New Thai Prime Minister aims to focus on real estate led economy

Thailand's recent political saga, marked by an extended leadership selection process, led to the appointment of Srettha Thavisin as the new prime minister. Despite not securing a majority in the general election, Srettha, a real estate tycoon and political newcomer, assumed leadership in August, heading a coalition government with 10 other parties.

Srettha's unconventional political journey, starting from a successful career in real estate, brings a fresh perspective to the challenges faced by Thailand's property sector. With his deep understanding of market dynamics, he is expected to navigate issues like ownership rights, overseas transactions, and changing consumer behavior.

Sansiri, the real estate firm co-founded by Srettha in 1990, reported impressive figures in 2022, showcasing his ability to lead a major player in the industry. As Thailand grapples with an economic slowdown, Srettha aims to utilize real estate investment as a catalyst for economic recovery.

Political uncertainties have impacted property launches in Bangkok in 2023, prompting Srettha to emphasize the importance of strategic timing for new projects. Despite a decline in domestic sales, foreign investment presents a promising avenue, with a substantial increase in foreign homebuyers.

Srettha's proactive measures, such as a temporary visa exemption scheme, indicate a keen focus on attracting tourists and stimulating the residential market. However, recent tax changes introducing income tax on foreign revenues have raised concerns and added an element of uncertainty for investors.

As the real estate industry eagerly anticipates clarity on economic policies, Srettha's decisions in the coming months will play a pivotal role in shaping the future. The unique blend of his real estate expertise and political novelties positions him to navigate the challenges and opportunities, steering Thailand's real estate industry toward a distinctive path.