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Property shows set to boost sales

Saturday, 09 August 2008

The Nation August 7, 2008 Deals expected to stimulate market. Two home shows starting two weeks from now are expected to generate as much as Bt4.5 billion in sales, according to organisers. The Home Builder Association and Home Buyers Guide magazine are confident special deals offered at the shows will stimulate market demand. Both shows are at the Queen Sirikit National Convention Centre. Association president Panthep Thanchitikul said it expected Bt1.5 billion in sales during its five day Home Builder 2008 show, starting on August 20. He agreed home buyers had delayed decisions to build in the first half of the year because of economic concerns. However, Panthep believes the show will boost demand when homebuilders' special prices and bank financing deals are announced for buyers who sign contracts during the event. He said prices offered at the show would be between 5 per cent and 10 per cent lower than the market. Plus, construction costs are expected to rise by similar figures in the last quarter of the year, Panthep said. The association expects 80,000 to attend. Home Buyers Guide managing director Borisut Kasinpila said it expected between 80,000 and 120,000 visitors to its four day, August 2124 event. It expects sales of between Bt2 billion and Bt3 billion. More than 100 developers buildฌing 500 residential projects will be showcased. "We believe the exhibition will drive the property market to sales levels seen last year," said Borisut. Last year there were 73,800 residential units sold in greater Bangkok, a 5.5 percent drop from 2006. Developers built about 48,200 units with the remainder by owners engaging private contractors. Real Estate Information Centre director general Samma Kitsin said the property market in the first half of the year had dropped year on year, although new condominium sales numbered 2,700 in May, up nearly 10 per cent from the same period in 2007. That figure reflects pre sales made as long as two years ago but having been completed in the month of recording. Samma said new projects and presales this year looked like declining. "We believe the home show events will boost the market in the second half of the year."

 

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