80% of condos in Thailand sold to foreigners, 50% China
A real estate firm is predicting that the market for condos in Thailand hot spots like Bangkok, Phuket, and Pattaya will be rebounding soon with the continued trend of foreign investment, a majority of which are Chinese. China has long been a driving force in purchasing condos in Thailand.
The business development manager of Saensiri is predicting the uptick once Covid-19 outbreaks are wrangled and brought under more control and general vaccinations across the Thai population increases. The manager said that foreigners make up the vast majority of those purchasing condos throughout Thailand, with 80% of the 325 billion baht industry being driven by international buyers.
Of those international buyers, Chinese investors are by far the most dominant purchasers, with 50% of all acquisitions of condos in the last 2 years coming from China and another 30% coming from Hong Kong. The last 20% of buyers also include Taiwanese clients, some American customers, and then mostly buyers from European countries, especially those in the United Kingdom, France, and Germany making purchases of condos.
While statistics show that the majority of westerners look towards purchasing condos in Thailand as a destination for a holiday home, they are still keen on renting out their home when they are not residing in Thailand. On the other hand, the majority of buyers from Hong Kong and China seek to purchase condos in Thailand as an investment and aim to make them purely rental properties.
The real estate firm believes that once Covid-19 is not an issue dominating travel and entry into Thailand, the market will recover swiftly. How soon and how quickly that occurs remains to be seen
SOURCE: ASEAN Now
