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Posted On: 01/07/2009
Thailand Property Still a Good Bet for Overseas InvestorsOverseas property specialists Azure Overseas recorded a 16.8% rise in interest for Thailand property in May, with a 3% increase in sales. The rise comes as it emerged in April that some Thai property sectors were beginning to recover from the global downturn.
"Despite the fact that the IMF predicts a 3% contraction in the Thai economy this year, the lower end property sectors, and construction industry have been showing signs of recovery since last month," said Frank Crowley, Azure director.
"The current downturn gives investors to get some of the new luxury off plan developments at low-end prices, because the developers have been forced to re-evaluate their launch prices," he added.
Frank went on to say: "In any case, in an international downturn of the magnitude we are facing today, a forecast, even from a major body like the IMF is still only a better-sounding word than saying an educated guess."For instance a large portion of Thailand's growing GDP in recent years has been from tourism, so this will have been chalked up as a sector to shrink this year, which would be greatly detrimental to Thailand's economy."Frank went on to explain how the majority of Thailand's tourism growth has came from within the region, especially to its tropical islands of Koh Samui and Koh Phangan. And how Asia, as a region is still emerging, with China's economy expected to grow by over 6% this year, and India's by 4.5%."Thus there is a chance that tourism will still contribute massively to Thailand's GDP this year, and thus save the country from contracting as badly as the IMF guesses," Frank concluded.
Azure Overseas is currently marketing Thailand property for sale, prices start from under £20,000.
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