Although much of central Bangkok remains blockaded today, it is business as usual for at least one real estate agency.
With its head office on Sathorn Road, Jones Lang LaSalle (Thailand) has seen little impact to date from the Bangkok shutdown, and no contract cancellations.
Suphin Mechuchep (pictured), Managing Director of Jones Lang LaSalle (Thailand), told DDproperty.com: “In terms of our business operations, JLL hasn’t seen much impact from the situation. Our head office on Sathorn Road remains open as normal.
“In the office rental market business also remains normal. There have been no contract cancellations, although some companies have opted to put their decisions on hold. Currently the market has limited supply of Grade ‘A’ office space while demand is high.
"As a project agent (hotels), the company is still receiving enquiries from Thai and foreign investors, but many companies have placed their final decisions on hold. The situation for long-term investment remains normal.
"As a residential property agent, selling and buying enquiries have also remained normal. The only thing we have witnessed is that most project owners are postponing their high-cost marketing campaigns until the situation has been resolved.”
Suphin added that in the past, tourism is the main sector that received a direct impact from any political unrest.
She said: “As the situation still has no clear end, it’s hard to tell how much it will affect the property market. If it’s a happy ending, the market will not see much impact and will regain confidence from investors.
“If the situation remains unclear and is prolonged, it won’t do any good for the economy as a whole, including the property market."
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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If you have a property-related story about the current situation in Bangkok, please email andrew@propertyguru.com.sg. We want to know if you are delaying your buying decision because of the current situation? If you’re a developer or agent in Bangkok or elsewhere in Thailand how is your business being impacted? Email us now.