Return of foreign buyers helping property sector to grow

[webfact]

 

Foreign buyers will fuel growth in Thailand’s property market during the second half of this year but domestic buyers have not fully regained their purchasing power due to unfavourable factors, real estate appraisal and consultancy agencies say.

 

Thailand’s economy has shown signs of improvement thanks to foreign purchasing power, particularly since China’s reopening, and the country’s tourism sector as well as selected businesses are experiencing a resurgence and growth.

 

The Ministry of Finance’s Fiscal Policy Office predicts Thailand will welcome 29.5 million tourists in 2023, earning the country 1.3 trillion baht in revenue. However, rising interest rates, inflation and political uncertainties are still hindering growth in the property sector.

 

The Real Estate Information Center (REIC) of the Government Housing Bank reports that the number of condominium transfers by foreigners across the country increased by 79.2% to 3,775 units, while the value of these transfers rose by 67.6% in the first quarter of 2023 compared to the same period last year. 

 

#news

Full story: https://www.thaipbsworld.com/return-of-foreign-buyers-helping-property-sector-to-grow/

 

-- © Copyright Thai PBS 2023-06-30

 

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[Enzian]

This seems to say that the number of purchases ("transfers") by non-citizens increased year-over-year in the first quarter, but the average price per unit fell. I'm renting an 80 sq meter condo near Nana bts that the owner (Asian, but not Chinese) wants to sell at 6.5 mil baht, no takers, doesn't want to lower his asking. I'm not worried I'll have to move.

Domestic buyers are holding off probably because of already high household debt, and these ongoing attempts to get top dollar by owners who don't have to sell.

Finally, a rate of around 15,000/year (though probably somewhat more), doesn't seem like very many.

[hotchilli]

5 hours ago, webfact said:

Foreign buyers will fuel growth in Thailand’s property market during the second half of this year

Russians possibly, or Chinese moving money.

[mikebell]

Imagine what it could be if you could own a house with a garden outright.

[Puccini]

On 6/30/2023 at 6:23 AM, Enzian said:

...Finally, a rate of around 15,000/year (though probably somewhat more), doesn't seem like very many.

What rate are you referring to?

[liddelljohn]

this is total balls the market is down  , very few buyers of any type  , prices are slipping ,,who writes this  trash the TAT ????

[Enzian]

16 hours ago, Puccini said:

What rate are you referring to?

Sorry, I was not clear. I mean if you extrapolate the number of transfers by foreigners for the first quarter as reported in the article to a full year, you come up with 15K or somewhat more (assuming a constant rate of increase going on) purchases by foreigners this year for the entire country if I've done it right, which doesn't seem like enough. IF their data collection means anything.

[ozz1]

Brought to you by the real estate agents of Thailand trying to boost sales

[liddelljohn]

There is an empty  2 Rai plot off Soi Buakao in pattaya  was on Sale for 340m Baht now reduced to 288m baht  in truth is only worth 70m baht .  a similar plot was sold last November  for 70m and its only 200m away they are building another soon to be empty hotel on the site .

 

The market for property in Pattaya , Naklua, Jomtien , Bangsarey is DEAD , it was busy last year mainly Chinese , Russians and Thais  but now  zilch , lots of worried sellers ,

[ThailandRyan]

The Area around us down south of HH has been in a real-estate boom and have seen many sales.  Just in our Mooban alone the last 5 houses available have sold in the past 3 weeks.  Across the way they are building 11 new 2 story homes with pools and all 11 have been sold and are going to be completed by the end of the year.  Of course this is at a higher price point than many folks are wanting to buy at.  Starting price from 9.9 MThb to 25 MThb. Almost all are foreigners from Europe, Sweden, Switzerland and Germany.