As Thailand finds itself on the cusp of a new government, Phattanan Pisutwimol, President of the Phuket Real Estate Association, has urged the swift formation of the administration and a prime minister who commands economic expertise. His remarks came on May 20, amidst Thailand’s ongoing struggle to revive its economy post the COVID-19 pandemic.
“I have been closely following the formation of a new government,” Khun Phattanan said, according to the Thai-language newspaper Matichon.
He believes that a quicker transition would be beneficial, in contrast to past conflicts that spiraled into economic downturns. “Thailand currently needs everyone to work together to boost the economy, especially now that we have weathered the COVID storm.”
The real estate industry in Phuket, a key sector contributing to Thailand’s economy, is witnessing a significant transformation, adjusting to new demands in the post-pandemic world. Despite a lull in international tourism due to COVID-19, the property market in Phuket has demonstrated resilience, primarily driven by domestic demand. The transition to digital platforms has also opened new avenues for investment in the real estate sector, attracting both local and foreign investors.
“Phuket’s real estate market needs strong government backing to continue its recovery and growth trajectory,” Phattanan added, highlighting the potential of the Forward Party and the Pheu Thai Party to bring necessary economic reforms. He acknowledged the potential for delays in forming a government, which could hinder the national budget approval, ultimately affecting the economy and the real estate market.
While lauding the Forward Party’s proposed economic policies, Phattanan expressed concerns regarding the implementation of proposed reforms, such as increasing the minimum wage and establishing legal casinos in Phuket. These contentious issues, he said, require more detail and thoughtful planning.
In his conclusion, Phattanan called on the new government to reassess long-standing laws like the condominium law, land allocation, urban planning, and environmental laws. These, he pointed out, were out of sync with modern economic conditions and had the potential to stunt progress in the real estate sector.
The anticipated revival of tourism in Phuket, coupled with sound economic policies and governance, is set to propel the real estate market forward. As Thailand eagerly waits for the formation of its new government, the echo of swift action, informed policy decisions, and innovative solutions resonate throughout the nation.