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Slew of economic factors holding Thai property sector back

13 Sept 08:22 Key points summarised by AI

The Thai property sector is struggling with subdued demand, oversupply, and high mortgage rejection rates, contrasting sharply with the recovering tourism industry.
Sales of new and resale homes declined in H1 2024, resulting in 313,789 unsold units worth 1.7 trillion baht, which could take three years to absorb without new developments.
A recent interest rate cut offers minor relief for mortgage borrowers, but banks remain cautious on loan approvals due to high household debt and affordability concerns.
Proposed solutions include relaxing loan-to-value (LTV) rules and easing foreign ownership restrictions, yet the sector faces a potential liquidity crunch in 2025 from maturing debentures and long-term demand challenges due to an aging society.

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.