Foreign buyers fuel 200% surge in Thai luxury property sales

[snoop1130]

 

A surge in foreign interest in luxury property in Thailand has been observed since international tourists began returning in the latter half of 2022, according to property consultancy CBRE.

 

Sales transactions through CBRE have risen by over 200%, indicating a clear trend. In response, developers are preparing to launch new luxury and super-luxury residential projects in 2023, with a focus on single houses.

 

CBRE Thailand represents approximately 30 leading residential projects with a total project value surpassing 40 billion baht, stated Artitaya Kasemlawan, head of residential sales projects. Among these projects, 58% are luxury and super-luxury housing, 40% are luxury condominiums, and the remaining 2% are villa developments.

 

The majority of projects slated for launch this year are single-house developments, which continue to be in high demand. Examples of such projects include Nirvana Collection Krungthep Kreetha, Arch Sukhumvit 39, Vi Ari, Hyde Park Garden, and Mayfield Pinklao.

 

In 2022, foreign travellers returned to Thailand in significant numbers, with 11.2 million arrivals. Among the projects CBRE represents, 89% were purchased by Thai buyers and 11% by foreigners from 2022 to early 2023, said Artitaya.

 

By Alex Morgan

Caption: Photo via CBRE

 

Full Story: https://thethaiger.com/news/business/foreign-buyers-fuel-200-surge-in-thai-luxury-property-sales

 

-- © Copyright Thaiger 2023-05-26

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

The most versatile and flexible rental investment and holiday home solution in Thailand - click for more information.

[ukrules]

Is it time to increase the prices by another 100%....again?

[OneMoreFarang]

I am no expert, but I wonder why foreigners buy and not (so many) locals. 

Is there something the locals know which those foreigners don't know or don't think about?

[dinsdale]

Increase the purchasing tax by 1000% and decrease the import tax on beer, wine, spirits, food etc by 80%. I would be happy with this.

[zzaa09]

1 hour ago, OneMoreFarang said:

I am no expert, but I wonder why foreigners buy and not (so many) locals. 

Is there something the locals know which those foreigners don't know or don't think about?

A wiser and connected Thai prevail. 

 

[BenStark]

In 2021 there were no foreign tourists, so very little will have been sold to foreigners.

 

From 1 to 3 is 200% increase, but it sounds better if you omit the real numbers

[BenStark]

1 hour ago, OneMoreFarang said:

I am no expert, but I wonder why foreigners buy and not (so many) locals. 

 

1 hour ago, snoop1130 said:

Among the projects CBRE represents, 89% were purchased by Thai buyers

 

[Celsius]

20 minutes ago, dinsdale said:

Increase the purchasing tax by 1000% and decrease the import tax on beer, wine, spirits, food etc by 80%. I would be happy with this.

 

I would not. I would do the exact opposite.

[dinsdale]

6 minutes ago, Celsius said:

 

I would not. I would do the exact opposite.

You're not from Russia are you?  Maybe you just have lots of money.

[quake]

1 hour ago, dinsdale said:

Increase the purchasing tax by 1000% and decrease the import tax on beer, wine, spirits, food etc by 80%. I would be happy with this.

Looks like your going to be unhappy for a long time,  maybe forever. 

[dinsdale]

8 minutes ago, quake said:

Looks like your going to be unhappy for a long time,  maybe forever. 

One can always live in hope.

[quake]

3 minutes ago, dinsdale said:

One can always live in hope.

Yes.

Nothing wrong with that. 

[humbug]

Always a sales pitch article in this country, but 58% housing snd 40% condos 2% villas, are we witnessing the first part of a 20 year thai/chinese strategy through agreements to allow Chinese to own homes, and slowly over 20 years be a legal owner of the land and home, or just very poorly written, both could be right, but they did seperate all 3, houses, condos, villas, i doubt people are buying 58% worth of houses for leaseholds of 30 years, or is connected to corporations

 

Later in the article is states 89% thais, 11% foreigners purchased, so out of 40 billion purchase costs, roughly 36 billiin was bought by thais, and 4 billion by foreigners

 

and some of those houses in Bangkok would range from 20-80 million baht

 

If its poorly written, then run a mile away, if it's for Chinese to be allowed over 20 years to be homeowners, then run a mile away, easy answer to any of these sales pitch articles

 

 

[Phil1964]

11% were sold to foreign buyers it states in the article, totally undermining the statement in the headline to the article.

Were these journos trained at the hands of Murdoch's media empire at The Sun?

Rubbish editorial content yet again!

 

Anyway, based on Thai construction quality I cannot see how these high price tags are justified, other than if the view of the ocean is stunning, which has become the norm in many other countries...

 

[hotchilli]

9 hours ago, ukrules said:

Is it time to increase the prices by another 100%....again?

150% at least

[smedly]

a percentage means nothing

 

a 100% increase of 1 is .......

 

they keep making these meaningless statements

[macahoom]

34 minutes ago, smedly said:

a percentage means nothing

 

a 100% increase of 1 is .......

 

they keep making these meaningless statements

If you increase a number by 100%, you double it.

I don't know about you, but that is not meaningless to me.

[nobodysfriend]

12 hours ago, snoop1130 said:

... according to property consultancy CBRE.

This is a promotional article for the CBRE , to help them sell more .

To be taken with a grain of salt ...

[phetphet]

11 hours ago, OneMoreFarang said:

I am no expert, but I wonder why foreigners buy and not (so many) locals. 

Is there something the locals know which those foreigners don't know or don't think about?

Thais don't face being sent to fight in Ukraine.

[bluejets]

12 hours ago, snoop1130 said:

A surge in foreign interest in luxury property

This is a killer for the everyday Thai and their ability to access affordable property.

[NorthernRyland]

35 minutes ago, macahoom said:

If you increase a number by 100%, you double it.

I don't know about you, but that is not meaningless to me.

My magic buddha amulet increases your protection against evil spirits by 100%. You've now DOUBLED your protection. Only 800 baht. Do you purchase?

[kcpattaya]

CBRE is not a very reliable source of what's REALLY going on on the property market.

[JoePai]

As foreigners cannot buy land/house (??) how do the 60% stated in the article buy their villa ?

[thailand49]

28 minutes ago, bluejets said:

This is a killer for the everyday Thai and their ability to access affordable property.

True maybe Thais got money under their bed and chose to drive a sidecart?

 

In my area Pattaya Darkside a home 7 million baht is high.  A big piece of land near my home recently broke ground starting asking price is 30,000,000 baht. It would be very interesting sales.

[jacko45k]

10 minutes ago, JoePai said:

As foreigners cannot buy land/house (??) how do the 60% stated in the article buy their villa ?

Whole other topic......

[jesimps]

I thought foreigners weren't allowed to own land? Shouldn't the bi-line therefore read "...........200% surge in luxury condo sales"? Or maybe "Thai wives of foreign buyers etc....."

[Bundooman]

12 hours ago, OneMoreFarang said:

I am no expert, but I wonder why foreigners buy and not (so many) locals. 

Is there something the locals know which those foreigners don't know or don't think about?

Yes there is. But it's partly,  the other way around. Most Thais probably don't understand, (or even want to know), who it is that are buying these luxury villas, etc. They don't care that it is likely to be Russian or Chinese money, they're not interested in the war in the northern hemisphere - Ukraine, or the rising threat from China and the greed is beginning to show.

 

It will be interesting when the Thai people find out just how unpleasant both these foreign nationals can be, when established in expensive housing, long term - compared to the normal Thai people's standard of living. Not to mention the rise in overstays, corruption, job-stealing and the drunkenness, accident rate, fighting, theft, rude behaviour and disgusting habits that both of the nations exhibit. (Phuket's recent report and statistics, not mine).

 

The recent rapid rise in overstay was highlighted last week, but surprisingly, this time, the nationalities of the 'miscreants' wasn't announced. I wonder why not.

But I also think you are right - Thais know that these rapid-rise structures and going to be cheaply made, poor quality materials and workmanship - sold at unbelievably stupid prices. The price actually, that the Russians particularly will pay for running away from their country. they may live to regret that.

 

Plus a new government - Interesting times ahead, don't you think?

[ozz1]

Sponsored by the real estate institute 200 from zero because of COVID they think we are stupid

[kennw]

11 hours ago, BenStark said:

 

 

The law on foreigners not allowed to own land still exists !!!!

[mikebell]

13 hours ago, OneMoreFarang said:

I am no expert, but I wonder why foreigners buy and not (so many) locals. 

Is there something the locals know which those foreigners don't know or don't think about?

I wonder why ANY foreigners buy (single houses) knowing they can only own 49% of it.