Thais are the most active in the region when searching for information about AEC 2015, the single-market ASEAN economic community which comes into force at the end of next year.
Pornthip Kongchun, the Head of Marketing for Google in Thailand, said that ranked out of 100, Thais scored 62 for searches on the word “AEC” during 2013. In comparison searches from people in Singapore and Malaysia ranked 8, while those from Indonesia scored just one. Searches from Brunei, Cambodia, the Philippines and Myanmar scored less than one while those from Vietnam and Laos were so few they could not be recorded.
Short term benefits for the regional property sector are largely unclear, and any changes are expected to take place over many years.
Simon Landy, Executive Chairman of Colliers International Thailand, told DDproperty.com: “I agree that Thais are more aware of AEC than many other people in ASEAN, but some of the assumptions that people make may be overly optimistic.
“AEC should herald a new era of liberalisation, but it will take time. The main changes will take place over many years, and not really from December 31, 2015.”
Landy noted that a good example is the liberalisation of landed property ownership laws in Thailand.
He said: “As far as I’m aware, it isn’t even on the agenda yet so don’t expect much change there, however AEC should lead to more opportunities for developers and contractors to operate in other ASEAN countries.
“The bigger impact could be in professional services where eight professions – including architecture, engineering and certain surveying disciplines – have been earmarked for fast-track liberalisation.”
The goal of AEC 2015 is economic integration to deliver a highly competitive region – much like the Euro Zone. Areas of cooperation between the ASEAN countries include human resources development, recognition of professional qualifications, closer consultation on macroeconomic and financial policies, and enhancing private sector involvement for the building of the AEC. In short, the AEC will transform ASEAN into a region with free movement of goods, services, investment, skilled labour, as well as a freer flow of capital.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Recent stories you may have missed:
MUST READ: Agency sees 40% drop is sales from political instability
Luxury property sector continues to perform
Serviced apartment sector impacted by political situation
Land demand remains robust in Bangkok’s central business district
If you have a property story you want us to publish email: andrew@allproperty.com.sg