Chinese nationals have been seeking out property purchases in Thailand since Beijing opened its borders this year.
Many Chinese are reportedly eager to invest in a residence overseas, keen for a safety net in case of another pandemic, and also to hedge against economic risks.
Data from website Trip.com showed that Thailand was the most popular outbound destination for Chinese travelers during the May Labor Day holiday, followed by Japan and South Korea.
The kingdom’s reputable international schools and quality medical facilities are also drawing increasing numbers keen to acquire a second home.
Thailand expects at least 5 million Chinese visitors this year, with some set to buy property, although the figure is still a far cry from pre-pandemic levels when they made up nearly a third of the 40 million arrivals.
Mesak Chunharakchot, President of the Thai Real Estate Association, said: "There is definitely demand from China for properties in Thailand."
He added that topping buyers’ lists are locations in major cities such as the capital, Bangkok, along with Chiang Mai in the mountainous north, the east coast beach resort of Pattaya, and the northeastern region of Isan.
Although Thai rules limit foreign ownership to just 49% of the units in any condominium development, prospective buyers are pouring in, bringing business to real estate agents who target Chinese buyers.
Source : NATIONAL NEWS BUREAU OF THAILAND
May 22, 2023
