Despite the political turmoil in Thailand and the effect it has had on all industries, including real estate, some sectors of this industry are holding strong. Singaporean investors continue to be interested in property development in Chiang Mai, driven by the city’s airport expansion, a new international convention centre and the upcoming Asean integration. Property developers are also forging ahead with development activities in Bangkok, as several firms recently announced new residential project launches, including AP (Thailand), who introduced a development comprised of 30 contemporary three-story detached houses.
Tourism, on the other hand has been taking heavy hits from the political situation. Although it is difficult to predict when the political movement will end, tourism revenue is expected to go down by 10 percent from the THB 2 trillion projected earlier, reports The Nation.
The CCI (Consumer Confidence Index) for Thailand is the lowest it has been in 26 months. Looking at consumers’ readiness to spend on real estate, house purchases are at 63.2, the lowest it has been in 103 months; down from 64.2. This trend is expected to overlap even in the most desirable locations. The Pathumwan district, which was ranked as the best-selling location for residential properties, including houses and condos in Bangkok last year, is now the site of the main stage of anti-government protestors. The district is now experiencing slower sales and rental exchanges, as many streets in the area have been closed off.
The passport issuance office has been closed for security reasons since January 13th, after protesters took over the Government Complex. Today, the division will reopen; a relief to Thai nationals overseas, as they have not been able to renew their passports through Thai embassies.