Editor’s Note: Since the publication of this article, Knight Frank has asked us to make it clear that Chinese buyers are responsible for 40 percent of the 49 percent foreign quota at some condos. This is despite three separate email exchanges between us and the firm prior to publication, questioning this claim. ThailandProperty.News wishes to apologise for the confusion. The article remains as it was originally published however, please note the subsequent change to what the agency told us.
Chinese property buyers and investors have snapped up 40 percent of condominium units at a “handful” of mid-priced Bangkok developments.
Despite the lack of transparent property data in Thailand, real estate firm Knight Frank confirmed the 40 percent sales level refers to entire projects, and not merely 40 percent of the permitted foreign ownership quota of 49 percent.
Previous media reports have identified buyers from China and Hong Kong as being the single largest foreign property buying nationality in Thailand.
Frank Khan, Executive Director and Head of Residential Projects for Knight Frank Thailand, expressed his opinion that 2017 stood out as an outstanding year for foreign property investment in Thailand.
He said an appealing investment climate, such as that in Thailand, provides foreign property investors with the chance to capitalise on their investment without high taxes and stamp duties.
The firm noted that the Thai residential property market has seen investors from China, even with stricter controls on outbound investment.
Central Bangkok were noted as being prime property investment locations for Chinese buyers.
Roadshows and Thailand property exhibitions throughout the Asia-Pacific region, including China, were an important marketing activity for many property developers last year.
Knight Frank said it expects this trend will grow during 2018, and it foresees healthy uptake from foreign property investors throughout Asia-Pacific.
Marciano Birjmohun, Associate Director of International Project Marketing at Knight Frank Thailand, added: “With Thailand’s expanding mass-transit system, the BTS remains the key influencer of urban development.”
He added that more overseas investors are aiming at the peripheral areas of Bangkok, providing low entry levels of investment but still benefiting from direct connections to the tourist and business districts.
“With the Taopoon Interchange completed and Samrong interchange station nearly complete, these areas have been identified as future hotspots.”
“If we only look at the existing traffic at interchange stations like Asoke and Siam, we can be certain that Taopoon and Samrong will become major transit stations by 2020,” he concluded.