Thai developers suddenly have a “golden opportunity” to buy up land in flooded areas at bargain prices according to Patima Jeerapaet, managing director of Colliers International Thailand.
He believes that the effect of Thailand’s worst flood in 50 years will be a change in the way all property sectors in the country are evaluated and developed, as well as a change in “home-purchasing sentiments.” People are going to be more cautious he says and it will take at least six months for the market to return to normal.
Overall, however, Jeerapaet thinks that Thai buyers will stick with familiar locations and that there probably won’t be any large migration of residents away from the flooded areas.
The opportunity will arise because “homebuyers will wait and see the situation after the floods and delay making a decision. Housing sentiment will resume towards the middle of next year at the earliest. Housing developers will delay launching new projects," he told OPP this week via a conference on the post-flood Bangkok real estate market.