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Eight property-related groups have urged the next
elected government to support the real estate sector to prevent a possible
crisis and bring stability to the industry.
The main requests cover overall real estate policy, creating an agency to
oversee the sector, and residential policy for low-income earners, said Kitti
Patpongpibul, the president of the Housing Finance Association (HFA).
''Every country in the world has an agency to look after the housing and real
estate sector but there is none in Thailand. ... That's why we always face
problems,'' he said yesterday.
He pointed to Malaysia and Indonesia, each of which has a Housing Ministry,
while Singapore and the Philippines have a Housing Development Board.
''Our residential and real estate system is in transition. It has passed so many
crises. Now developers and homebuyers are concerned about a possible crisis in
the future.''
Mr Kitti said the real estate sector had many unfinished tasks including the
long-discussed escrow account law to protect homebuyers. ''Preventing is better
than solving,'' he added.
Other issues that the new government should be concerned with are asset
appraisal laws, inheritance and asset tax, real estate brokerage laws, extending
the lease contract period, tax incentives, infrastructure and low income
housing.
''Problems related to Baan Ua-arthorn low-cost housing project remain unsolved.
It relates to many parties and may have a greater impact as the value is quite
huge,'' said Mr Kitti.
Somchao Tantaterdtham, president of the Thai Real Estate Association (TREA),
said the real estate sector plays an important role in the country's economy
(GDP). But during the past few years, real estate growth has been volatile.
''We want to see more stable growth in the real estate sector and believe the
new government's policy will support it,'' he said.
The Thai Valuers Association criticised the lack of regulation over the
appraisal profession and a lack of property management courses at local
universities.The eight associations will hold a forum entitled, ''The Future
Thai Residential and Real Estate Sector and the New Government after the
Election'' on Nov 8 at the Grand Hyatt Erawan Hotel.
The forum would be joined by representatives of major political parties to
discuss their vision for the real estate sector. Other groups joining the forum
include the Home Builders Association, the Real Estate Broker Association, the
Real Estate Sale and Marketing Association and the Thai Appraisal Foundation.
source: Bkk Post
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