Land sales in Thailand drop

 Land sales in Thailand dropHemaraj Land and Development Plc (HEMRAJ), Thailand’s largest private industrial land developer, expects its 2009 land sales to slump by two-thirds of last year’s figure, says president and CEO David Nardone. Hemaraj sold 1,621 rai of industrial land in 2008, but this year the company is targeting only 500 rai, because of the global downturn’s impact on investment and industrial-land demand.

Last year’s land sales figure was a record for Hemaraj, as large companies in several industries sought to expand capacity to sustain their growth. Lawyers in Phuket are also seeing an interest from abroad in the island. Big buyers among its 60 land sales in 2008 included Suzuki Motor Corp, Bitumen, Thai Rayon and Nippon Steel. So far this year, though, most clients have been small-scale businesses.

The property market has since the last writing as listed above changed and has gone through the Euro Crisis and more. The property market saw the Thai government step in with lower transfer fees tax rebates which was a first for Thailand. Now in 2013 the market for property is still as solid as last year and the financial crisis globally having come to and end has seen an increase in buying again. Looking forward in 2013, most estate agents polled in Bangkok thought that 2013 would be a good year for property and looking at more developments. There is also the hope that some property laws would change such as the lease agreements which is still limited to 30 year lease agreements but looking forward to more talk about a 99 year lease agreement such as those in Vietnam and Hong Kong. Maybe even a change is owning land in Thailand? I don’t think so!

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