Foreign buyers are showing renewed interest in luxury condominiums in Bangkok, with potential investors primarily coming from China, Myanmar and India.
Yesterday, Capital One Real Estate and its representatives have reaffirmed that Thailand’s real estate market is showing positive signs as their portfolio value is on track to reach 50,000 million baht (US$1.42 billion). As a result, foreign market sales are expected to grow by 300% this year and eventually makeup 50% of the company’s revenue.
Vithoon Kulantnavibhas, CEO of Capital One Real Estate said…
“Of the foreign buyers, Chinese show a preference for expensive properties, with a price range of 20 to 50 million baht (US$577,059 to US$ 1.7 million). There are also groups of affluent Chinese individuals who are looking to continuously travel to Thailand in 2023. However, the numbers are still not very significant.”
Myanmar buyers, are more familiar with Thailand and are typically business owners who seek to have a second home in the country. Their condominium preferences lie within a price range of 2 to 20 million baht (US$57,796 to US$577,059), close to the BTS stations, embassies, department stores, and universities, as they often have children studying in Thailand.
Indian clientele is increasing significantly after the country’s border reopening and shows strong purchasing power. They are keen to buy condominiums in tourist city Pattaya, ranging from 2 to 4 million baht (US$57,705 to US$115,411), while Saudi Arabian investors have also become more interested in expanding their investments. Capital One Real Estate currently has three hotel deals, worth 6,000 million baht (US$173 million), in Phuket.
By mid-2023, the company expects to close a deal valued at 3,000 million baht (US$87 million) while American investors show more interest in Phuket and Koh Samui properties, priced at around 70 million baht (US$2 million). Investors from Singapore display less interest as Singapore’s real estate market recuperates following the COVID-19 pandemic.
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