Bangkok building boom shaken by Myanmar quakeーNHK WORLD-JAPAN NEWS
Recent years have seen the Bangkok property market explode as developers race to build luxury highrises for wealthy buyers, including many from abroad. But a major earthquake in March is threatening to pour cold water on the thriving real estate business. Enk World’s Ari Pumchan has more. Soaring demand for high-end residential properties has brought a flood of international money into Bangkok, notably from China. Starting in 2022, the number of condo units sold to overseas purchases increased by a massive 26%. Oh my god. But much as powerful earthquake in neighboring Myanmar also shook the Thai capital some 1,000 kilometers from the epicenter. Damage in Bangkok was mostly to high-rise buildings with more than 10,000 cases reported. That’s led one research institute to revise its forecast for Bangkok area condo sales. this year down by 3,000 units. I didn’t know earthquakes happened in Thailand. I’ll probably buy a house instead of a unit in a high-rise apartment. Developers of lowerrise housing now see this chieft as an opportunity. This eightstory building had no cracks. The floors and ceilings were normal. It was quite calm during the quake. The company plans to invest over $30 million to construct more buildings like it this year. Interest in lowerrise buildings is temporarily increasing as those structures were less affected and fewer units means more privacy. and the quake has brought renewed focus on disaster preparedness to our staff. This firm published a Thai language guide book based on one made by its partner in Japan where earthquakes are more common. It highlights best quake responses such as how to rapidly exit an elevator to avoid becoming trapped. The company is also inviting experts from Japan to share their skills. They are great partner. They have a lot um a lot more knowledgeable than we had. We try to understand them and then understand our customer and mix all this together and come up with the more revised one. It’s rare for Thailand to be badly affected by earthquakes. But this year’s experience appears to be changing how people think and do business in HK World Bangkok.
Bangkok’s booming property market is wobbling after an earthquake in Myanmar hit buyer confidence. That’s forcing developers to rethink their strategies. #asia #bangkok #thailand #business #technology #earthquake
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