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Chinese buyers drive condo sales in Thailand

Condos in Phuket

Thailand’s property sector is hopeful that PM Sretta Thavisin’s plan to offer free visas to Chinese and Indian tourists will boost condo sales. Nation Thailand reports that the Real Estate Information Centre welcomes Srettha’s free visa plans, seeing it as a positive development for Thailand’s property sector.

Acting director Wichai Wiratkapan says he expects the sector to recover slightly from the economic slowdown and the strict financial institution regulations affecting borrowing.

He says a number of factors have affected supply and demand in the property sector over the last two quarters. In addition to the sluggish economic recovery, they include interest rate hikes and rising household debt to GDP ratio.

Wichai wants to see more government measures to boost real estate sales, including loan-to-value schemes and an increase in the quota of foreign condo ownership, as well as allowing the private sector to buy back properties.

Wichai says the transfer of condo ownership to foreigners for living and investment purposes is now back to pre-pandemic levels. During the first half of 2023, over 7,300 condo units, worth 35.21 billion baht, were transferred to foreigners.

Chinese buyers bought the most condos during the first six months of this year, snapping up3,448 units worth 16.99 billion baht. The Russians were next, with 702 units, followed by Americans with 293 units.

The new PM’s proposal to offer free visas to Chinese and Indian visitors will also boost the sale of condominiums, Wichai says. He adds that the government must include measures to stimulate real estate sales when formulating its economic policies.

Meanwhile, property advisory firm Property DNA, says it’s still seeing strong demand among foreigners interested in condo purchases in Thailand. Managing director Surachet Kongcheep is confident that the level of interest will increase.

SOURCE: Nation Thailand

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