Why Buy Property in Thailand

Why Buy Property in Thailand?

If any property buyers and investors felt prices would decline as a direct result of May’s coup and on-going martial law in Thailand, they would have been very much mistaken.

Seasoned investors who know Thailand well will also know this is the way things tend of happen in the Land of Smiles, and the fact is that property demand – more than 95 percent of which comes from Thais – remains largely unaffected.

Without doubt what is affected is the demand from overseas buyers who read newspaper headlines and see television coverage that exaggerates the situation. That’s exactly when the ‘wait-and-see’ option comes into play.

Singaporeans, being just a two-hour flight from the Thai capital, are close enough to see for themselves that tourists and investors have never been a target. Indeed Thais have gone out of their way to welcome them and portray the ‘business as usual’ mantra.

And that’s what has happened. It’s been very much business as usual, certainly in Bangkok, where listed property developers who had previously adopted a cautious approach to new launches, have now announced plans for more than 120 residential property launches before the end of the year.

That doesn’t sound much like a country with problems, does it?

Evidence of strong demand is everywhere. Just last month queues formed overnight at the pre-sales launch of one central Bangkok condominium, and the project was subsequently sold out within hours.

The same weekend more than 1,000 units were sold at another development some eight miles from the city, but adjacent to a mass transit station – highlighting the importance of location when buying in Thailand.

Most of those sales come from Thais, but savvy foreigners are active and purchased the entire foreign allocation of units at one Bangkok condominium in less than two hours earlier this month. That ‘wait-and-see’ mentality has already disappeared.

More overseas investors and buyers are looking beyond Bangkok for their Thailand property purchase.

The resort markets of Pattaya, Phuket, Krabi and Hua Hin have all been attracting significantly more interest than even six months ago. Pattaya, in particular, is predicted to pick-up significantly on the back of several world-class theme parks which are being developed between now and 2016.

Prices have continued to rise, and all the evidence points to the fact that they will continue to rise going forward. If you take central Bangkok as one example, there is very little land available so what’s there is expensive, and any development that takes place there will also, naturally, be more expensive.
Thailand is also trying to position itself at the heart of the ASEAN Economic Community 2015 (AEC 2015), and that alone will see the need for more expatriate-standard properties for the rental market.

What’s notable is a shift in Bangkok buying patterns. Whereas a few years ago foreigners would largely stop their search at Asoke, now we’re seeing far more activity from non-Thais much further away from the centre of the city – in conjunction with the spread of the mass transit network. It’s not uncommon now to see foreigners buying in places like Bearing and Bang Wa – two terminal stations where prices are significantly less expensive but are still just a 45-minute commute to the central business district.

Thailand is also home to some of Southeast Asia’s best properties. At the recent Southeast Asia Property Awards that took place in Bangkok, Thailand scooped three of the top five ‘Best in Region’ awards, and numerous ‘highly commended’ accolades.

That’s even more evidence that Thailand is booming and now is the time to fully explore what the kingdom has to offer by way of adding to your overseas property portfolio.

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