Myanmar millionaires’ property buying spree in Thailand skyrockets

Photo courtesy of The Nation

Myanmar’s affluent elite have emerged as the unexpected champions of Thailand’s luxury property market, outspending even their Chinese and Russian counterparts.

According to real-estate moguls Colliers, high-spending buyers from Myanmar have been swooping up lavish properties across Thailand’s bustling urban landscapes, becoming the new darlings of the country’s real estate realm.

Karlo Pobre, the astute deputy managing director at Colliers, divulged that the Government Housing Bank’s Real Estate Information Centre (REIC) has unveiled staggering revelations.

“Myanmar buyers are showing an insatiable appetite for properties in Bangkok, Phuket, and Chiang Mai.”

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REIC’s data reveals that Myanmar nationals splurged a jaw-dropping 2.25 billion baht on Thai properties last year, securing a formidable third position among top foreign spenders, only trailing behind the ever-potent Chinese and Russian buyers.

“What’s truly remarkable is that the properties snapped up by Myanmar nationals command an average price of 6.5 million baht, surpassing those coveted by Chinese or Russian buyers. This positions them as exceptionally promising clientele for property developers, especially in the aftermath of the pandemic, where foreign demand for Thai properties is reaching unprecedented heights.”

Opulent condominiums

Delving deeper into the specifics, Pobre revealed that the elite from Myanmar favour opulent condominiums in Bangkok’s prime locales, with price tags ranging from 10 to 20 million baht. Luxurious hotspots such as Sukhumvit, Phrom Phong, and Asoke are particularly in vogue, boasting proximity to essential amenities like hospitals, international schools, and upscale shopping arcades.

Mid-level spenders from Myanmar have set their sights on condominiums priced between 5 to 10 million baht in Bangkok’s Aree and Phaya Thai zones, strategically located along the BTS/MRT routes for unparalleled convenience and lucrative investment prospects.

“These buyers, predominantly youthful investors, exhibit a penchant for snapping up prime units during pre-sale phases, eyeing them for rental or resale opportunities.”

Venturing beyond Bangkok’s bustling streets, Myanmar’s affluent elite are also casting their gaze towards Phuket’s lavish pool villas, particularly in the coveted Laguna and Bang Thao zones. Units exceeding 40 million baht are being snapped up at lightning speed, even before their completion, showcasing the insatiable appetite of Myanmar’s super-rich, reported The Nation.

Meanwhile, in the serene landscapes of Chiang Mai, Myanmar buyers are securing detached houses valued between 20 to 30 million baht, envisioning them as idyllic retreats for retirement or family vacations. Popular districts such as San Kamphaeng and Hang Dong are witnessing a surge in interest, with Myanmar’s affluent seeking solace in the city’s tranquil charm, reminiscent of their homeland.

“Political instability in Myanmar serves as a driving force propelling millionaires to seek refuge in Thailand, hedging their bets for an uncertain future.

“Unlike their Chinese counterparts, Myanmar buyers prize privacy over communal living, posing an intriguing challenge for property developers seeking to cater to their discerning tastes.”

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

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