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Residential market could grow 5-10%

THE RESIDENTIAL property market this year could grow by between 5 and 10 per cent, thanks to government expenditure and private investment boosting domestic spending, according to leading developers.

Meanwhile, the trend in residential construction and design will change, especially in regard to the use of prefabrication.

The proportion of prefabricated elements used in the construction process is expected to rise to more than 80 per cent in new residential launches this year, as developers seek to reduce the number of on-site labourers and save time.

There is expected to be a labour shortage in the property sector this year as the government’s infrastructure development programme gets under way, absorbing a large number of people from the labour pool.

Residential design will largely focus on the functional and simple, to serve demand from young buyers.

Pruksa Real Estate president and chief executive officer Thongma Vijitpongpun is confident that the residential market will expand 5-10 per cent from last year’s level, when the market slumped 10 per cent.

This is because many people who delayed their decision to purchase last year can be expected to take the plunge during 2015, while low interest rates seem set to be maintained, or even drop, he said. The nationwide residential market recorded sales of Bt650 billion in 2013, but fell to about Bt585 billion last year, split equally between Greater Bangkok and the provinces, according to research by the Government Housing Bank’s Real Estate Information Centre.

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Source | The Nation 8 January 2015

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