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Chinese buyers lead the way with Phuket condo sales

Condos in Phuket
Condos in Phuket

According to property consultant Knight Frank Thailand, Chinese investors are in a rush to buy real estate in Phuket, with a surge in demand for condos, villas, shophouses and durian orchards. In January the enormous number of Russian condo buyers made the headlines but then Chinese travellers started heading back to Phuket and are now, in March, the second most numerous arrivals through the Phuket International Airport.

Knight Frank’s managing director, Nattha Kahapana, noted that Russians were still contributing to the surge, with many looking to buy pool villas in Phuket to live in immediately. And agents are noting that many are prepared to pay cash for many of their purchases.

Chinese investors, on the other hand, were interested in renting out condos and villas to Chinese tourists, and even purchasing durian orchards to offer durian tours to their fellow countrymen.

The surge in demand has also seen some investors making large purchases. For example, a Chinese investor recently bought 47 shophouses, including two adjacent 3.5-storey shophouses Knight Frank had bought years ago for 14 million baht. The investor also requested that Knight Frank help them find a durian orchard to buy.

In Bangkok, Frank Khan, executive director and head of residential at Knight Frank, noted that the rental apartment market in locations from Ploenchit to Ekamai with rents over 50,000 baht per month has resumed. Occupancy of apartments in this location has increased from 10% to 40% during the pandemic, as many multinational companies and their executives have returned.

Mr. Khan predicts that demand for luxury condos will resume in inner city locations from Thai investors who bought condo units for rent after holding off during the pandemic.

Knight Frank also reports that in the first quarter of 2023, the condo market in Wireless Road, Lang Suan, and Ekamai has exhibited high demand for both new and resale units. The influx of foreign buyers has been cited as a key factor contributing to the high demand. Knight Frank predicts that the condo market in these locations will experience strong growth in the second half of 2023, with the general election and a new cabinet likely named by the third quarter serving as key drivers.

SOURCE: Bangkok Post

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