Thai Govt's First Time Home Incentives Receives Lukewarm Response

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Govt's First Time Home Incentives Receives Lukewarm Response

BANGKOK: -- The Housing Business Association president has conceded that the government's first-time home buyer's incentives have received a lukewarm feedback.

Housing Business Association President Issara Boonyoung said the government's first-time home buyers incentives are getting a lukewarm response.

The Government Housing Bank is offering 20 billion baht worth of loans for first-home buyers, with a three-year grace period. Issara said the policy was introduced around the time the flood crisis occurred last year.

He encouraged those who aim to buy a residential unit to apply for a loan as soon as possible, saying house prices will gradually increase by 5 to 10 percent in the latter half of the year, following a rise in labor costs and construction material prices.

Issara revealed that condominium prices will increase by a greater proportion compared to house prices, owing to higher constructing costs. He said many new projects are designed for the installment of flood-prevention systems.

Meanwhile, Director of the Real Estate Information Center, Samma Keetasin, said that overall, the real estate business this year will likely expand by 5 to 10 percent.

He said stable politics and no flooding would act as motivators for the real estate market. Samma added that 8,000 new condominium units were added at the beginning of the year.

Moreover, some 50,000 new condominium units are expected to be introduced by the end of this year, an increase of 10,000 units compared to last year's figure.

The Real Estate Information Center reported that the number of residential development projects this year will be around 50,000 units, while the last year's number was 43,000 units.

As of now, there are six new projects with 840 units launched in Bangkok and the surrounding provinces. The new projects include 560 detached houses, 90 units of commercial buildings, and 190 units of townhouses.

The new projects focus mainly on the eastern zone, which remained dry during the recent flood crisis. Additional projects will be launched in the flood zone from February.

-- Tan Network 2012-02-17

[janverbeem]

Additional projects will be launched in the flood zone from February.

They better hurry up then since the PM already announced last week there will be severe floods again this year.

[AngryParent]

He said stable politics and no flooding would act as motivators for the real estate market. Samma added that 8,000 new condominium units were added at the beginning of the year.

I would like to know what this guy is taking. Stable politics and no flooding?

Edited February 17, 2012 by AngryParent

[chainarong]

Don't fall for this cheap trick, Australia did this , you are going to suffer if the interest rate go's up , thousands of home owners in Australia are now in financial stress because of former PM John Howard's inward thinking economy policy, if you need a helping hand from the Government to buy a house , sorry ya can't afford one.

[pimay11]

Don't fall for this cheap trick, Australia did this , you are going to suffer if the interest rate go's up , thousands of home owners in Australia are now in financial stress because of former PM John Howard's inward thinking economy policy, if you need a helping hand from the Government to buy a house , sorry ya can't afford one.

Hi I'm from the government and I'm here to help you