The English-language annual report of the Real Estate Information Centre (REIC), which was published earlier this month, is a worthwhile document for all industry observers.

Although this annual report is for the year 2005, it contains a wealth of valuable real-estate data, most of which is not available in English.

Perhaps more importantly, the report contains reviews and forecasts from top industry officials.

One of the government of the time's major initiatives following the unprecedented 1997 economic crisis was to establish institutions that would provide accurate information in a central location in order to mitigate the effects of any cyclical industry downturn, particularly in real estate.

"The Real Estate Information Centre operates as a central repository for real-estate data and information," explained former REIC director Pongsak Chewcharat. "The REIC conducts field surveys and research to gather currently uncollected data that can be used to construct supply, demand and price indices that can be used to evaluate the current Thai real-estate environment."

The REIC' s current acting director-general, Samma Kitsin, has said that the REIC, which was reorganised to act as an independent organisation under the auspices of the Government Housing Bank in August 2004, is continuously upgrading and expanding its data.

"We are continuously improving our data-gathering processes by helping data-providing agencies throughout the country to streamline their processes," he said.

Data such as land allocation for housing and construction permits for Bangkok and surrounding provinces as well as for 11 major provincial cities are colourfully and clearly presented in the REIC's annual report.

Developers and investors as well as government officials are now able to access such data at a central location on the REIC's website. Most of the site is currently in Thai, but REIC officials have said it will be available in English some time in early 2007.

Although the data presented in the REIC 2005 annual report is quality, industry-specific information, various articles from top real-estate officials and academics are perhaps its most valuable contribution. All of these articles were translated from the original Thai and have been clearly edited for English-language readers. These articles will provide valuable industry insight for those of us who primarily follow English-language publications.

Several articles provide 2006 industry forecasts backed by data and analyses. In his article, Somchao Tantaterdtham, president of the Thai Real Estate Association, talks about changes in consumer behaviour.

"Consumers are now also becoming more demanding. With the advent of new information sources such as the REIC and the Internet, they are now demanding much more information from developers," he says.

He also mentions that in 2005 and 2006 consumers began opting for condominium units adjacent to mass-transport lines. "New graduates and young professionals are now clamouring for these lower-cost convenient residences in locations that reduce travel time to and from work and mitigate ever-increasing oil-price-induced transportation expenses," he writes.

Another interesting article is entitled "2006 Has the Housing Market Peaked?" by Athip Bijanonda, president of the Thai Condominium Association. This article contains some very interesting charts and perhaps most importantly discusses the effects of higher oil prices, higher inflation and rising interest rates on the real-estate market. One of his most interesting charts shows how higher-oil-price-induced transportation costs have driven up the cost of raw housing materials.

Prasong Owlarn, chairman of the Housing Business Association, says the opening of the new Suvarnabhumi Airport and the prospects for new megaprojects have provided a new impetus for housing developments. "Mega projects and Suvannabhumi Airport have been new magnets for home-buyers," writes Prasong.

Even though the housing market grew in 2005, Prasong notes that the overall average price of residential housing decreased. The average market price for residential housing, he says, decreased from Bt3.5 million at the beginning of 2005 to Bt3 million at the end of the year.

"We should closely monitor whether a similar 2005 rising-interest-rate environment may result in lower average housing prices in 2006," he says.

Perhaps one of the most interesting articles is Associate Professor Manop Bongsatad's article entitled "The Importance of a Centralised Repository for National Housing and Real Estate Developments". He outlines the history behind the REIC and why it is important not only for the industry's long-term sustainability but also as a reliable instrument for macro-economic forecasting.

"Rising Interest Rates and Property Sector Adjustments" is a final article that should interest all real-estate industry observers. With most analysts today predicting that interest rates will begin falling again in the first or second quarter of 2007, this article provides some valuable insights well worth pondering.

Interested parties can obtain copies of the Reic Annual Report 2005 in English by contacting the REIC's acting director-general, Samma Kitsin at samma.k@reic.or.th.