Up To 10% Growth Expected for Thailand’s Property Market in 2016
Thailand’s economy has experienced some significant ups and downs in recent years but despite the weak economy, its property market is expected to pick up significantly this year, driven by the growing low-rise sector of the residential market.
Atip Bijanonda, president of Thailand’s Housing Business Association, said the Thai property market this year would grow by 5-10%, boosted by transactions in single-house and townhouse segments.
” In many provinces, condos will remain sluggish this year, while demand for single houses and townhouses will continue to grow as supply remains limited, ” he said.
According to the Real Estate Information Center (REIC) , the number of low-rise units – single houses, townhouses and duplexes – remaining for sale in 26 provinces totalled 146,870 worth 541 billion baht. Also available were 98,130 condo units worth 275 billion baht.
Bangkok, Chon Buri and Nonthaburi are recorded as having the most condo and low-rise units remaining for sale.
Prasert Taedullayasatit, president of the Thai Condominium Association , said sales of single houses and townhouses had picked up since the third quarter last year. Demand was strong for townhouses priced 2-3 million baht as large developers shifted to the segment.
Townhouses priced higher than 10 million baht located close to mass transit stations showed the most significant growth with the sector competing with condos in the same location due to lower prices.
” Developers should prepare for changes in the real estate landscape, ” Mr Prasert said. ” As happened last year, big developers are expected to continue dominating the residential market, putting smaller developers in trouble “.
Don Nakornthab, senior director of the financial institutions strategy department at the Bank of Thailand, said the government’s spending on infrastructure in 2016 may be minimal but it could lead private investment and help the property sector, as most megaprojects will develop mass transit and transport networks.
” Developers should be more cautious in property development as the economy remains slow, with high household debt and low prices of agricultural products having an impact on consumers’ purchasing power, ” he said.
Economists expect Thailand’s economy to improve from last year as the government’s economic stimulus policies and other measures introduced by the central bank and the Public-Private Partnership Committee are implemented.
In 17 major provinces, the property market significantly slowed down, with the number of housing units launched dropping by 29.3% in the first three quarters last year to 31,193. The number of units sold also fell by 35% in the same period.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Blackstone Predict New Opportunities in Australian Commercial Property
Blackstone, the world’s largest real estate investor do not see Australia’s commercial real estate market as overheated as many analysts do, suggesting that global volatility will continue to create new investment opportunities in 2016.
The firm’s global chief investment officer for real estate, Ken Caplan said: ” We bought a half-interest in Southern Cross not long ago, so we continue to see opportunities [in Australia]. We still see it as an interesting time to be investing. Australia has done well for us. We like the investment and would like to do more “.
In December last year, the private equity giant bought a half share in the Southern Cross office complex in Melbourne for AUD675m, with Canadian giant Brookfield owning the balance. Analysts have speculated that the yield of just over 5% is a new benchmark for the Melbourne office market.
Globally, Mr Caplan expects the pace at which yields have tightened to slow after the strong run real estate has had in recent years. However, he did not see interest in Australia abating, rejecting talk of a commercial property bubble. ” I see a lot of reasons why Australia will remain a place that investors will want to invest capital into real estate “.
Blackstone has more than AUD5bn of property and AUD1bn of real estate debt in Australia. In 2015 the group made its first push into the Australian real estate debt market, buying $750m of Australian loans as part of its USD26.5bn to purchase General Electric’s global real estate assets.
” It does feel like we are in an environment where we will see more interesting opportunities. And having the dry powder across the firm of USD85bn [funds available globally across asset classes] means we are able to take advantage of this, ” Mr Caplan said.
Blackstone has been most active in Sydney and Melbourne office and retail property and according to Mr Caplan, ” That’s where I expect we will continue to be most focused “.
Increased investment activity in commercial real estate markets is generally a precursor to increasing prices in the residential sector. That’s why savvy investors pay close attention to the activity of the investing giants like Blackstone for indications of where smart capital is flowing and seek opportunities locally.
Opportunities to invest in commercial real estate around the world are becoming more widely available through crowdfunding platforms and real estate trusts, with entry levels at more affordable ranges for retail investors.
The commercial sector of global real estate markets is expected to see significant growth in the next 12 months, as more economies achieve stability or seek to stimulate growth through investment in business.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Faith Tourism Booms in Turkey
Turkey is a fascinating country that is home to a mesmerising blend of East and West. Ancient civilisations have come and gone in the country over generations in time, each leaving behind an incredible heritage that resonates with followers of many different faiths.
Consequently, millions of people from all over the world visit the spiritual attractions. Turkey is home to and faith tourism has become an important part of the country’s growing tourism sector.
Here we take a look at the most popular sites and attractions for religious visitors to Turkey:
Konya: Shrine of Rumi and Museum
Konya was the final home of Rumi (Mevlana), Anatolian mystic, poet and the father of the Mevlevi Order. He is known as Mevlana in the East and as Rumi in the West and his tomb is in the city. In 1273, his followers in Konya established the Mevlevi Sufi order of Islam and became known as the Whirling Dervishes. Konya has the reputation of being one of the more religiously conservative metropolitan centres in Turkey. It was once known as the ” citadel of Islam ” and its inhabitants are still comparatively more devout than those from other cities.
Izmir: Virgin Mary’s House
The house was discovered in the 19th century by following the descriptions in the reported visions of Blessed Anne Catherine Emmerich, a Roman Catholic nun and visionary which were published as a book by Clemens Brentano after her death. The Catholic Church has never pronounced in favour or against the authenticity of the house, but nevertheless maintains a steady flow of pilgrimage since its discovery.
Catholic pilgrims visit the house based on the belief that Mary, the mother of Jesus, was taken to this stone house by Saint John and lived there until her Assumption, according to Catholic doctrine. The shrine has merited several papal visits from several popes, the earliest pilgrimage coming from Pope Leo XIII in 1896.
Trabzon: Sumela Monastery
Sumela Monastery is a commonly-visited attraction of faith tourism in Turkey, as well as pleasure trips. The ancient monastery and buildings surrounding it were built in the 19th century, with the Roman Orthodox community permitted to perform the religious ceremony of the ascension of the Virgin Mary since 2010. The area, already rich in natural beauty draws significant numbers of faith tourists in Turkey.
Nevşehir: Cave Churches and Haji Bektash
Nevşehir is the capital of the Cappadocia region where the first settlements date back to 3000 BC; the oldest name of the city was ” Nyssa “. The city also has some interesting remains from the Seljuk period, such as the castle which stands at the highest point of the city.
The Kursunlu Mosque has an impressive complex of buildings and a medresse surrounding it which dates back to 1726. They were built by carving the soft rock surface located in what is now the Göreme Open Air Museum, attracting thousands of visitors as well as faith tourists every year.
Sanliurfa: Legendary Pool of Sacred Fish- Standing Place of Abraham
According to Jewish and Muslim tradition, Urfa is Ur Kasdim, the hometown of Abraham and is also one of several cities that have traditions associated with Job. For Armenians, Urfa is considered a holy place since it is believed that the Armenian alphabet was invented there.
Urfa, town of Prophets, still cherishes the memory of the Prophets Abraham, Eyup, and Suayb, today. The Pool of Sacred Fish which is one of the most beautiful places in Urfa and the Halilürrahman Mosque right next to it constitute an island of spirituality. The pool of Sacred Fish and its surroundings where Prophet Abraham was born, thrown into the fire, and saw the most significant moments of his life include attraction spots for local and foreign visitors.
Istanbul: Blue Mosque and Hagia Sophia
The Blue Mosque ranks 20th among most commonly visited historical buildings in the world. Its very construction was marked by the desire to compete with Hagia Sophia, a Byzantine architectural masterpiece. Undoubtedly, both of them play a great role in making Istanbul, which is already the centre of culture, business and entertainment, an outstanding destination for faith tourism as well.
Hagia Sophia is a former Christian church, later an imperial mosque, and now a museum in Istanbul. From the date of its construction in 537 until 1453, it served as an Orthodox cathedral and seat of the Patriarch of Constantinople and in 1261, it was converted to a Roman Catholic cathedral under the Latin Empire. The building was a mosque from 29 May 1453 until 1931. It was then secularized and opened as a museum on 1 February 1935.
Article by +Roxanne James on behalf of Propertyshowrooms.com
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