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Prices of residences to normalise

Friday, 03 October 2008

The Nation September 30, 2008 Residential prices are showing signs of normalising because construction raw material prices have relatively become more stable, property experts said. Four Pattana managing director Pramote Teerakul, a homebuilding company, said prices of most construction raw material were stable in the last month compared to the previous month. steel prices showed a slight drop of about 5 per cent last month from the previous month. "We believe construction rawmaterial prices in the last quarter of the year will be stable and, as a result, most homebuilders will be able to bring down their residential costs after facing a cost increase of between 5 per cent to 10 per cent this year," he said. Property Perfect's chief operating officer Teerachon Manomaiphibul said prices of lowrise residential projects, such as detached houses, double houses and townhouses, are expected to normalise in the last quarter of the year. "We believe property companies will not reduce prices because they have been shouldering high costs since the last quarter of last year," he said. Preuksa Real Estate chief executive Thongma Vijitpongphan said the company will maintain its residential project prices even though the rawmaterial costs have more or less stabilised. "We think this is the best time for homebuyers to purchase at existing rates because they can still avail the tax incentive," he said.

 

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