Chinese and Russians lead the number of transactions in the Thai property market among foreign buyers for the first nine months of this year.
Chinese and Russians topped the list of foreign buyers of condominiums in Thailand this year, with the number of sales surging in tourist destinations such as Bangkok, Pattaya and Phuket, the Real Estate Information Centre operated by the State Housing Bank of Thailand said.
According to statistics from the information centre, 10,703 properties worth 52.3 billion baht (US$1.5 billion) were sold in the first nine months of this year, from January to September. The property centre said this is 38 per cent more than a year ago.
Chinese buyers bought 4,991 properties, accounting for 47 per cent of all property transactions by foreigners in Thailand, worth 24.7 billion baht, the centre said, citing the country’s property registration data.
Russians ranked second with 962 properties, while buyers from the US and Taiwan ranked third and fourth, respectively.
Nearly 42 per cent of condominiums were sold in Chonburi province, where beaches and industrial complexes are located. The centre said that Bangkok, Thailand’s capital and gateway for millions of tourists, accounted for 37.5 per cent of condo sales to foreigners.
“Thai condominiums continue to be in demand among foreign buyers,” said Vichai Viratkaphan, acting director of the information centre.
“Purchases are being made both for investment and as a second home in Thailand,” Vichai added.
Thai Prime Minister Settha Thavisin is counting on tourism to drive the country’s economic growth, with the sector accounting for 12 per cent of gross domestic product and a fifth of jobs.
Russians are second in the number of property transactions in Thailand.
Settha temporarily cancelled visas for travellers from China, Russia, Kazakhstan, India and Taiwan and ordered airlines to add more routes, streamlining airport operations to reduce waiting times for visitors.
The cancellation of visas could further spur demand for Thai condominiums, Wanchai said, adding that the number of foreign properties is well below the limit set by the authorities. The forecast of more tourists next year will stimulate demand, the centre’s head said.
The Tourism Authority of Thailand expects a further increase in the number of foreign tourists – up to 35 million visitors next year, including 8.2 million tourists from China. That’s down from a record 40 million foreign tourist arrivals in 2019, the year before the pandemic began.
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