(Photo by Somchai Poomlard)Residential property market growth this year has been cut to 3-5% from 5-7% following lowered GDP growth forecasts of 1.5-2.5% amid the spread of the recent coronavirus outbreak, says the Real Estate Information Center (REIC). "Despite property incentives and lower interest rates, market sentiment will be unfavourable because of the impact of the outbreak on economic systems," he said. Last week, the National Economic and Social Development Council lowered its 2020 forecast of economic growth to 1.5-2.5% from the 2.7-3.7% forecast made in November. China plays a large role in the world's tourism market as it accounts for 20% of the sector, up from 3% in 2002. Positive sentiment in the property market will return in the second half, said Mr Somprawin.

Source: Bangkok Post February 25, 2020 23:48 UTC