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BANGKOK, 3 June 2014 - Somchai Jinnovart, PwC Thailand’s Lead Assurance Partner, shared his insights on the Thai real estate market outlook with the Money Channel’s Open Up programme.
Thailand is keeping up with a booming global real estate business. Increasing urbanisation and growth in the construction of skyscrapers (particularly for prime office buildings) and condominiums show that ongoing political instability hasn’t had a negative effect on the real estate investment outlook.
The enthusiasm for real estate investment is expected to increase steadily. This is because of a boost in the number of high-net-worth individuals in emerging markets and the growth of sovereign wealth and pension funds as political tensions have started to ease.
Referring to PwC’s Real Estate 2020: Building the future, the global stock of institutional-grade real estate is expected to grow by more than 55% to $45.3 trillion by 2020, from a total of $29 trillion in 2012.
But while the booming industry is undergoing important changes that will reshape the landscape over the next six years, property and real estate developers must adopt the technology, innovation and sustainability needed to enhance their asset values to cater to the fast-changing demand of tenants, he said.