Serving as a stronghold for political and economic stability for seven decades, the Kingdom of Thailand is now at a standstill as it grieves the loss of King Bhumibol Adulyadej – the world’s longest serving monarch.
The King, who also served as Thailand’s main father figure, passed away yesterday at 2:52pm, Thailand time. The Royal Household Bureau characterized it as a peaceful death.
Dealing with Uncertainty:
Meanwhile, as crowds gathered at the hospital to show their sympathy, many are also concerned about economic changes arising from a new leadership. The King’s governance had brought about both political and socio-economic stability for the past decades.
Some fear that foreign property investors in Thailand, a traditionally popular market in the region with attractive returns on investment, will see this small window of uncertainty as a foreshadowing of a decline in the market.
Alex Evengroen, ceo of real estate firm Key Real Estate Co., Ltd., weighs in on the situation and says, “The challenge in Thailand’s real estate industry will be to keep improving and moving forward for foreign as well as for the local investors in Thailand. We will have to wait and see if in the near future the policies in Thailand will stay as it is or will become more flexible for people worldwide.”
Property Investment Moving With or From Thailand?
Although mixed perspectives are being drawn from this unfortunate event, some experts are hinting that potential investors may choose to place their money in nearby emerging countries like Cambodia until these uncertainties are eliminated and stability is once again ensured.
Bobby Peoples, Country Manager of HomeConnect Cambodia – a premier expat home search company – explains, “Due to the death of King Bhumibol Adulyadej, the military junta must show the Thai people during the following period of uncertainty that they can provide security, stability and political reconciliation. If they fail, both Thai investors and foreigners looking at property investment in Thailand may look to Cambodia as a safer option. Although this remains to be seen.”
Evengroen, however, remained skeptical. He explains, “As a specialist in the Real Estate industry I do not think it will affect the Real Estate market in Cambodia due to the fact that not many Thai investors or homebuyers have invested in the real estate sector in general.”
But Evengroen remains hopeful. He continues, “I hope that in the near future both countries will come together and discuss potential opportunities for the industry what hopefully will improve the ties and strengthen relationships for the future.”
The world has lost a great man, and Thailand has lost the father of its people, but is it also about to lose an economic battle? The next few days are critical, and people will be at the edge of their seats, anxiously waiting as Thailand enters into a new chapter of its history.Keep up with the latest real estate news, every day of the week!
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