Thailand makes top 5 list of places to buy real estate overseas
Thailand has made number 4 on the list of best places to buy real estate overseas, according to LiveandInvestOverseas.com. As the overseas property market is booming, thanks to the Covid-19 pandemic, the website says such property stands out among others, as it is a hard asset that provides diversification of asset class and likely currency. What this means, essentially, is that the opportunity to generate cash flow is high, and can help build long-term wealth.
The website says any type of buyer, new or experienced, can benefit from buying overseas property, and lists 10 countries that are the best in which to buy real estate. Panama, was listed as number 1 as its rental apartments and agricultural opportunities are thought to be the best. Moreover, the country’s relationship with China is expected to fuel its economy, with Chinese nationals expected to flow into the country, reminiscent of how they came to Vancouver back in the 1990s.
Brazil and the Dominican Republic came in 2nd and 3rd on the list, most notably for their diverse property markets and international residents that have helped the countries’ real estate markets for years.
Number 4 on this list is that of Thailand. As pre-Covid times saw millions of tourists flowing into the country, and Bangkok remaining the most-visited city in the world, Thailand is well-known for its strong economy and expanding tourism industry. Additionally, its agricultural sector is booming. Of course, since the Covid pandemic ravaged the economy, the planned reopening this November 1, has been welcomed by all who await the return of tourists and jobs.
Despite Thailand having some pretty strict restrictions on who can own land, (hence the name Thailand), the government has proposed several options that would, ideally, help it recover from the pandemic. One of those options includes the possibility of gaining a 10-year visa, which would allow a long-term stay without all the hassle of visa regulations. Another proposal comes in the form of allowing high-net worth individuals to buy land. Both of these things indicate that Thailand is on the upswing in improving its conditions for those who truly want to invest and help out the economy in the long-term.
Currently, non-Thai nationals can own a condo freehold as long as the ownership is not more than 49% of units in the condo building. For this reason, the condo market is where most foreign investors focus their attention, as well as having cheaper management costs than an individual property. As the tourism industry is set to slowly regain itself, now is the chance to invest. As it is truly a buyer’s market, with shocking Covid discounts, Bangkok is one of the best places to put your money.
Now, as Thailand sets to reopen, and more people have shifted to working from home, Bangkok’s low-rise condo projects are in high demand. As people want more spacious and comfortable living spaces, the pandemic has definitely had an impact on the type of housing in demand in Thailand’s capitol city.
Portugal, France, Mexico, Belize, Turkey, and Poland round up the list of the top 10 places in which to buy real estate abroad. For obvious reasons on some of them, and for not-so-obvious reasons on others. Portugal is another country where it is possible for non-residents to obtain a mortgage. France is quite obvious as Paris remains a hugely popular metropolitan city, offering long-term wealth for the foreseeable future. Mexico is popular as many Americans and Canadians prefer the nearby country for expat living and tropical holidays. Belize is still considered up and coming, despite it being relatively new to the international tourism scene.
Turkey is one that is surprisingly on the list as it has had a record-breaking year of property sales, up 107% from the same time last year. This is attributed to foreign buyers as a result of the successful CIP. Half of this year’s property sales took place in Istanbul, the country’s most vibrant and historical city. The city was also 9th in the world’s most-visited cities in 2018.
Poland made the last spot on the list, as it is thought to be Eastern Europe’s best-kept secret. The capital of Krakow, recently has seen a boom in tourists, and is expecting even more post-Covid.
Despite Thailand making the top 5, it will be up to the coming months to see if it truly can rebound after the Covid-19 pandemic wrecked the tourism industry, which is thought to account for up to 20% of its economy.
