Foreign investors less attentive to Thai property market

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Investment	2007-01-22 06:45:32-05
Foreign investors less attentive to Thai property market

BANGKOK, Jan 22 - Foreign investors are paying less attention to Thailand's property market following unfavourable incidents in the past month, according to a leading real estate service agency. Jones Lang LaSalle president Supin Meechucheep said the company had previously projected that the property market in Bangkok would be quite promising this year, with property firms enjoying strong operating results. Such a projection had not factored in several unfavourable incidents that have occurred in the past months. Although the market fundamentals remain strong, she said, the incidents had undermined the overall economic atmosphere including the property market sentiment. She said the firm found foreign investors interested in investing in property in Thailand had slowed their decision because they are uncertain about state measures taken recently such as the 30 per cent reserve requirement imposed by the Bank of Thailand in December, and the amendment to the Foreign Business Act which followed. "The property market is likely to grow, at a slower pace this year," Ms. Supin said. if there are no untoward incidents. It is expected the demand will remain intact since the market has strong fundamentals. "It is possible buying activities planned in the first half of this year will be postponed to the second half of the year since potential buyers and leasers will adopt a wait-and-see attitude. "However, we believe the situation will ease and uncertainties will end soon. This, coupled with the stability of the government's polices and economic stimulus through an interest rate cut, will help restore investor confidence and make the property market recover this year," she said. (TNA)

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