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Property Information Centre:
An Intelligent Unit to Tackle With
Real Estate Crisis in Thailand
 
Sopon Pornchokchai
President

Thai Appraisal Foundation
Paper Presented at
the 2002 AsRES/AREUEA Joint International Conference

Seoul, Korea, July 3 - 6, 2002

Session H2: Real Estate Services and Institutions

ABSTRACT
This paper describes the real estate markets in Thailand before and after the crisis particularly the development of the markets shortly after the crisis (during 1999 to 2001). Recent market movement are summarized as of early 2002 in order to see the activities of the surviving developers and investors. Major lessons and experiences learnt are also elaborated in order to help avoid crisis in the future. Normally, after a crisis, some major adjustments and some structural changes are needed to pave way for a better guided and more favourable developments in the future. Actually, there are a lot of public intervention to cure the markets and to facilitate the development of the market at large. However, one thing that should be done is the Property Information Centre - an intelligent unit as a public research arm. This would be a very powerful government apparatus to help prevent failure in the future. This paper is thus to deal with how to materialize this apparatus and its possible roles on forecasting, monitoring, information providing and training.
Currency Conversion: US$ 1 = Baht 42
Measurement Conversion: 1 sq.wah = 4 sq.metres = 43.0557 sq.feet
1. Introduction: Bangkok, Thailand
1.1 Thailand At A Glance

        Thailand is a unified kingdom established in the mid-14th century. "Land of smile" is its designation because Thai people are friendly to others. Its total land area is 514,000 sq km. Its number of population is 62,626,068 (on June 9, 2002: www.dola.go.th). The US Central Intelligence Agency (CIA: www.cia.gov/cia/publications/factbook/geos/th.html) summarizes the Thai economy that after enjoying the world's highest growth rate from 1985 to 1995 - averaging almost 9% annually - increased speculative pressure on Thailand's currency in 1997 led to a crisis that uncovered financial sector weaknesses and forced the government to float the Baht. Long pegged at 25 to the dollar, the Baht reached its lowest point of 56 to the dollar in January 1998 and the economy contracted by 10.2% that same year. However, the economy has been recovered. On June 28, 2002, the currency exchange rate is Baht 41.2 to the dollar (http://www.bbl.co.th/bankrates/fx_rates_curr.htm).
        It can be said that due to the economic transformation of the country from an agricultural-based economy to an industrial-based economy, a gigantic boom in housing and real estate appeared in Thailand. The above figure shows that since 1987, the proportion of GDP of manufacturing has significantly been higher than that of agriculture. Because of this transformation, wealth has accumulated resulting in the boom in housing and real estate for over a decade (1987-1997).
Fig.1: Location Map of Thailand


1.2 Bangkok
        Bangkok is the capital city of Thailand and was established in 1782. Its total area is 1,568.737 sq.kelometres. According to the database of the Department of Local Authorities (DOLA), the population of Bangkok is 5,795,267. However, the total number of population in the Bangkok Metropolitan Region is 9,400,487 (June 9, 2002 http://www.dola.go.th). Most residents in Bangkok are native Thais with around 25% of the city's inhabitants being Chinese or of Chinese descents as well as Indians, Arabs, Malays and Europeans (http://www.bma.go.th/bmaeng/body_general.html# population).
1.3 Bangkok's Economy
        The economy of Bangkok is very gigantic. In 1993, the Gross Provincial Product of Bangkok alone was 42% of the total Gross Domestic Product (GDP). The other 5 provinces of the BMR shared another 12% of the GDP. The rest of the country shared only 47% or even less than half of the GDP. This implies the primacy of this megalopolis of Bangkok. However, the situation improved in 1999 which possessed the latest data on the GDP. In 1999, the rest of the country shared 51% of the GDP. The 5 adjacent provinces of the BMR shared the same 12%; whereas, the share of Bangkok decreased to 37%. Expectedly, due to the development of other cities and regions, the uneven growth would be alleviated.
Fig.4: Map of the Bangkok Metropolitan Region (BMR)
 

2. Real Estate Markets in Thailand
2.1 The boom (1986 - 1996)

        After the bust period during 1980 to 1984, the situation got better. Prior to 1986, Thailand as a developing country with cheap labour and natural resources became an attractive investment destination for foreign investors particularly Japan, Korea, Taiwan, Singapore and others. It can be observed that at that time, most major industrialists in Japan had a manufacturing plant in Thailand. This led to the overall economic boom of the country.
        It is worthwhile to notice that the economy was strengthened by direct foreign in the real sector, namely, manufacturing activities. These helped boost other economic activities such as supporting industries by local industrialists and other tertiary activities resulting from the growth of the real sector. As mentioned earlier in Chapter 1, the contribution of the manufacturing sector to the GDP is significantly greater than that of the agricultural sector since 1986.
        Housing and other real estate became booming. Land particularly in the fringe area which formerly possessed a potential for agricultural uses, then had higher value because of other alternative uses as factory sites and the like. Similarily, inner-city land which was formerly rented out for low-income housing plots resulting in slum formation, could enjoy higher profitable uses. This is the reasons why there were few new slum formations in Bangkok. The boom was associated by low interest rates particularly for housing loans. The decreases in oil prices and electricity costs also helped decrease the prices of cement and other construction materials. All these paved way for the boom.
        Prior to 1986, most detached houses and townhouses were catered to middle and higher income groups. But since 1986, there was a down market trend to build cheaper housing units particularly in the form of low-income townhouses. For example, a one-storeyed townhouse unit of 16 sq.wah (64 sq.metres) was offered at Baht 105,000 (at that time Baht 25 = US$ 1). Due to the economic growth and cheaper housing offers, people had relatively higher affordability.
        During 1987 to 1990, a lot of symptoms of the boom emerged. A 24-sq.metre low-cost condominium unit was offered at approximately Baht 105,000. Off-the-plan projects were sold very quickly. Offered prices of housing units were increased even on weekly or monthly basis. Many projects could close the sales within one day, one week or one month or a few months. In some quality projects, buyers queued to book a house since 05:00 am in the morning.
        Other real estate products apart from housing were also boomed. These included hobby farm land subdivisions, golf courses, office buildings and the like. Speculations prevailed on nationwide basis. As observed, a lot of foreigners came to speculate in properties in Thailand; whereas, real estate were not allowed to be owned by them. Many of them just came to book a units in off-the-plan projects and paid booking fee and downpayment. At the date of the completion and transfer, they could find another buyer to buy their units at a lot higher price than they originally booked.
        During 1991-1993, there appeared a paradox namely while many new developments were ceased due to the Gulf War, two big public companies launched their new projects offered tens of thousand of low-cost and middle-income housing units. They were Bangkok Land Plc and Thanayong Plc. While other developers felt uncertain in launching new projects, there was a room for these two big companies to launch their projects with few competitors. While land and other luxurious projects became less popular for speculation due to the drops in prices, people centred on speculating housing particularly low-income condominiums. During 1993-1995, interest rates were relatively low as well. Then, many new developers followed these two big companies to launch their projects.
        Due to massive speculation on housing, in 1995, it was later found that half of the 300,000 unoccupied housing units in the Bangkok Metropolitan Region were condominium units (Agency for Real Estate Affairs, 1995: 65). Although the figure of 300,000 unoccupied housing units were disclosed in 1995, some 297,347 new housing units were launched during 1995 to 1997. This further exacerbated the situation in the market and helped accelerate the crisis of the real estate market in Bangkok as a whole.

2.2 The Bust (1997 - 2001)
        In 1997, due to the floating of the Baht currency, Baht was significantly devalued. A US Dollar which was stably exchanged at Baht 25 during 1983 to 1997, became almost Baht 60 in 1998. It is currently Baht 42. As a result of economic bust, the real estate market in Thailand was crashed. Most developers could not run their ongoing projects anymore. They became NPL (non-performing loans) of financial institutions. In 1998, some 350,000 unoccupied housing units were then found to confirm the validity of the 1995 finding of the 300,000 unoccupied housing units.
        The following photographs illustrate the situation of housing markets in Bangkok after the disaster:

Fig.5: Examples of theResults of the Bust in Real Estate Markets in Bangkok

Incomplete Buildings

Run-down Unoccupied Housing Units

Cheap rent (US$ 12/month) in the surburbs, even cheaper
than rent for a room in slums in prime locations!!

A shopping centre which has never been
opened since the 1997.
 
2.3 Current situation
        A recent study conducted by Agency for Real Estate Affairs (2001) reveals that housing market is recovering slowly. The following Figure shows that on one hand, the number of newly launched units and their value in 2001 is fourfold from the bottom in 1999. This implies some sign of recovery. On the other, it is a very slight recovery compared to the very deep fall from the peak period of the boom where the value of development in 1994 was over 152 times of that in 1999. This means that it will need a certain period of time for the recovery prior to actual take-off of the new cycle.
        According to Agency for Real Estate Affairs (2001), one major observation is location. In the past, new projects tended to be in the suburbs where land is cheaper resulting in price competitiveness. However, recently launched projects tended to be located closer to town and were along major new road networks where there existed certain potentials for development. Hence, site selection would be much more scrutiny in order to assure the marketability.
        Characteristics of the newly launched projects during 2000 to 2001 were rather smaller. The average number of units in a project was 82 with a total value of Baht 182 million. In turn, an average launched project in 1997 was 257 units with a total value of Baht 392 million. Smaller projects would minimize the risks in this early recovery period.
        Considering the products, most of the new units were detached houses where there appeared strong demand from affluent people who were not affected by the crisis. In details, these were higher income detached houses priced Baht 3 million and over. An enable factor for the emergence of detached houses was the fact that there were few new supplies left unoccupied. During the past few years, there were not many new supplies either.
        In turn, it was observed that in 2000, no condominium was launched. This is because a lot of condominium units were oversupplied. In 2001, some condominiums were launched. However, they were mostly located in the inner areas of Bangkok where there were certain target groups. Another somewhat "unwanted" type of housing was land subdivision estates. Few serviced plots were launched. In the past they were considered speculative goods. Many financial institutions preferred not to give loan for subdivided plots.
        In terms of finance, there were some changes as well. The down payment period was shorter than before being on the average 7.8 months rather than 12-36 months. The proportion of down payment to the value was on the average 12.6% instead of 20-30% as in the past. This was because many of the units were completed built and ready for transaction. As observed, many detached housing units were even sold on cash basis.
        One last major observation was the fact that there was no new developers entering into the market. Of all the launched projects, they were those surviving from the crisis. Many of them were still in debt and need restructuring. The sale of their projects was also aimed at clearing their debt. Many of them were developers of public companies who needed to have sale activities to maintain their share value in the stock market.
 
2.4 Future Expectation
        According to a study of Agency for Real Estate Affairs (2001), the recovery of housing markets is in the process. The recovery date for each market is shown as follows:
2.4.1 High-income Detached Houses (Baht 5,000,000 and over / unit)
March 2001
2.4.2 Medium Price Townhouses (Baht 1,000,000 - 1,500,000 / unit)
August 2001
2.4.3 Low-cost Townhouses (<Baht 800,000 / unit)
September 2002
2.4.4 Medium Price Detached Houses (Baht 2,000,000 - 3,000,000 / unit)
October 2003
2.4.5 Low-cost Condominium (Baht <400,000 / unit)
August 2005
2.4.6 Medium Price Condominium (Baht 1,000,000 - 2,500,000 / unit)
February 2007
2.4.7 Luxury Condominium (Baht 3,000,000 and over / unit)
March 2007
2.4.8 Other type on the average
April 2005
2.4.9 The overall average
April 2004
 

3. Review of Selected Real Estate Information Centres
        The summary information on each centres is shown at Table 1. There are altogether 9 centres.
3.1 The U.S. Census Bureau
        This is one of the best information provider where there is a lot of information on housing for beneficiaries involved. This is a government free service for the public and hence, it is an ideal centre on nationwide basis. However, in the case of red-tape bureaucratic nature of the authorities, this would be a disadvantage.

3.2 HUD Research, USA
        This HUD Research (Policy Development and Research's Information Service) is under the U.S. Housing and Urban Development Department (www.hud.gov). Apart from data provision, this organization also plays a vital role as an analyst or intelligent unit for policy decision making. This role is something a successful information centre should perform. It is a value-added function apart from data provision alone.
        Actually, in the US, the Meyers Group (www.meyersgroup.com), a private firm, the Urban Land Institute (www.uli.org), a non-profit education and research institute and the Appraisal Institute (www.appraisalinstitute.com), a professional association and many other private and non-profit organization also play very vital role in data and information provision for the public and the industries in particular.

Table 1: Example of Property Information Centres
Agency for
Website
Data provided
Functions of the Agency
U.S. Census
Bureau
U.S.A.
www.census.gov
American housing survey data
Preeminent collector and provider
if timely relevant, and quality data
about the people and economy of
the United States.
Census 2000
Homeownership data
Housing affordability
Housing vacancy data
Market absorption of apartments
New York City housing/vacancy survey
Property owners and managers survey
Residential segregation - 1990
Historical tables from housing censuses
New residential sales, monthly
HUD Research
U.S.A.
www.huduser.org
American housing survey
Maintaining information on housing
Assisted housing: national and local
Conducting research on priority hsg
Fair market rents
Data/analysis for policy decision
Property owners and managers survey
Manufactured home and lender list
Rating and
Valuation
Department,
Hong Kong
www.info.gov.hk/rvd
Residential, rents & prices monthly
Property assessment to the government
Office
Property valuation to the government
Retail
Prop. information: pub/private sectors
Industrial
Consolidation ordinance administration
Provision of advisory/mediatory services
Korea Real Estate
Information
Centre,
Korea
www.kreic.com
World and Korean economic situation
Providing real estate information
to overseas investors in more
convenient and prompt fashion
Acquisition systems and taxes
Real estate prices and trends
Regional investment information
Properties for sale nationwide
Real esate statistics and news
Urban
Redevelopment
Authority,
Singapore
www.ura.gov.sg
Land sale information
Land use plan, coordinate & guidance
Property market updates
Land development controls
Residential property transactions
Land use administration
Uncompleted residential projects
Physical planning of land
Residential projects in the pipeline
Conservation and urban design
Land and Property
Information
New South Wales
Australia
www.lpi.nsw.gov.au
Real estate values
Deeds/parcel-based land registration
Property Rents and sales
Land title consultancy
of all types of properties
Topo/cadastral mapping/surveying
Land valuations for rating and taxation
Property Value
Australia
www.property
value.com.au
Post code sale history
On-line valuation
Post code profiles of properties
On-line property information provision
Investor reports, particular properties
Individual property report for buyers
LINZ
Land Information
New Zealand
www.linz.govt.nz
Related property information for
Provisioin of land information
Govt & Advisory Groups
Map Users, contractors, mariners
Property professionals
Property owners
National Property
Information
Centre,
Malaysia
www.jpph.gov.my
Property market/sales information
A real estate data provision authority
under the Valuation & Property
Service Department of the Ministry
of Finance
Uncompleted residential projects
Residential projects in the pipeline
(quarterly publications)
Agency for
Real Estate
Affairs, Thailand
www.area.co.th
Launching of new real estate projects
A private real estate information centre
collecting nationwide real estate
information on monthly basis
Update of sales situation
GIS and Land price modelling

3.3 Rating and Valuation Department, Hong Kong
        The Hong Kong Rating and Valuation Department is very active in data provision on residential, office, retail and industrial properties in terms of rents and prices on monthly basis. Actually, the information provision function has been developed from the main and supporting function on assessment, rating and valuation for the government and the private sector. In addition, there is another vital role on providing advisory and mediatory services to the authorities and investors.

3.4 Korea Real Estate Information Centre (KREIC)
        On the front page of the KREIC's home page, it is stated that the KREIC is "established for the purpose of providing real estate information of Korea to the overseas investors in more convenient and prompt fashion". It is operated under the Ministry of Construction and Transportation, Republic of Korea. Major information provided are real estate prices, trends, and news, properties for sales as well as economic overview, investment opportunities and acquisition systems and taxes.

3.5 Urban Redevelopment Authority, Singapore
        In general, this Authority controls all land in Singapore!. Its primary function is to conduct the national and local plans as well as coordinate and material all these plans on land uses and conservation issues. Major data provided are residential property transactions, uncompleted residential projects, projects in the pipeline, land sales and the like. It is considered a planner and plan executor; therefore, land in Singapore is carefully planned. This helps monitor the real estate markets as well.

3.6 Land and Property Information, NSW, Australia
        This authority in New South Wales is similar to the Hong Kong Rating and Valuation Department. Its original services are mainly on land title issues, mapping, land surveying and land valuation for public and private uses. Data provided by this authority include real estate values and records on property rents and sales of all types of properties. People can easily get access to the data. Property professionals also uses this data on subscription basis.

3.7 Property Value Australia
        This is an independent information service that offers affordable, valuable, and objective reports for buyers and sellers of residential property. Its main services are to provide on-line valuation and on-line property information in Australia. In their property information services, post code sale history and profiles of properties are among major provision. On-line payment by American Express, VISA, MasterCard and Diner Club is available as well.

3.8 Land Information, New Zealand
        This is a government apparatus related to land which is similar to the Hong Kong Rating and Valuation Department and the Australian Land and Property Information of NSW. It provides data on properties for the government, contractors, property professionals, property owners, researchers, and the general public. However, major information provided by this authority is related to land and maps.

3.9 Agency for Real Estate Affairs - AREA, Thailand
        Similar to the Property Value Australia and the Meyers Groups of U.S.A., AREA is an independent information centre in Thailand. Unlike Korea and Malaysia, Thailand has not had any fully equipped government arms to act as a public real estate information centre. Therefore, AREA is considered the largest centre with most frequently updated field information on real estate project launching, sales, and construction.

4. Property Information Centre Needed
4.1 Warnings Ignored

        During the boom period, when beneficiaries were enjoying the enormous and seemingly endless increases in the value of their properties, there were warnings from time to time that this situation was not normal. However, few beneficiaries or officers involved paid much attention to these warnings. Few measures and policies were established in time to cope with the coming bust in the market.
        These warnings appeared on almost an annual basis. The below reviews some studies related to the warnings on the overheating or fever of speculation which led to the bust. This demonstrates that, during the boom period, Thailand has had certain information for predicting the forthcoming bust. However, few paid serious attention to it. Some could hypothesize that even the authorities involved were not knowledgeable nor prepared to tackle the potential bust in the real estate industries.
        To be fair, it can be said that the boom and bust cycle in real estate industries seems inevitable. It should be noted that in the United States of America where housing starts have been employed as a major industry indicator since the 1970s, several booms and busts still happened in the past few decades. In the United Kingdom, property professionals have been widely trained for years. The Royal Institution of Chartered Surveyors (RICS) was established in 1863. However, a lot of real estate cyclical phenomena still emerged. In Singapore where the government via the Urban Redevelopment Authority rigidly controls and carefully plans for its city state, there are still oversupplies in residential and commercial properties. They cannot escape from the boom and bust of the industry either.
        It can be said that apart from having ample and reliable information, all beneficiaries or parties involved need to be well educated on the nature of property development. They include developers, home owners, related national and local government authorities, real estate educators, real estate professionals so that they could help examine and be alert to the future potential booms and busts.

Table 2: Available Warnings Ignored      
Year Sector Findings Sources
1991 Office Spaces If all the planned buildings as of 1995 were built, the oversupply would last until 2006 Agency for Real Estate Affairs (1991: 91)
1991 Land prices Land prices increased, on average, by 21.5 times from 1985 to 1991 Agency for Real Estate Affairs (1991: 101)
1993 Housing 23% of the people who paid a deposit to buy a house off the plan at the 1993 Annual Home Expo were speculators. In the case of condominiums, they comprised 31%. Agency for Real Estate Affairs (1993: 25)
1994 Housing Only half of the people who paid a deposit to buy a house off the plan at the 1994 Annual Home Expo were considered real home buyers. The rest bought for speculation, relatives' use or a second home (which could be for sale in the future) Agency for Real Estate Affairs (1994: 29)
1994 Low-cost condo- miniums Only 35% of the owners of low-cost condominiums were end-users who came to live in the units they bought. Speculation prevailed in these units. Agency for Real Estate Affairs (1994b: 67)
1995 Un- occupied housing Approximately 300,000 units of completed, developers' owner-occupied housing units in the BMR were unoccupied (mostly sold out to individual buyers already) Agency for Real Estate Affairs (1995: 65)
1996 BMR Housing 17% of the housing projects surveyed were expected to be cancelled in the near future. Agency for Real Estate Affairs (1996: 24)
1997 BMR Housing 40.7% of the housing projects surveyed were expected to be cancelled in the near future. Agency for Real Estate Affairs (1997: Table 5, 1)
1998 Un- occupied housing Approximately 350,000 units of completed, developers' owner-occupied housing units in the BMR were unoccupied (mostly sold out to individual buyers already) Agency for Real Estate Affairs (1998: 10)

        After the mid-year 1995 warning on the 300,000 units of unoccupied housing, still some new 227,208 units of new housing units launched. Many of them were then cancelled resulting in the increasing number of 350,000 unoccupied units. This implies that the developers and financiers did not recognize the information on the oversupplies and over-building of the products.

4.2 Need for the Centre
        Recently, the author conducted a survey on property developers and found that beneficiaries or actors in the industry perceived some external factors as the causes for the housing market crisis such as speculation and subsequent oversupplies of the markets as well as economic recession. Although mortgage competition of financial institutions is the fourth in the priority, it was still far behind those external factors. Considering some internal factors of the beneficiaries themselves such as the lack of professionalism of developers, proper controls of the industry and project feasibility studies, they became minor factors then. These facts reflect some prejudice among active beneficiaries involved.
        In order to help solve the problem of housing market crisis, possible adjustments to escape from the crisis are the controls of the supplies or developers, the controls of loan provision controls, the establishment of property information centre and careful research and studies of the developers themselves. This implies that the importance of data is increasingly recognized.

Table 3: Possible Adjustments If We Knew the Bust Beforehand Viewed by Beneficiaries
Possible Measures Developers Financiers Others Overall
Controls, supplies / developers 15% 12% 22% 17%
Controls, loan provision 15% 12% 10% 12%
Property information centre 10% 6% 16% 11%
Careful research & studies 13% 6% 14% 11%
Controls, speculation 10% 8% 10% 9%
Not launching projects 5% 10% 2% 5%
Careful expansion 3% 6% 5% 5%
Saving / Debt controls 8% 8% 0% 5%
Controls, currency 5% 2% 5% 4%
Stop future investment 5% 4% 3% 4%
Quick completion 5% 4% 2% 3%
Escrow Account   4% 3% 3%
Not come into this business   4% 3% 3%
Clear the loan   6% 2% 3%
Monitoring financial institutions 3% 4%   2%
Controls, interest rate 3% 2%   1%
Liquidation   4%   1%
Cooperation among stakeholders 3%   2% 1%

4.3 Materialzing the Centre
        4.3.1 There is clearly a possibility / feasibility to establish a real estate information centre. In the boom period, the value of the real estate development each year is over Baht 150 billion or US$ 3,600 million. When the author was a consultant to the establishment of the Real Estate Information centre was Baht 96 million or US$ 2.29 million (National Real Estate Information Centre, 2001) or only 0.064% of a one-year development value.
        4.3.2 One weakness of Thailand is that the transaction prices and the assessed value are different. Some people even do not want to declare the exact price because they do not want to pay higher taxes. In addition, transaction value and details are considered private information and cannot be released. Therefore, limited sources of reliable information cannot be perceived.
        4.3.3 Strong government commitment is needed. For already 5 years after the bust of the economy and real estate in Thailand, there is still no public real estate information centre. This would also help overcome the inertia and bureaucratic nature of the public sector. Otherwise, it would become on a one-time-do-and-die basis.
        4.3.4 Actually, the sustainable existence of the Centre is its fruitful function. If it is proved to be useful, it would last long and could be constructive to the industries.
        4.3.5 Considering the case of the Malaysian Property Information Centre, it started small and expanded over time. According to a direct interview with Mr. Abdullah Thalith Md. Thani (atmthani@jpph.gov.my) in late May 2002, he said that the annual budget for the Malaysian Centre is 3 million ringkit (US$ 1.24 million) per year with 100 staff members. However, in end 2003, there will be 257 staff members with the budget of 7 million ringkit (US$ 2.9 million)
        4.3.6 Critical functions of the Centre is directly property market information and more importantly and intelligent unit. This will help the government to construct proper, timely and effective plans and policies to tackle with property markets for the benefit of the general public.
        4.3.7 The assignments of the Centre are mainly on routine / continuing data collection and processing. However, ad hoc research and economic/statistical modelling to help close watch to the market are among inevitable functions as well. Training and seminars are also among major tasks.
        4.3.6 Considering the budget, the national Centre must be paid and directly controlled by the government so that it can be linked to the direct decision makers. Experience in U.S.A., Malaysia and many other countries indicated so.
        4.3.8 The role of the private information providers can be complementary. However, data must be re-examined due to the fact that there are quite a few brokers companies who may exploit the data with bias. This is because of role conflicting between brokers / agents and information providers.
        4.3.9 Target groups of the Centres are the government, the private investors / developers, financiers, property professionals and the general public. If its data and analysis proves to be valuable, it can be sold or provided on fee subscription basis.

5. Conclusion
        Thailand has a land area of 514,000 sq.kilometres or slightly more than twice the size of Wyoming with a total population of 62.6 million. Formerly, it was an agricultural-based country and developed to be an industrialized countries for the last two decades. Bangkok is a primate city of administrative, economic and social centre of the country. One unique feature of Thailand is that its urban population is as small as only one-third of the total.
        Real estate markets in Bangkok and Thailand as a whole enjoyed a big boom during 1986 to 1996. However, in 1997, the bust came. The current situation seems somewhat recovered. The disaster of the bust is gigantic and let us learn some experience to help better prepared for the industries.
        According to a study of existing real estate information centres, it is found that they are mostly government apparatuses which should both provide data and analysis for the government and the general public. Interesting Centres include the U.S. Census Bureau, the Korea Real Estate Information Centre, the Malaysian Property Information Centre and the Land and Property Information, NSW. Private Centres can have some roles in the provision of data and analysis as well.
        The essence of the Centre is based on the fact that it must be valuable for the government, investors, property owners, bankers and financiers, home buyers and the general public. The role of the Centre can help provide both data and analysis as an intelligence unit. In practice, ad hoc research, modelling and training can also be conducted by the centres.

AreaTrebs
 
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