Chinese Top Condo Buyers In Thailand By A HIGHER Margin

After a steep fall in the quantity of condominium buyers in Thailand through the various peaks of the Covid-19 pandemic in the united states and also a substantial decline in property prices, things are somehow slowly getting better and interest from buyers appears to come back, first and foremost from Chinese.

Recent research by Thailand’s Real Estate Information Center (REIC) strongly suggests that the condominium building activities in Bangkok and other popular destinations such as for example Chiang Mai and Pattaya are kept moving in preparation for heavy Chinese investment after the COVID-19 pandemic subsides, starting with an anticipated influx of bargain hunters.

According to Thai condominium ownership data within the past three years, near the top of the list - and by an extended shot - were Chinese buyers who represent 51.8 per cent of all foreign property owners in Thailand with 729,972 properties.

Behind the booming demand for Thai properties from Chinese is an evergrowing wealthy middle income in Chinese cities who's buying safe destination to park their assets which are often convertible and distant enough from the financial clasp of the Chinese government.

Second, with a substantial gap, were Russians with 76,624 condominiums, or 5.4 per cent, French with 57,541, or 4.1 per cent, UK citizens with 56,337, or four per cent, and US citizens 41,767 condominiums, or around three per cent.

Russian property buyers come second

All of those other top with ownership in the 30,000-range were Germany, Japan, India, Taiwan and Australia. Each one of these nations held between two and three % of foreign-owned condos.

The list was come up with by the REIC in mention of a proposal by the Thai government to entice high-spending foreigners to come to invest their profit Thailand in exchange for a 10-year visa. Among the investment options is property investment, like the purchase of a condominium.

The REIC research also shows that around 80 per cent of condominium transaction involving foreigners are made in Bangkok or Chonburi (which include Pattaya), and almost all of the others in Chiang Mai and Phuket.

Boom expected when Chinese and Thai borders open

REIC executive director Vichai Viratkapan anticipates a boom in property buying in Thailand when international travels resumes and the Chinese government allows their persons to travel overseas.

The REIC also suggests that the ceiling on foreign property ownership in a condominium is getting raised to 75 % from currently 49 % and in addition proposes that foreigners will be permitted to buy new houses with a price tag of over ten million baht in selected estates directly from the developer and get yourself a land title. Currently, foreigners can only lease the land a house is built on.