Political unrest and oil crisis in the 1980s resulted in a severe economic recession not withstanding the real estate sector. Construction materials and labor cost surged, resulting in annual inflation rate of over 20%. Capital expenditure declined while exports diminished. The net current account and the balance of payments were in deep deficit. The external debt rose markedly, and the foreign exchange reserves dwindled. Unavoidedly, financial institutions tightened mortgage financing.
During this economic turmoil, real estate developers and related parties came together to find strategies to tackle the downturn. Thus, leading to the establishment of the “Government Housing Bank’s Customer Club” with Police Colonel (Special) Chira Khruasuwan serving as the Club President. The club’s main objective was to find solutions for the real estate sector by cooperating with both governmental and private sector agencies.
However, the club’s initial attempts to alleviate tensions and solve problems became stagnated. Restricted mortgage financing was only the beginning of many more issues contributing to the industry’s slump. Many state laws and regulations needed to be modified and updated in order to ensure a long term stability and growth to the real estate industry.
Furthermore, The Government Housing Bank’s Customer Club had limited powers, thereby restricting its abilities to undertake necessary tasks. As a result, the Club’s committee resolved to establishing The Housing Business Association on March 23, 1981 in accordance with the Trade Association Act of 1966. The Association’s emblem was that of a house icon encrusted within a globe. The founding committee consisted of
- Associate Professor Yandeth Tongsima
- Mr. Chuan Tangmatitham
- Mr. Vichai Kridathanon
- M.R. Laksanasaang Kasemsant
- Mr. Sayan Munmor
- Mr. Anan Koomanee
- Ms. Chanai Cheuaychum
- Ms. Yaowapa Kongnum
The Association was originally located at 90/11 Moo 1 Bangkruay-Sainoi Road, Bangkruay, Nonthaburi 11130. In 1994, the Association was relocated to 77/60 Sinn Sathorn Tower 16th E Floor, Krungthonburi Road, Klongtonsai, Klongsarn, Bangkok 10600.
The Housing Business Association’s President and Directors are elected from and by the Association’s members with a 2 years term.
In 2011, the English name of “Housing Business Association” was adapted into the Association’s emblem.
Throughout the 40 years since its establishment, the Housing Business Association, in its capacity as a private organization, has played a major role in supporting the growth of the Thai economy and in the evolution of the real estate sector. The Association actively coordinates with government agencies and private sectors to strategise, put forth and execute effective measures to overcome problems and to strengthen the Real Estate Sector. The Association’s role markedly enhanced the Country’s social and economic growth.
The continual success of the Association lies in the commitment and dedication of the Directors as well as all members in carrying out their duties and responsibilities. The Association’s past presidents are:
- Associate Professor Yandeth Tongsima 1981-1982, 1985-1986
- Mr. Prajak Chaikiat 1983-1984 (Deceased)
- Mr. Chuan Tangmatitham 1986-1990
- Mr. Sayan Munmor 1990-1994
- Mr. Asawin Wipoosiri 1994-1996
- Mr. Somchart Ubolchart Ph.d. 1996-1998
- Mr. Chaiyan Chakarakul 1998-2004
- Mr. Prasong Owlarn 2004-2010
- Mr. Issara Boonyang 2010-2014
- Mr. Atip Bijanonda 2014-2019
- Mr. Wasan Kiangsiri 2019-Current
The Association’s major accomplishments via cooperation with various agencies include:
The Land Development Act B.E. 2543 (2000)
The establishment of the Real Estate Information Center
The establishment of the Secondary Mortgage Corporation
The Escrow Account Act B.E. 2551 (2008)
Property Price Index
The Real Estate Developer Sentiment Index
The Housing and Condominium Exhibition
Draft City Plan Act
Draft Land and Building Tax Act
The Improvement Bangkok City Plan
Measures to Support Housing Development for Low Income People
The Strengthening and Cooperation with the other Real Estate Association in the Asia Pacific Region
The Association’s objectives are :
- Provide support to enterprises within the housing sector.
- Support and assists the Association’s members in overcoming common conflicting issues and negotiating with third party. Monitor the housing market situation both domestically and internationally.
- Assist in securing long term funding from financial institutions.
- Seek out source of raw materials supply to match with market demand
- Promote unity among members and encourage exchange of information, research and opinion.
- Publish and circulate statistical data, journals and news from and among members of the Association
- Advocate high standard of housing project offered to the market. Undertake research and development to promote production efficiency and trade effectiveness
- Co-operate, support and, adhere to policies and guidelines set forth by regulatory agencies for the purpose of maintaining high industry standard.
- Cultivate a proper supply and demand balance in the housing market.
- Propose and regulate rules, guidelines, and agreements amongst members to facilitate efficiencies and professionalism
- Serve as a mediator amongst members and third parties
- Promote goodwill via sports and entertainment functions.
- Extend assistance and provide benefits to members whereby conforming to Section 22 of the Trade Association Act 1966.
- Refrain from engaging in commercial or political capacity.