World congress could open up the local
The Thai property sector has declined
4 per cent this year from last year,
due to high oil prices and interest rates,
says Manop Bongsadadt, chairman of the
International Real Estate Federation
(Fiabci, the organisation's French acronym)
He said demand for new housing
had dropped slightly this year, because homebuyers
were delaying their buying decisions, since interest-rate
hikes and rising oil prices had increased their
cost of living.
In line with the drop in demand for new homes,
Manop estimated that
housing sales would be reduced to 65,000 units
this year, down 3,000 from last
However, Manop said other property sectors,
such as office buildings and hotels, had shown
continued growth, following high demand from
"As we host the Fiabci World Congress in Bangkok
from May 26-31, joined by 600 property developers
and agents, we'll meet with foreign investors
who are interested in expanding their investments
in Thailand, especially office buildings, hotels
and condominiums," he said.
He added that this was a good opportunity for
property firms in Thailand to find new partners.
TCC Capital Land Co Ltd deputy CEO Soammaphat
Traisorat said his company met with foreign investors
from Dubai and Europe who were interested in
expanding their Thai investments. He said most
wanted to invest in hotels, serviced apartments
and office buildings, while others wanted to
buy a second home in Thailand.
"We believe this event will open up Thailand's
property market globally," he added.
Fiabci was founded in 1951 and has been active
in Thailand since 2004. It has branches in 60
countries, with 3,200 regular members, 20 academic
members and 130 national associations, representing
2 million real-estate professionals.