Thailand remains an attractive real estate market for foreign buyers as sales in the apartment sector increased by 383% and in residential complexes by 233% over the past year. This was stated by the head of the residential real estate sales department, Artitaya Kasemlavan.
Artitaya said 89% of buyers last year and earlier this year were Thai, with the remaining 11% foreigners, most of whom came from China, Hong Kong, Taiwan, Myanmar, Singapore and Japan.
However, overseas buyers buying apartments usually have larger budgets (between 15 million and 30 million baht) and prefer to live in Bangkok's business districts such as Sathon, Lumpini and Sukhumvit, as well as along the banks of the Chao Phraya River.
In terms of residential developments, foreign buyers typically have a budget of 51 million to 80 million baht and are interested in buying homes in east Bangkok.
Artitaya added that four-bedroom homes are particularly popular with Chinese buyers, who are willing to spend up to 100 million baht. About 87% of foreign buyers of apartments and 71% of local buyers intend to live in the acquired property, and not rent it out.
Artitaya also noted that European buyers from Russia, England, France and Germany are showing interest in country houses, who are ready to spend from 15 to 30 million baht to purchase them. Phuket and Hua Hin have become the two most popular places for such purchases.
Phuket property sales manager Prakaipet Michusarn noted that vacation home sales increased by 24% last year compared to the previous year.
Artitaya highlighted Myanmar as a growing market for Thai property, noting that Myanmar buyers have purchased properties ranging from 5 million baht to 100 million baht. "Myanmar buyers are interested in four-bedroom homes located in the center or east of Bangkok," she said.
The situation in the real estate market in Thailand continues to evolve, attracting more and more foreign buyers. The growing interest in real estate from different countries indicates the attractiveness of this market and further opportunities for investors.
Author of the article: Ekaterina Antonova
