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Thai election results: Property analysts take “wait and see” attitude to Yingluck Shinawatra

Scott Lavon Property Report
Thai election results: Property analysts take “wait and see” attitude to Yingluck Shinawatra - Thailand - property investment - analysis - property analyst

As the dust settles on Pheu Thai’s landslide victory, the political situation in Thailand has become clearer but the economic situation for the property sector is still ambiguous.

Some things will remain constant – people still need places to live, and the residential market should remain more or less steady, at least among Thai people, said Antony Picon, Associate Director of Colliers Research Thailand. Some foreigners may have found the political turmoil of recent years a bit unsettling, he said, adding that “ it might take a little bit of time for foreigners to come back en masse.”  Picon emphasized concerns about stability, and said that many players are taking a wait and see approach over the next months.

Businesses, especially foreign companies, will weigh perceived stability heavily in their decisions about when and where to set up shop. Picon stressed the importance of stability in the long-term, noting “businesses will make a decision based on if they can see three or four years of stability.” As businesses become more confident, developers could see a boom in the office market.

Frank Khan, director of the residential department for international real estate firm Knight Frank, projected the next few months as being very important to demonstrate the stability of the new government, and noted that real estate is always one of the first industries impacted by political unrest. According to Khan, the “Bangkok property market all depends on the political situation,” especially for foreign investors. However, other markets, such as resort area Hua Hin, can find themselves more insulated than the capital in terms of the effects of political unrest. “Last time, Bangkok was burning but Hua Hin was still selling strong,” he said. For resort properties, the coming of the rainy season means a lull in business anyway, and also provides a nice waiting period to see what the policies and stability level of the new government will be.


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