Chinese buyers are back

Chinese buyers
Reading Time: 3 minutes

EXCLUSIVE: Chinese buyers have returned to Thailand’s property sector judging by the latest available data.

Industry insiders have also noted a “significant” pick up in levels of interest from Chinese buyers in the past three weeks, following the Phuket ferry disaster on July 5 that claimed the lives of more than 50 Chinese tourists.

A sales manager with one of Thailand’s top listed property developers, speaking on condition of anonymity, said that enquiries from Chinese buyers: “… literally dropped off a cliff” in the days and weeks after the Phuket tragedy, but added that: “Chinese buyers are back and, if anything, we’re seeing more than at any time this year.”

These experiences were confirmed by Carrie Law, the Chief Executive Officer of Juwai.com.

Juwai is the top Chinese website for Chinese people looking to buy international property.

Speaking exclusively to ThailandProperty.News, she said: “The boat disaster had a major negative impact on demand, but initial indications are that this may have been only a short-term blip on the generally upward trend in 2018.”

“During the two weeks following the disaster, Chinese buying inquiries for Thai properly dropped by as much as 50 percent from the weekly average for the year to date.”

But in an important development for Thailand’s property sector where as many as 80 percent of foreign property sales are being made by Chinese buyers, she added: “Buyer interest appears to have recovered since then, and during the fourth week following the disaster, inquiries were 104.2 percent higher than average.”

“This upside bump suggests many Chinese buyers returned to the market,” Law concluded.

Juwai data revealed that during the first six months of 2018, Thailand was the most-inquired destination globally for Chinese buyers looking at international property.

 

Note for clarity: Andrew Batt, the Founder and Editor of ThailandProperty.News, is a columnist for Juwai.com on matters relating to Thailand property and real estate.

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