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Political Risks and Impacts to Thailand Real Estate Development Industry

The political risk is counted as one of the critical factors that affect Thai practitioners’ confidences in developing the real estate development projects since the political turmoil and the delay in approving of project’s constructions cause the severe damages to real estate industry. This paper portrays a better understanding of the practitioners’ perceptions on political risks in Thai real estate development sector in order to report the magnitudes of political risks and understand the perceptions of Thai developers and to search for the appropriate political risks reduction techniques. The research employed the quantitative methodology by classifying the characteristics and quantifying the perceptions towards the magnitude of political risks by using a questionnaire to 200 Thai developers. It was found that political risks involved since the pre-construction stage of real estate projects, which has strong influence to decision-makers, especially it may result in the delay in approving the projects and affecting the project progress. The respondents also addressed that the Thailand current political situation influences the developers both in terms of the likelihood to occur and the consequences to their businesses, as this factor will upset the consumer confidence in making a decision to purchase the properties as well as the loan approval process at the financial institutions.