Chinese property buyers in Thailand are once again in the news.
Both the South China Morning Post and the Asia Times website have stories underlining the current popularity of Thailand with Chinese property buyers.
ThailandProperty.News makes no apologies for continuing to highlight the activities of Chinese property buyers in Thailand, given they are such an important factor for many Thailand property developers and real estate agencies.
Last week Thailand real estate firm JLL also published a report highlighting the sheer number of Chinese property buyers swamping Thailand’s real estate market right now.
Today (Monday), the South China Morning Post, speaking to a business that finds homes in Thailand for Chinese, said: “About 200 units in On Nut, a Bangkok residential area popular with expatriates and families, sold out early this year as Chinese buyers thronged the development’s centre.”
Quoting a Chinese story published by the China Real Estate News website, Asia Times reported that: “Chinese demand for Thai real estate has been on an upward trend since 2015 and reached its second peak in history in 2018.”
It added that during January 2018, the number of inquiries from Chinese property buyers about purchasing homes in Thailand increased by 91 percent from a year earlier.
The figure has increased by 313 percent when compared with the same period during 2016, it added.
But quoting an unnamed “Thai industry insider” its story incorrectly reported that foreign buyers of Thailand property do not have to pay real estate taxes.
Late last week, Bangkok-based agency JLL reported that Chinese property buyers account for half of foreign demand for condos in Bangkok.
It said that Chinese are the top nationality of foreign demand for Bangkok condos based on enquiries the firm is currently seeing.
Nonraphat Pornsinkunanon, Head of Residential Sales and Leasing at JLL, said: “Condos that are selling well to the Chinese expatriates are studios and one-bedroom units in the Ratchadapisek and Rama 9 areas, priced between THB 1.5 million and THB 3 million.”
She added that while most buyers from mainland China have purchased condos priced at around THB 6 million in the Sukhumvit area, there is a growing number of Chinese ultra-high-net-worth individuals who have purchased luxury and ultra-luxury condos in Bangkok’s central business and riverside areas.
Recently we reported that proactive Thailand property developer Sansiri is seeing up to 80 percent of its foreign buyers currently coming from Hong Kong and China, significantly more than JLL’s 50 percent.
Whilst we acknowledge the importance of Chinese property buyers in Thailand right now, and during the past four years. Thailand property developers and agencies shouldn’t be too reliant on a source of buyers that could be subject to more stringent rules at any time.
It’s safe to say that without the influence of Chinese buyers, the property sector in Thailand would now be facing significant challenges.