Ready-to-move-in condos in Thailand attracting Chinese buyers
The Covid-19 pandemic has driven many Chinese nationals to speed up their relocation to Thailand, with the majority looking to buy ready-to-move-in condos.
Kashif Ansari, the CEO of Juwai IQI Group, a real estate marketing firm in China, reckons that Chinese buyers are in a rush to make their move to Thailand right away, instead of waiting for two years.
“If Chinese nationals are planning to move to Thailand, they want to do it right away, not in two years. These are the first movers.”
The Chinese government’s zero-Covid policy has been the primary driver behind this change, with buyers feeling a sense of urgency they hadn’t experienced before the pandemic.
According to Tritecha Tangmatitham, the managing director of SET-listed developer Supalai Plc, Chinese buyers resumed buying condos in Bangkok in early 2022 because of concerns about the lockdown in their home country, Bangkok Post reported.
“The Chinese bought large-sized units and wanted to transfer the units immediately as they wanted to stay right away.”
Second home
Thongchai Busrapan, the co-CEO of SET-listed developer Noble Development Plc, notes that Chinese buyers have shifted their focus from investment to buying a second home.
“Active Chinese buyers last year looked for larger-sized units as they wanted to stay as a family. “Chinese demand also moved to low-rise houses.”
Pongsethorn Jom Salakshana, the CEO of Fynn Development Co, confirms that Chinese agents are approaching the company as their customers are interested in the company’s recently completed condo project, Fynn Asoke.
“More Chinese want a second home outside China after experiencing the zero-Covid policy. They now need ready-to-move-in units which were in a limited number in the Bangkok condo market as new supply was halted for three years.”
Ansari predicts that over time, there will be more Chinese buyers who are willing to wait for the project.
“Thai developers need to address buyers’ anxieties. The fact that construction has stalled on many development projects in China has made buyers more cautious, and that includes considering off-the-plan projects in Thailand.”
Ansari suggests that developers should explain how buyers are legally protected and demonstrate their track record of successful projects.
According to Juwai IQI’s enquiry data, the top five countries receiving the most Chinese buyer interest in January 2023 were Australia, the US, Canada, the UK, and the United Arab Emirates. Thailand, a perennial favourite among Chinese buyers, did not secure a spot in the top five. However, Ansari notes that this trend could change as more data is gathered.
Though the top five countries have imposed new Covid measures against arrivals from China, Ansari does not believe that testing requirements will have a significant impact on Chinese travellers.
“The requirements are minor and easy to comply with. The bigger challenge is airline capacity and the cost of flights.”
