Thai property market 'bounces back'

Article Date : 18 July 2007

After a financial crisis hit the region in July 1997, the property market in Thailand has bounced back in Bangkok, it is claimed.

Acording to Jones Lang LaSalle, the average price for a new condominium in the city is now 81,000 baht per sq m (£1,309), 55 per cent above the pre-crisis peak, of 52,000 baht per sq m, DPA reports.

The Bank of Thailand was forced to float the baht after July 2nd 1997 after unsuccessfully defending the currency against international speculators amid declining exports and rising current account deficit.

However, with recoveries also reported in the office and retail property markets, Jones Lang LaSalle managing director Suphin Mechuchep is "optimistic" that the market's recovery can be sustained.

"This is reflected by the relatively good balance between supply and demand growth in most property sectors and generally more subdued speculation in the market," he says.

With the Thai economy "going very well", overseas investment is likey to increase after the present political instability is resolved, property firm Capitaland senior vice president Bassakaran Nair told the Bankok Post.

Thai property market 'bounces back'

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