects in pursuit of unmet demand and lower competition on the residential market.

Listed developer Property Perfect Plc (PF) will launch eight new projects in Greater Bangkok and Hua Hin worth THB11.5 billion (USD 370 million) before the end of 2013, and Nusasiri Plc. will present new projects in Pattaya and Khao Yai worth THB9.9 billion (USD 319 million).

Bangkok Suburbs Condo Launch Sees Slowing Down in Q3 2013

According to Colliers International Thailand's study, the Suburban Bangkok's condominium market showed signs of slowing down last quarter in 2013.

The firm's study of the capital's condo market in the third quarter found that launches fell from the previous quarter by 10.5%. About 11,240 units entered the market, mostly in urban areas and focused on middle-income earners.

Residential Developers in Final Push to Boost Year's Sales in Thailand

This is end of 2013, residential developers are lining up to give their 2013 sales a final push by launching more projects, such as Pruksa Real Estate Plc's latest condominium, the Bt900-million Condolette Pixel at Sathorn.

Sammakorn Plc is introducing its first condo project, the S9 worth Bt1.07 billion, this week, according to a survey in this week.

Siamese Asset Sees Healthy Demand for Condos Among Domestic and Foreign Investors

Siamese Blossom @ Fashion is adjacent to Ramintra road

Thailand Property firm Siamese Asset Co Ltd plans to announce two new condominium projects worth Bt3.6 billion in 2014, following successful sales in three condominium projects of between 30 and 70%, launched in September 2013.

Two new projects will be located on Ramindra, namely, Blossom Condo, worth Bt600 million, and another located in Sukhaphibal 1 worth Bt2 billion.

Demand for Low-rise Residences Affecting by Fear of Floods

Demand for low-rise homes and townhouses shows signs of cooling this quarter due to concerns about flooding. Because severe flooding occurred during the 2011 monsoon season in Thailand.

"After floods hit the North, the Northeast and part of the Central region in late August and September, homebuyers in the suburbs of Bangkok such as Nonthaburi and Pathum Thani are delaying their decision to buy in the last quarter of this year," Samma Kitsin, director-general of the Real Estate Information Centre (REIC) of the Government Housing Bank, said recently.

Sansiri President: No Need for Stimulus Measures in Thai Property Market

Srettha Thavisin sees continued strong growth in Thai residential market

Despite an economic slowdown in the second half of this year, Thailand residential property market continues to show strong growth. Srettha Thavisin, the Sansiri president said this week.

"We do not need the government to launch any stimulus measures to boost the property market at this time," he said.

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