The growing interest of Chinese buyers towards Thailand’s real estate market have lead to local Thai developers taking notice of it all, after having felt the impact brought upon by the recent slowdown of the property market in the country.
The Chinese real estate website Uoolu.com, via their founder and CEO, Huang Xiaodan, revealed their data, which shows that Thailand, as a property market, has been growing in popularity among the Chinese, who are looking for overseas properties to purchase, a trend that started sometime late last year. According to them, particular focus on centres of economy, culture, and holiday destinations, explaining the recent increase in the number of hotel in Phrom Phong, and other Chinese owned properties in Thailand.
Last 2016, Thailand managed to rank within the Top 10 destinations for Chinese property buyers, alongside countries like the US, Great Britain, Japan and Australia. Additionally, it ranked as one of the Top 3 destinations in Asia during the second quarter of 2017, alongside Japan and Singapore.
Mr. Huang says that Thai property is cheaper, approximately 1/3rd the price of property in China. Additionally, Thailand’s VISA on arrival policy for the Chinese means that, for them, taking a holiday in the country is quite convenient, which is good, he says, as Thailand’s stable weather makes it a holiday destination year-round.
He adds that the Chinese buyers have focused on the areas of Siam Square, Asok, Thong Lor, Ekkamai, and, finally PhromPhong, which explains the greater ease with which one can find a luxury condominium or a hotel in PhromPhong; the Chinese have been buying a lot of properties in these areas. Additionally, the more elderly buyers are aimed at the province of Chiang Mai, which Mr. Huang says is the top choice for retirement.
Another Chinese website, Juwai.com, an international property portal, said that Thailand managed to rank 6th in the number of real estate inquiries made by Chinese buyers last year. According to the site Chief of Operations, Sue Jong, Thailand is continuously garnering attention from the Chinese, having moved up from 6th last year, to 3rd in the first half of 2017.
Ms. Jong says that the Chinese buyers look at Thailand and see a nearby, approachable market, with affordable prices and appealing lifestyle options.