Property prices in Thailand are set to rise during 2017 after a new energy saving building act comes into force during the middle of the year.
‘The act will force property developers to adopt a new energy saving building policy on developments in excess of 10,000 SqM. This will increase constructions costs and consequently should increase condo prices,’ Pruksa Real Estate PLC’s president Prasert Taedullayasatit apparently told The Nation this week.
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‘We cannot estimate how much of an increase there will be as this depends on the energy saving standards but it will effect low, middle and premium markets,’ he, or she, went on to say.
Earlier in the week Praphon Wongtharua, director-general of Alternative Energy Development and Efficiency Department of Energy Ministry, said that the department will speed up the energy-saving building policy and cooperate with the Interior Ministry.
The act will cover nine types of construction including hospitals, schools, universities, commercial projects, hotels, shopping centers, condominiums, theaters and auditoriums.
‘We believe that the act will become effective in the middle 2017,’ Praphon announced confidently.
Report by Albert Jack