Property investors look East for hope amid economic crisis

HONG KONG (AFP) — There could have been no worse time to hold an expo on the Asian property market this year than November.

As the impact of the global financial crisis on the region unravels -- in the form a slumping stock market, company bankruptcies, steep falls in flat prices, and job cuts -- even the most daring of property investors have taken a step back.

It was against this backdrop that the Asian version of an international real estate summit held annually in Cannes, France, was held last week in Hong Kong.

The number of exhibitors at the MIPIM Asia conference -- developers, banks, fund managers, architectural firms, hotel groups and construction companies, mostly from Asia -- dropped to 190 from last year's 236, organisers said.

Thailand's condominium market feels effects of global economic slowdown

Thailand's once-booming condominium market is feeling the effects of the global economic slowdown.

A leading real estate consultancy said that property development is expected to drop some 18 per cent in Bangkok this year, due to the global financial crisis.

High demand has traditionally driven this sector, especially the condo market, as Thais rush to snap up apartments located along train lines to save on high gas prices and avoid Bangkok's notorious traffic.

Said Samma Kitsin, Director of Real Estate Information Centre: "People are getting married later than before and they tend not to have kids as early as before and people are maybe living together a few years before they get married. So this lifestyle means they don't need large areas."