There is a lot to like about real estate in Thailand, but some experts are not as excited about the market as a whole. The country was deemed to have one of the world’s 10 worst property markets, according to a new quarterly analysis by Global Property Guide.
While the Kingdom avoided being at the bottom, it was voted as the 8th worst in the world by the website. The property market in Thailand was found to be slowing down with home prices on the decline. Home prices in Thailand fell by 2.8% in the 2nd quarter of 2017 when compared to the previous year. The drop comes after prices had increased by 4.29% in 2016, according to Global Property Guide.
Singapore was the only other country in South East Asia to finish in the top 10, winding up one spot ahead of Thailand in the rankings. The country’s real estate market remains weak and the 2nd quarter of 2017 saw home prices fall for a 15th consecutive quarter. There is some hope that the property market may be set for a turnaround soon.
Puerto Rico was determined to have the weakest housing market in the world with home prices on the island falling by almost 10% in the 2nd quarter of 2017 when compared with the same period 1 year earlier. The report came before Hurricane Maria which is expected to have a significant negative impact on the housing market in future reports.
“Puerto Rico is now the weakest housing market in our global house price survey, amidst continued economic woes, high unemployment, massive emigration, and a near-catastrophic national debt crisis and credit rating downgrades,” says report.
Other countries to make the world’s 10 worst property markets list include Russia, which was the weakest country in Europe, Qatar, and Egypt. Each of those countries saw home prices fall by over 5%.