The top residential and commercial real estate news of the week - 26 July 2021
CBRE’s weekly property news snapshot features the latest residential and commercial real estate stories in Thailand and elsewhere that you cannot afford to miss - be it regarding residential, industrial, retail, office, hotel, land, or investment property.
Phuket to press on with sandbox
Phuket will persevere with its Phuket Sandbox tourism reopening scheme, despite escalating challenges associated with the rise in new Covid-19 infections, mostly infected locals who transferred from other provinces to receive treatment.
FTI warns of supply side disruption
Soaring Covid-19 infections spreading into the industrial sector could lead to scarcity of domestic goods, hurting consumers already smarting from weaker purchasing power, warns the Federation of Thai Industries (FTI).
Tourism to hit all-time low in 2021
Thai tourism this year is likely to be at an all-time low as international arrivals may reach just 1 million, while domestic tourism could plunge to 50-60 million trips if the worsening Covid-19 situation demands lockdown last for up to three months, according to the Tourism Authority of Thailand (TAT).
Firms continue to fret
Thailand's economic risk is escalating as the country copes with its worst Covid-19 outbreak yet, with new infections exceeding 10,000 a day since July 17 and fatalities continuing to pile up.
Foreign purchases of U.S. homes fall to new low
The Wall Street Journal
Foreign purchases of U.S. homes declined for a fourth straight year as the Covid-19 pandemic sharply limited international travel. Foreigners bought $54.4 billion in U.S. residential real estate in the year ended in March, down 27% from the prior year, according to a report released Monday by the National Association of Realtors. That is the lowest level on record since NAR began collecting the data in 2011.
Hotels face grim outlook
Domestic demand for hotels remains gloomy because of the steady daily rise in new infections, forcing hoteliers to hope for a big reopening scheme for foreign visitors to shore up travel demand.
Offices not dead yet
A growing number of corporate occupiers plan to extend their office footprint in Asia Pacific in the long term, while also pursuing greater flexibility and new hybrid working models, says the international real estate services company CBRE.
The views and opinions in these articles belong to the author and do not necessarily represent the views and opinions of CBRE. Our employees are obliged not to make any defamatory clauses, infringe or authorize infringement of any legal rights. Therefore, the company will not be responsible for or be liable for any damages or other liabilities arising from such statements included in the articles.