Call for free insurance to restore condo confidence

Condo developers should offer free insurance for unsold inventory or units scheduled for transfer to restore buyer confidence and lift revenue, as the earthquake last month shook consumer trust, according to property analysts.

- KANANA KATHARANGSIPORN

Surachet Kongcheep, head of research and consultancy at property consultant Cushman & Wakefield Thailand, said condo developers should offer earthquake insurance that covers the lifespan of the building.

"This would help reassure buyers and prevent delays in transfer decisions," he said. "Comprehensive coverage like this could increase confidence among buyers whose units are scheduled for transfer, as well as attract new ones."

Such a move would also demonstrate developers' commitment to long-term safety and help those with a large inventory of unsold units and upcoming transfers, enabling them to realise revenue as expected and drive new sales in a market affected by the incident, said Mr Surachet.