Impact of Global Woes Limited on Thailand
Of the two storms currently hitting Thailand’s property market, local political unrest has had a far greater impact than the global economic panic because most of the buyers are Thais who are affected more by events within their own country, according to Apisit Limlomwongse, managing director of Nexus Property Consultants.
People here are not really feeling the effect of the worldwide financial crisis yet because the market is already seen as being at a low point and there is not much room left for it to sink.
In Mr Apisit’s view, the property market is unlikely to decline much more even if political conflict drags on for another year because people are becoming accustomed to it. “It has sort of become part of life, they do this and that and we continue with our business. This also means the impact of global economic turbulence is not that significant because we are already down.”
Some people buying real estate actually need a home but others see an advantage in investing now because they expect prices to rise when the political showdown eases.