Political uncertainty hampers investments

Thailand's property market is expected to face hard times during the last quarter of the year as homebuyers delay their decision to buy after rising concerns over the country's political state, a survey conducted by The Nation early this week revealed.

Nexus Property Consultants managing director Apisit Limlomwongse said the company's sales from the last month until the mid¬dle of this month had dropped 5 to 10 per cent compared to the same period last year.

"The US financial crisis did not have a direct impact on the Thai prop¬erty market, compared with the country's own political uncertainty, which has had a direct impact on local and overseas people who had planned to buy property in Thailand," he said.

He said residential projects in resort destinations such as Phuket, Hua Hin, Koh Samui and Pattaya were suffering due to the political turmoil and most homebuyers, domestic and foreign, had delayed their decision to expand their investments after the People Alliance for Democracy (PAD) seized Government House last month.

Harrison's vice president Kitisak Jampathippong said a customer from Malaysia had suspended its invest¬ment of Bt5 billion in the hotel business in Bangkok last month because of the political unrest.