The president of the Thai Real Estate Broker Association (TREBA), Dr. Somsak has publicly announced his prediction of the future of the second hand real estate market, estimating that the market will continually expand by 15-20% throughout the year. This estimation is based on the fact that the market has already rebounded in the second and third quarters and shows no sign of slowing.
As the Thai political situation has been stable for nearly a quarter now, consumers have been encouraged to invest once again in the market. Dr. Somsak also claimed that the new government is taking care of the country, thus the Association has held a policy which encourages real estate brokers to support the market.
Dr. Somsak stressed the importance of the how the economy will be effected if the industry can believe in the new government and trust that it will acknowledge the existing grey market limitations. He said that the Association will focus on the content of the laws rather than individual factors, since the laws uphold a strong policy on maintaining unambiguous notions, creating a nation without corruption.
“The TREBA has been focusing on improving brokers’ work ethics and holding seminars to enhance their expertise while also minimizing problems,” Dr. Somsak said. “In addition, we have been encouraging consumers to purchase properties from brokers that belong to TREBA, promoting their expertise and ethics under the law and regulation as supervised by TREBA committee. With this, problems between brokers and consumer should decrease considerably.”
As a final note to encourage even more progress, Dr. Somsak added, “Trade of secondhand real estate has risen by 15-20%, but still very low compared to other countries.”
