Thai PM to End Political Turmoil: Gives Thailand Property Investors Hope
In his first statement to international media, the new Thai Prime Minister Abhisit Vejjajiva has promised that his government will be a fair government for all the people and that he "will bring Thailand's governance back to normalcy." If he does it will be: "great news for the emerging property markets in Thailand's islands," according to Les Calvert director of Property Abroad.
Just months after taking office the PPP faced protests from Thaksin's old foes in the royalist People's Alliance for Democracy (PAD), which culminated with PAD occupation of Bangkok's two airports in November 2008. December 2 a court ruling dissolved the PPP government and ended the protests and airport blockades, but allowed the democrats to fill the power void to angering the Shinawatra supporters and those who voted for the PPP.
Vejjajiva won a parliamentary vote to become PM December 15. In response to the anger caused among PPP supporters by his initial appointments being PAD members Vejjajiva said any of his government links were in the past and:
"(People) have every reason to suspect that my government will be partisan... I intend to prove them wrong. Everyone will have to go through the due process of law - no one will be exempt."
Les Calvert, director of Property Abroad commented on how the political unrest affected Thailand's property market:
"Thailand property prices were at a mature level and the mainland was considered a mature and established market, with no rapid growths being recorded. But the Thai islands of Phuket and Koh Samui recorded 50% annual property value appreciation between 2006 and 2008. This brought Phuket -- which had started its boom cycle first -- prices up to a point where growth would surely slow, but Koh Samui prices were still on average half what they were on Phuket, meaning there was plenty of room for such incredible growth to continue.
"It was then the turn of Koh Phangan to start seeing new off-plan resort style developments, which would then have the same potential for growth as the two Thai islands that went before. But the Thai islands' growth was almost completely fuelled by tourism, so the political unrest put a severe dent in it. Then the credit-crunch came and scuppered it altogether, but when the global recovery is in full swing, it is highly likely that Koh Samui and Koh Phangan property prices will rise rapidly, and that their growth will likely reach at least 50% pa again."
Property Abroad have off-plan resort developments in Koh Samui, and some excellent beach-front land primed for development in Koh Phangan, as well as hundreds of properties in Thailand's other areas, visit the site to find out more.
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