After
years in the doldrums, Bangkok’s residential property market has re-awoken
with a vengeance.
Property prices in the capital surged by an average of 16% last year and
the trend is set to continue, with new building projects dotting the city
and new life being breathed into the ‘ghost-scraper’ construction sites
abandoned after the 1997 economic meltdown. Major real estate developers
have said that they will be investing over B100 billion (US$2.5 billion)
in residential property in the central business district alone, within
the next three years. With 24-hour working the norm on most construction
sites, Bangkokians are likely to be lulled to sleep by the sound of jackhammers
for some time to come. The market has received an injection of confidence
from the sustained recovery of the Thai economy despite the effects of
a severe downturn in the all-important tourism industry buffeted by the
effects of 9/11, the Bali bombing, the SARS crisis, the war in Iraq and
the latest disaster the bird flu scare. The Taksin government is
predicting economic growth of 8% growth in 2004 and Thais are figuring
that if the economy can not only survive but also grow during these uncertain
times then it is fundamentally strong enough to keep them in their jobs
for the foreseeable future.
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After
years in the doldrums, Bangkok’s residential property market has re-awoken
with a vengeance.
Property prices in the capital surged by an average of 16% last year and
the trend is set to continue, with new building projects dotting the city
and new life being breathed into the ‘ghost-scraper’ construction sites
abandoned after the 1997 economic meltdown. Major real estate developers
have said that they will be investing over B100 billion (US$2.5 billion)
in residential property in the central business district alone, within
the next three years. With 24-hour working the norm on most construction
sites, Bangkokians are likely to be lulled to sleep by the sound of jackhammers
for some time to come. The market has received an injection of confidence
from the sustained recovery of the Thai economy despite the effects of
a severe downturn in the all-important tourism industry buffeted by the
effects of 9/11, the Bali bombing, the SARS crisis, the war in Iraq and
the latest disaster the bird flu scare. The Taksin government is
predicting economic growth of 8% growth in 2004 and Thais are figuring
that if the economy can not only survive but also grow during these uncertain
times then it is fundamentally strong enough to keep them in their jobs
for the foreseeable future.
