Shot In The Dark

Thailand’s pandemic nightmare is not yet over. And with national vaccination efforts proceeding slowly, investor confidence in the country’s real estate market is suffering

- George Styllis

Thailand had for the most part returned to normal by the end of last year. Bars, clubs and restaurants were filling up, people were back at work, and domestic travel was gathering pace. While international tourists were still absent, it was widely held that Thailand had escaped the worst of the pandemic and could avoid further outbreaks. But with successive waves of the virus emerging, confidence is crumbling, and the Thai property market is feeling its worst chill yet since the pandemic began.

The market was already reeling last year. As travel bans and lockdowns curtailed showroom visits and viewings, sales offices closed, and new projects were stalled. But in the months that followed an initial national shutdown in April and May 2020, faith was returning with Thailand emerging as a success story in its handling of the virus. Widespread use of masks, a robust health system, and strict travel requirements appeared to be effective weapons in fighting the virus and avoiding harsh, full-scale lockdowns as seen in places like China and Europe.

“Up until early this year, the real estate market in Thailand was proceeding almost as normal,” comments Marciano Birjmohun, a property consultant and former director of the Singapore-Thai Chamber of Commerce.