Like a boxer on the ropes, Thailand somehow manages to hit back just when you think it has received a knockout blow.
Despite political violence that saw more than 90 people killed and almost 2,000 injured on the streets of Bangkok in April and May, the kingdom has managed to bounce back more quickly from the global recession than most of its rivals.
Thailand's economic indicators continue to defy the doom-mongers. Gross domestic product expanded by 9.1 per cent in the first half of the year, the government has raised its growth forecast to 7.5 per cent for the year, the baht has strengthened against all major currencies, exports continue to grow, and the tourism industry is strengthening.
Tourism, which employs about 15 per cent of the population, was boosted by 7.5 million international tourist arrivals in the first half of the year, up 14 per cent from the same period last year. The rise was mainly driven by an increase in East Asian visitors.
The encouraging statistics were reflected in the property market. Condominium presales by listed developers almost doubled to 31 billion baht (HK$8 billion) in the first half of the year, according to Raimon Land's latest research publication, Condominium Focus Thailand. Presales were only 15.9 billion baht in the first half of last year. The first six months also saw a record number of 4,098 new condominium units completed in Bangkok's inner-city areas, increasing the supply by 7 per cent. Another 9,866 units are in the pipeline, of which 75 per cent have already been sold.
The average price of condominiums in inner-city Bangkok during the first half was 108,125 baht per square metre, while top-end launches in prime locations are selling at prices of up to 350,000 baht per square metre.