First you have to recall what was the boiler room’s motto : there is no crisis, the market is healthy, unlimited growth, ever increasing prices, flowing honey, golden flowers, peace and love (yes love too) etc.
You know the drill now. 😉
Thailand’s property market is well insulated from the global financial crisis as it is far less dependent on debt than most property markets, said real estate firm CB Richard Ellis Thailand.
October… Less than 4 months ago.
It’s tasty, isn’t it ? Anyway, time to go on the ground. And what do we see ? Oh my good lord… there are some problems… Amazing. How come ? It’s totally unexpected.
Property developers have suspended work on 12 condominium projects in Bangkok, in some cases because they face financial difficulties in a deteriorating market.
The suspended projects were to provide 209,230 square metres of floor space and were scheduled for construction in 2008 and 2009. (Nation)
You should read the whole article. It gives other data about the stock of unsold units, the number of projects under construction etc. It’s interesting.
But don’t forget the little music : “the thai market is well insulated “…
May peace (and insulation) be upon you. 😉