Pornchokchai, S and Perera, R (2003) Housing market in Bangkok after the financial crisis of 1997: Lessons learned from the perspective of housing developers. Journal of Financial Management of Property and Construction, 8(3), pp. 167-178. ISSN 1366-4387
Abstract
A Unique feature of the housing development in Bangkok Metropolitan Region (BMR) is that it has predominantly been led by the private sector. More over, nearly 70% of the overall real estate developments in Thailand are located in the BMR. Therefore, when the Asian financial crisis hit Thailand in 1997 its impact on the housing market was most felt by the developers that were operating in the BMR. This paper presents the experience of nearly 200 housing developers in the aftermath of financial crisis and the lessons that they learned during the crisis period. The research reveals the lack of adequate attention to market research and unavailability of a reliable market indicator as major drawbacks of the industry that made the developers vulnerable to the financial crisis. It also finds broadening of knowledge on finance and marketing as more crucial for the development of a resilience against such crises in future instead of developing construction skills.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | financial crisis, housing market, housing developers, Bangkok Metropolitan Region |
| Index terms: | lessons learned, housing, housing developer, real estate development, housing development, market research, Thailand, marketing, private sector |
| Subjects: | business, professional development, sociology, industry analysis, construction type, economic development, Geography, market analysis |
| Topics: | Geographical Context, Construction Technology, Stakeholder Management, Research Practice, Information Management, Business Strategy, Urban Studies |
| Descriptive scope: | 2 PC |
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