How is the strong Thai currency and economy, affecting the Real Estate Market?
Is a healthy home currency always a good sign that the country is performing well? But who does it help, there is always winners and losers? So how is the strong Baht affecting sales and the real estate market generally? What is facing the man on the street or the foreign investors out there? How do the developers, real estate agents, weather the storm and think out of the box in the present situation?
With several options open to buyers, there are many projects finding sales slowing down and many unsold units. These, in turn, are being offered at discount rates.
Developers know that they are not just selling on price but have to add in the lifestyle elements attracting new and existing buyers, new payment schemes plus home automation that is being built into these projects. This competitive market will see developers competing on not just price but selling the whole lifestyle element of the build.
On a larger scale, several major enterprise zones, high-speed rail links are being set up to make it a more attractive proposition for foreign investment bringing new jobs which should fuel the economy and especially the property markets.
There is caution regarding the trade war between China and the US, but the early signs are that some China manufacturers are showing an interest to relocate in Thailand.
There has also been a significant slowdown in the investment market as the central bank increased its policy rate from 1.50% to 1.75%. This has harmed developers, increasing their cost causing a slow dome in demand from the domestic market.
This is further fueled by higher interest rates tighter mortgage restrictions and the uncertainty after the general elections, which will add further challenges to the local markets.
With the downturn of domestic demand, looking towards foreign investment is something that has always benefitted the market before. But when all the factors are taken into consideration profit from rental income or re-sell units that have been bought enter a very competitive market.
Gecko Properties, founded in 2013 after Steve Scholey, the owner decided to set up his own company having spent several years learning everything there is to know about the local real estate business. Even though there was a downturn in the markets just a year after Steve started in 2014, Steve remained positive, a dedicated work ethic, flexibility in trying new ideas, resulted in a firm foundation for what the business is now.
Steve is one of the most popular Real Estate Agents having a mixture of Foreign and Thai national staff working for him. The company has extensive knowledge of Pattaya and the surrounds areas being able to offer off plan condo units as well as houses and land. Steve adds that unique mix of experience and salesmanship. In many cases having that ability to find that buyer for a client that no one else has been able to find. If you want to list your condo, house or land with Gecko, they will create a unique listing which will be shared with a database of prospective buyers and positioned on their website which is updated regularly. They also have the expertise to offer sound financial planning in order to get the best value for money.
Gecko provides a premier service, so why not give them a call now.