Will new condo and housing projects in Thailand be completed on time?

Thailands property developers are facing a shortage of workers.

Reports from property developers are there just not enough workers available to fill the demand for upcoming projects in the new year. The new minimum wage increases still will not solve the problem.

Thailand has a 0.6% unemployment rate according to "The Nation", and the construction, infrastructure, and manufacturing sectors are looking at a shortage of approximately 200,000 workers.

While reasons for this may be debateable and the above unemployment rate skeptable, the lack of workers seems prominent.

One attempt to solve the problem has come from the Housing Business Association asking Labour Ministry to ease restrictions on foreign workers. There are an estimated 2 million foreign workers in Thailand at the present time.

While it can't be estimated just how many delays in new projects breaking ground it would seem wiser for property buyers to be looking at projects nearing completion as opposed to buying empty shells on pieces of land that have not yet broken ground.

Here in Pattaya, where there are still a huge number of new projects lined up for 2013, even if builders can deliver units on time there may be a question of the local Thai government having enough workers to complete the necessary infrastructure...which all in the Pattaya Jomtien Beach area know is lacking to say the least.

Real Estate development in Bangkok, Pattaya, and Phuket to remain hot!

Developers  continue to remain confident in the property market in 2013. Predictions are property will grow by 5-10 per cent, this based on strong growth in gross domestic product, which is anticipated at roughly 4-5 %.

This confidence is spurring a plan to launch new residential projects worth more than Bt200 billion next year. locations targeted are the  Greater Bangkok community and upcountry regions such as Chon Buri, Pattaya, Hua Hin, Chiang Mai, Phuket and Khon Kaen.

The top three property firms - Pruksa Real Estate, Land & Houses and Sansiri - told The Nation last week that they would each launch between 30 and 40 projects, totalling nearly 100. These 3 developers projects are estimated to be worth around Bt90 billion to Bt100 billion.

Asian Property Development, a top 10 listed real estate firm, is planning at least 18 projects worth a total of Bt20 billion. SC Asset Corporation is also planning at least 14 projects worth Bt20 billion, and LPN Development is planning at least another10 projects. their projects will also be worth between Bt15 billion and Bt20 billion. This creates a total investment budget for these launches next year will be between Bt100 billion and Bt130 billion.

 Pruksa Real Estate president and chief executive officer,Thongma Vijitphongpun has stated that the company has strong confidence demand for home purchases will grow next year at an estimated 5 to 7 %. This is in line with Thailand's expected GDP growth.

Kree Dejchai, SC Asset Corp chief operating officer, said the company would continue to focus on the middle-to-upper-income market next year. Up to 70% of its new projects will be low-rises projects including detached houses and townhouses.

Most property firms stated that the market this year would post 5-per-cent growth over 2011.



 

Reaching Pattaya and beyond

The question posed to me many times is "why should we pay you for advertising?"

It is a good question. I hear - "We diversify our advertising enough already!" Developers and Real Estate Agencies already pay to advertise in local magazines, bill boards, news papers, television and radio, and high cost booths in shopping malls. 

Are you seeing the common denominator here? This is all local advertising! What about those that are not in the immediate or approximate area?? How do you reach them?

Again the common answer, "we have a website of our own". "We have a Facebook page, we Tweet."

The truth is if i'm looking for a property i am not looking to Facebook...maybe to get an idea. Most will Google some kind of search. We look to reach those outside Thailand as well, weather they are looking for a holiday rental, short term rental, long term rental, or to buy, we can reach them and get them right to what they are looking for. 

We currently have a database of over 2500 on and offshore contract workers and this is continually growing! We also have a network of blogs and articles published regularly in both English and Thai. We are more than just another website to advertise on, we have a marketing network to deliver niche specific potential customers to you!

All ads on our monthly subscriptions will have their own contact information in those ads, we will not put ours in. if you would like us to work on commissions those that do advertise with us on a monthly subscription will receive a 1% discount on commission on anything we sell for you! For more information please contact us at info@pattayarealestatemarket.com
Thank you!