Surge in new business registrations in Thailand, and more news

For PropertyGuru’s real estate news roundup, Thailand’s Commerce Minister said new business registrations rose for the first eight months of 2024. In more headlines, the Philippine banking industry’s outlook for the next two years remains optimistic despite macroeconomic challenges. Lastly, first-home buyers remain the most active group in the Australian residential market.

New business registrations see surge in Thailand

The Commerce Ministry is upbeat about new business registrations this year, driven by the government’s stimulus measures and the rebound in the tourism sector.

Auramon Supthaweethum, director-general of the Business Development Department, said new business registrations for the first eight months of 2024 rose by 0.42 percent to 61,819, with combined registered capital of 186 billion baht, down 60.3 percent, compared to the corresponding period last year.

The top three businesses with the highest number of registrations were general construction, real estate and restaurants.

“The number of new business registrations increased continuously, spreading across all sectors such as auto parts production and electric vehicles, hotel accommodation and tourism, soft-power businesses such as local liquor production, film production, healthcare businesses and e-commerce businesses,” Ms Auramon said in Bangkok Post.

Philippine bankers’ outlook remains optimistic for 2024-2025

The banking industry’s outlook for the next two years remains optimistic despite macroeconomic challenges, results of the 2023 Banking Sector Outlook Survey (BSOS) released on 26th September showed. The BSOS gathers the sentiments and outlook of presidents, chief executive officers, and country managers of Philippine banks over a two-year horizon.

The BSP said in PNA that 147 banks responded out of the 173 banks surveyed across banking groups.

The total assets of these respondent banks accounted for 97.7 percent of the total assets of the country’s banking system as of December 2023.

“Overall, respondent banks expect double-digit growth in their assets, loans, deposits, and net income, as well as plan to maintain robust capital and liquidity positions to maintain institutional stability,” the BSP said.

First-home buyers drive demand for residential property in Australia – CBRE

A new CBRE survey shows that first-home buyers remain the most active group in the residential market. Perth and Adelaide are expected to record Australia’s strongest house price growth.

CBRE’s Residential Valuer Insights Q3 2024 surveyed CBRE’s residential valuers around Australia to provide expert insights on local and national trends.

Overall, in Q3 demand moderated nationally with 51 percent of valuers reporting a balanced market in recent months – up from 42 percent in Q2 and 44 percent in Q1. Demand was robust in Perth, Adelaide, and metropolitan Brisbane.

The Real Estate Conversation reports that first-home buyers remained the most active buyer type, continuing the trend from Q1 to Q2. They were most prevalent in metropolitan Melbourne, the Gold Coast, and the Sunshine Coast. Local investors and upgraders were also active, while interstate migrants and developers were the least active.

The Property Report editors wrote this article. For more information, email: [email protected].