The global coronavirus outbreak has prompted more subdued predictions for Thailand's residential property market across the next 12 months.

The Bangkok Post reports the Real Estate Information Centre has indicated residential property market growth this year had been cut to 3-5 per cent from 5-7 per cent following lowered GDP growth forecasts of 1.5-2.5 per cent amid the spread of the recent coronavirus outbreak.

It comes after the National Economic and Social Development Council lowered its 2020 forecast of economic growth to 1.5-2.5 per cent from the 2.7-3.7 per cent forecast made in November. 

In 2019, the number of residential units transferred nationwide rose 2.7 per cent to 373,365 units, worth a combined 875 billion baht, an increase of 4.3 per cent from 2018.

Bank of Ayudhya Vice President and Head of Research, Somprawin Manprasert, told the Post that while the outbreak would "severely" impact aspects of the country's economy in the short term, the property sector was expected to recover later in the year.

"The coronavirus outbreak is not terrifying because the mortality rate is very low at 2 per cent," he said.

"The number of cases will stabilise in May and become much lower after that."

Source: Bangkok Post.

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