Thai condominium market likely to grow 20 per cent next year

BANGKOK: -- The Thai condominium market is projected to enjoy a growth of 20 per cent next year since more consumers are interested in purchasing condominium projects in urban areas, according to industry executives.

Speaking at a seminar on “Home Buying Behaviuor of Consumers Next Year,” Khan Prachuabmoh, President of the Government Housings Bank, said more consumers are likely to turn to purchase low-price condominiums in urban areas instead of single houses in suburban areas because they are aware of

travel burdens, traffic jams, fuel prices, and interest rates.

To cope with these factors, they saw a need to change their attitude to buying housing units.

So, it is believed the condominium market would expand 20 per cent in 2007 while the overall property sector would grow around 5 per cent.

Athip Preechanont, President of Supalai Public Company Limited and the Thai Condominiums Association, forecast the property market next year would grow around 5-10 per cent close to that of this year, boosted by stable fuel prices and interest rates.

He believed the condominium market would grow rather considerably along with consumer demand, but it would not experience the oversupply.

Laddawan Thanathanit, Executive Vice President of Bangkok Bank Plc, said financial institutions would dispose of a lot of non-performing assets next year.

At the same time, property developers would launch many projects, particularly those of townhouses.

She believed the property market would grow around 20 per cent and the housing loans in the whole system would expand 15-20 per cent next year.

--TNA 2006-12-20

"Grow" & "Expand" in size or value? Can't quite see how the market can ignore the oversupply, so perhaps they're talking their own book.

Thai condominium market likely to grow 20 per cent next year

He believed the condominium market would grow rather considerably along with consumer demand, but it would not experience the oversupply.

--TNA 2006-12-20

surely that is debatable ?? I cannot for one minute see the vast majority of Thais suddenly being willing to live in condominiums -

they will continue to buy them perhaps but not as owner occupiers ?