Developers have decided to go ahead with new promotional campaigns to encourage people to buy after the government delayed a decision on a stimulus package for Thailand’s troubled property sector. Buyers in Thailand continue to have trouble accessing mortgages which has caused problems for developers.
“We want the government to be clear on whether it will launch the measure or not,” Prasert Taedullayasatit, president of theThai Condominium Association, told The Nation. “If not, that will clear the way for property developers to do their business and people will decide whether or not to buy homes. Customers have been delaying the transfer of their homes for the last two weeks, since the Finance Ministry announced its plan to launch the measure.”
Real-estate companies are hoping promotional campaigns can help attract new buyers regardless if the government initiates measures to boost the property market. He added that the government’s policy on this issue is still needed to allow for developers to plan accordingly. Several companies have already rolled out their plans to help boost sales for the rest of this year.
Raimon Land has launched a campaign for five of its residential projects that gives customers discounts of up to 18 percent on certain units. AP Thailand is offering discounts of up to THB4 million per unit for all of its homes. A number of other developers are using tactics such as free stays for the first two years and free transfer and mortgage fees to entice buyers.
According to the Thai Condominium Association, the fourth quarter will see THB120 billion worth of residential transfers to customers, with condominiums making up THB80 billion of this figure and the rest of the transfers being for detached houses and townhouses.
“If there are no government measures, the property market will still grow by 10 percent this year compared with last year. But the government should still make its intentions clear so buyers stop delaying home transfers,” Prasert added.
