THURSDAY, March 28, 2024
nationthailand

Property Perfect exec sees boost in property market within a year

Property Perfect exec sees boost in property market within a year

Chainid Adhyanasakul, chief executive officer of Property Perfect, said recently that the main factors bringing down the property demand this year are the global economic slowdown and domestic debt, though the loan to value (LTV) measure is helping the market grow sustainably.

As for the state of the local property market in the last quarter, Chainid said it will pick up after the drop in demand over the last three quarters caused by an absence of Chinese customers affected by the US-China trade ware and weaker yuan. 
“There is still an excess of supply and at lease one year is required to bring the property sector up to the right level,” he said. 
One way of cutting down on this excess of supply is by completing the construction of new railway systems, such as the Red Line, as soon as possible so people will be encouraged to move out of crowded areas like Rangsit and find new accommodation on the other side of the city. 
“However, the LTV measure is helping the property market grow gradually,” the chief executive officer added.
Another worrying factor that has brought the sale of properties down is the rise in Thailand’s domestic debt, especially in the automobile sector which is not controlled by the LTV measure. 
“Once the US-China trade war ends or the global situation improves, Thailand’s economy will move in a better direction net year,” Chainid said. “However, high public transportation fares are still a problem, as it urges people to buy cars, which adds to their existing debt and affects property loans at the same time.” 
Next year, the positive factor for the property market will be the new town-planning law and a nearly finished railway system, which will draw new investment.

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