According to many industry observers, Chinese buyers and investors represent as many as two of every five condo purchases in Bangkok.
If replicated throughout Thailand this demographic is one that cannot be ignored by Thailand’s property industry.
Now, a new report paints a possible worrying decline in “attention” towards Thailand from Chinese buyers, while the Philippines and Vietnam are seeing more “attention”.
The Belt and Road Report, published by Chinese property website Uoolu.com, also provides some valuable data for Thailand’s real estate agents and developers who want to attract Chinese buyers.
For example, the report noted females – at 54 percent – form the majority of Chinese buyers.
More than 75 percent of Chinese overseas property buyers are aged between 30-years-old and 49-years-old.
Contrary to the experiences of many agents and developers, Chinese buyers are quick to make investment decisions.
Some 43 percent make their investment decision within a week with one in ten taking just 24 hours to sign on the dotted line.
The majority – 67 percent – claim to have an investment budget for overseas property of between US$ 70,000 and US$ 150,000.
Almost 7 of every ten Chinese overseas property buyers are purchasing for investment, with 10 percent reporting education as being their main motivation.
The website said that some 40 percent of Chinese buyers were purchasing with capital appreciation as their main motivation, with 29.15 percent seeking rental returns.
Beijing also accounted for more Chinese investors than almost all other surveyed cities in China combined.
The report also revealed the top ten properties “most beloved” among Chinese investors. These will, obviously, be based on projects being marketed on the website.
Top of the list was Unio 72 with The Privacy Rama 9 in second spot. Ideo Asoke Rama 9 was ranked in third spot with Bloft and The Plum Rangsit making it into the top ten.
With increasing competition for attention from Chinese buyers, it’s clear from this report that Thailand cannot afford to take this important market for granted.
Arguably it will need to do more to maintain the current levels of interest.