Property Business Expands At Slower Pace In Q2

[george]

Property business expands at slower pace in 2nd quarter

BANGKOK, Sept 5 (TNA) – Thailand's property business has grown at a slower pace in the second quarter of this year upon a declined consumer purchasing power due to the oil price surge and higher costs of living, according to the Bank of Thailand (BOT).

In an economic and financial report released in July, the central bank reported that the overall property business experienced a slowdown in the second quarter of 2005 as a result of a decline in consumer confidence and purchasing power.

The trading value of land nationwide totaled 152.09 billion.

A number of completely built residences in Bangkok and its environs were 15,691 units, up 10.9 per cent in the second quarter, compared with 16,709 units, up 40 per cent in the first quarter.

Of this, 8,411 units were detached houses, 1,252 flat/condominiums, 6,028 houses built by owners.

It said prices of single houses rose by 7.8 per cent and those of townhouses by 5.4 per cent.

The price increase is attributed by higher costs of raw materials.

In June, the trading of new and second-hand houses expanded in a slower pace.

The trading value of land countrywide totaled 60.032 billion, up 8.7 per cent from that of the same month last year

The trading volume nationwide totaled 85,244 items, up 8.5 per cent from the same month of the previous year, and 78,729 items in May, up 11.6 per cent.

--TNA 2005-09-05