In some people’s minds, the continuing political upheaval has been stabilised after an escalation of social and political divisions reached crisis point. Now it is the job of the National Council for Peace and Order (NCPO) to deliver and put in place what the politicians couldn’t or wouldn’t do in the past. This will lead to Thailand’s property market continuing to grow, not only in Bangkok but in locations associated with flourishing border trade.
In the past, politicians struggled to put reform in place and were instead demanding elections first, but there was nothing to assure the public that they would not renege on their promises to reform the system, which would have formed a crucial basis for amending the constitution and have stemmed the tide of corruption scandals.
When the Asean Economic Community integration kicks in at the end of 2015, border trade will be a huge economic driver and will pave the way for developers seeking to expand their businesses. It will help augment Thailand’s competitiveness in neighbouring countries’ markets. It is a prospect that Thailand should relish as it has the geographical advantage of being connected to many countries in Southeast Asia.
Border trade between Thailand and its neighbouring countries has risen progressively, with the value between the country and the four countries on its borders, Cambodia, Myanmar, Malaysia and Laos, totalling over 900 billion baht last year and in 2012. Alongside and because of free trade agreements and economic promotions, investment in property development has seen strong levels of expansion, especially in the condo market.
The condo market in these border areas has advanced due to factors such as income generated from the new retail businesses that have sprung up there, with many buyers choosing not only condominiums but detached houses and townhouses, particularly in areas like Ubon Ratchathani and Kanchanaburi.