May 15, 2014 / 6:10 AM / 3 years ago

Thai property developer says sector sales may drop 10 pct due to unrest

BANGKOK (Reuters) - Thailand’s overall property sector sales are likely to fall as much as 10 percent this year, hit by weak domestic consumption after several months of prolonged political unrest, developer, Quality Houses Pcl said on Thursday.

“If the political crisis drags on until the end of this year, the overall sector could see a contraction of as much as 10 percent,” chief executive Rutt Phanijphand told reporters.

This compared with average annual growth of 10-20 percent in the previous years, he said.

Thailand’s $20 billion real estate market has been suffering from weak domestic demand, while several developers delayed the planned launch of new projects in the first quarter.

Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Michael Urquhart

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