Thailand’s Finance Minister has expressed his confidence that the Kingdom will not be faced with real estate bubble, adding that he believes banks have plans to cope with the situation.
After presiding over the opening ceremony of GH Bank Expo, Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong (pictured) said that despite the country’s economic slowdown, the real estate industry is still expanding as the number of houses is increasing constantly. He added that more people living in the capital want a condominium or an apartment located where they can commute easily by public transport.
According the media reports he went on to say that the real estate sector will not experience an economic bubble, citing commercial banks’ strong policies as one of the factors that will help stabilize the industry.
Thailand’s National News Bureau noted that he said that Thailand’s banks are very careful before they issue a real estate loan, while most borrowers usually realise their affordability. All of these factors in the mechanism convinced him that chances of a real estate bubble are very slim, he added.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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