It seems to be business as usual for Thailand as the kingdom enters its second day under Martial Law.
Yesterday real estate agents and property professionals were largely supporting of the army’s intervention, seeing it as possibly being the beginning of the end of the current political instability.
Naturally the industry will see an impact, but it may be less than many people initially feared.
Dr. Sopon Pornchokchai, President of the Agency for Real Estate Affairs (AREA), told DDproperty.com that he believes the declaration of Martial Law will only have a short-term impact on people’s sentiment.
He added that he expects to see a drop in new project launches within the next few months, but that both demand and supply should bounce back from the third quarter onwards.
“Investors should not worry about the situation. I urge the involved parties to cooperate for the best way out and for the sake of the country,” he added.
Bangkok-based financial advisory firm MBMG, in a newsletter to its clients, said yesterday’s move to introduce Martial Law was neither a surprise nor dramatic.
The company said: “[The army] has already stressed that this is not an attempted coup d’état. Whilst the military has stopped certain television stations from broadcasting, it has stated that its main aim is to stop any violence between the two sides of the current political mess doesn’t escalate into a full-blown crisis.”
Following an initial fall after opening the Stock Exchange of Thailand recovered to record losses of just 1.1 percent on the day, while the Thai baht weakened sharply but then also recovered following reported intervention by the Bank of Thailand.
Thai media today reported the business sector had warmly welcomed the move towards greater stability.
Isara Vongkusolkij, Chairman of the Thai Chamber of Commerce, told the Bangkok Post that the declaration of Martial Law would restore the confidence of locals and foreigners that Thailand can still keep peace and order, but added the current situation should not be prolonged.
Image: From Instagram user baljetrogers and reproduced under a Creative Commons License
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 news story or comment for publication about Thailand property or real estate please email andrew@propertyguru.com.sg