Popular Post webfact Posted February 6 Popular Post Share Posted February 6 The Thai condominium market is experiencing a surge in activity, largely due to a permanent visa-free policy for Chinese nationals, which has led to a significant increase in property purchases by foreigners. In the first three quarters of the year 2023 foreign buyers transferred ownership of 10,703 units valued at 52,259 million baht (US$1.46 million). This momentum is expected to continue, with projections suggesting that the year-end figures will likely mirror those of the previous year, where transactions totalled 59,260 million baht (US$1.65 million). The visa-free policy, which has been extended to tourists from Kazakhstan, India, and Taiwan temporarily, is anticipated to positively influence the Thai condominium market, as it facilitates easier travel. Foreigners often purchase condos as a second home, close to their children’s schools, with the option to rent them out when not in use. Chinese buyers have been particularly active, accounting for nearly 50% of foreign transactions in the nine months of 2023, with 4,991 units transferred at a value of 24,740 million baht (US$691,602). by Nattapong Westwood Photo courtesy of iStock Full story: The Thaiger 2024-02-06 - 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. Get our Daily Newsletter - Click HERE to subscribe 1 3 4 8 Link to comment Share on other sites More sharing options...
Popular Post flyingtlger Posted February 6 Popular Post Share Posted February 6 58 minutes ago, webfact said: This momentum is expected to continue "Expected" is the key word..... 2 1 1 3 Link to comment Share on other sites More sharing options...
Popular Post BE88 Posted February 6 Popular Post Share Posted February 6 Welcome to the Chinese Mafia 9 7 1 Link to comment Share on other sites More sharing options...
Popular Post edwinchester Posted February 6 Popular Post Share Posted February 6 "....projections suggesting that the year-end figures will likely mirror those of the previous year..." Hardly a surge then if figures are similar to the previous year when visa free travel for Chinese wasn't available. 2 3 1 2 Link to comment Share on other sites More sharing options...
rgrdns Posted February 6 Share Posted February 6 The RE market is overloaded and overpriced, I noticed more and more sale advertisements. 1 Link to comment Share on other sites More sharing options...
2baht Posted February 6 Share Posted February 6 2 hours ago, webfact said: The Thai condominium market is experiencing a surge in activity, largely due to a permanent visa-free policy for Chinese nationals Insurgency! 1 Link to comment Share on other sites More sharing options...
Popular Post John Drake Posted February 6 Popular Post Share Posted February 6 51 minutes ago, BE88 said: Welcome to the Chinese Mafia I would hate to live in a Chinese dominated condo (actually, I would dislike being in any condo). Seeing Chinese tourists troop in by the hundreds in a hotel-by-any-other-name condo would be my worst nightmare. You'd be stuck there. 7 1 3 1 5 Link to comment Share on other sites More sharing options...
Popular Post soi3eddie Posted February 6 Popular Post Share Posted February 6 (edited) 1 hour ago, flyingtlger said: "Expected" is the key word..... Absolutely correct. These articles are always based on expectations. From The Thaiger linked main article "The primary foreign demand comes from groups in Hong Kong, Taiwan, and Myanmar." So it appears that purchasing condos in Thailand, is for these people, a flight to safety, be that financial or personal safety. Once that limited demand is met, then what for the Thai condo market? Edited February 6 by soi3eddie 1 1 2 Link to comment Share on other sites More sharing options...
Popular Post bamnutsak Posted February 6 Popular Post Share Posted February 6 Are funds remitted to Thailand for a condo purchase now taxable, for those who are tax residents? 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post khunjake Posted February 6 Popular Post Share Posted February 6 1 hour ago, rgrdns said: The RE market is overloaded and overpriced, I noticed more and more sale advertisements. The build quality of condos have also deteriorated rapidly in recent years as well. Imagine buying a condo only to have paper thin walls and ceilings so that you can hear (and feel) every word and motion of your “quiet” Chinese neighbors. 2 2 2 3 2 Link to comment Share on other sites More sharing options...
Popular Post Butts Posted February 6 Popular Post Share Posted February 6 (edited) Strange thing is the Chinese Law allows for only $50K USD to be sent out of China per year, so how are they illegally buying these Thai Property's? Edited February 6 by Butts 2 1 3 Link to comment Share on other sites More sharing options...
Popular Post spidermike007 Posted February 6 Popular Post Share Posted February 6 It mentions the total value of all condo transactions and it also mentions that Chinese were responsible for 50% of them. I wonder what the average buy price was for the typical Chinese buyer, relative to the Thai and foreign buyers who are sometimes spending 10 to 50 million baht for a luxury condo, in a top building, on a high floor. Also I would hardly call those numbers a surge, when they are fairly similar to last year. 2 1 Link to comment Share on other sites More sharing options...
wensiensheng Posted February 6 Share Posted February 6 “a permanent visa-free policy“ What is a permanent visa free policy? Entry without requiring a visa until such time as the policy is changed? Free tourist entry visa, good for 90 days? Permanent entry visa free of charge. some combination of the above? I’m unsure why any of them would cause the condo market to boom. It was easy enough for Chinese to get a tourist visa previously and I don’t think the requirements for any other visas have changed. But hey ho, any reason to talk up the housing market is a good reason 1 1 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted February 6 Popular Post Share Posted February 6 6 hours ago, webfact said: The Thai condominium market is experiencing a surge in activity, largely due to a permanent visa-free policy for Chinese nationals, which has led to a significant increase in property purchases by foreigners You may live to regret that.. 1 2 1 Link to comment Share on other sites More sharing options...
wensiensheng Posted February 6 Share Posted February 6 3 hours ago, bamnutsak said: Are funds remitted to Thailand for a condo purchase now taxable, for those who are tax residents? If it is income accumulated since 1st Jan this year, I believe the answer is yes. If it was accumulated in prior years, no, it will be treated as capital. 1 1 Link to comment Share on other sites More sharing options...
Popular Post loong Posted February 6 Popular Post Share Posted February 6 "Visa free travel to Thailand." said the Chinese man, "That is great, I can afford that 10 million Baht condo now"! 1 3 Link to comment Share on other sites More sharing options...
arick Posted February 6 Share Posted February 6 10 times that amount they lost in Thailand in 2019 from one project highly doubt they will repeat the same mistakes 1 Link to comment Share on other sites More sharing options...
arick Posted February 6 Share Posted February 6 Do the Chinese get a free trip to the DSI after purchasing their corrupt units Link to comment Share on other sites More sharing options...
Popular Post NemoH Posted February 6 Popular Post Share Posted February 6 (edited) What a fake news .. 🤣🤣🤣🤣 even the Chinese are broke now 🤣🤣 n they do not need visa free to buy condos 🤣🤣 Edited February 6 by NemoH 1 1 4 Link to comment Share on other sites More sharing options...
Henkjan2 Posted February 6 Share Posted February 6 Since the Chinese real estate market is so unreliable and unstable (and limited) i do expect a surge of sales over here. Especially from the cooler Northern China area as well as from Taiwan* and Hong Kong*. * fleeing option 1 Link to comment Share on other sites More sharing options...
Popular Post bradiston Posted February 6 Popular Post Share Posted February 6 21 minutes ago, Butts said: Strange thing is the Chinese Law allows for only $50K USD to be sent out of China per year, so how are they illegally buying these Thai Property's? I came up against a similar problem when attempting to close a deal with Chinese buyers for my house here. Long story short, their suggested method of RMB transfer and exchange into THB was obviously a money laundering exercise which involved a great deal of risk. Maybe these phantom buyers have the means to complete purchases, but how many more dodgy deals are we going to read about in the near future? 1 1 1 2 Link to comment Share on other sites More sharing options...
Popular Post Mike Teavee Posted February 6 Popular Post Share Posted February 6 7 hours ago, webfact said: transferred ownership of 10,703 units valued at 52,259 million baht (US$1.46 million $1.46 Million for 10,000 condos puts the average price at $146 per unit which sounds about right for some of the shoeboxes that are going up nowadays! 1 8 Link to comment Share on other sites More sharing options...
chrischronic Posted February 6 Share Posted February 6 Friends have been complaining that the rent of condos in BKK is increasing dramatically due to condos being bought out and foreigners paying way too much on rent. I've been hearing stories of full floors being bought out and only finding foreign renters who will pay high because they compare rent to their home countries. I have a few friends who are very concerned that prices are going to get out of control. Do you think this will become a problem with rent increasing all across BKK? 1 1 Link to comment Share on other sites More sharing options...
phil2803 Posted February 6 Share Posted February 6 28 minutes ago, wensiensheng said: “a permanent visa-free policy“ What is a permanent visa free policy? Entry without requiring a visa until such time as the policy is changed? Free tourist entry visa, good for 90 days? Permanent entry visa free of charge. some combination of the above? I’m unsure why any of them would cause the condo market to boom. It was easy enough for Chinese to get a tourist visa previously and I don’t think the requirements for any other visas have changed. But hey ho, any reason to talk up the housing market is a good reason I read it as a permanent stay in Thailand without a visa, for free, but I think it is actually a permanent policy of a visa free 30 day stay. 1 Link to comment Share on other sites More sharing options...
Popular Post Guderian Posted February 6 Popular Post Share Posted February 6 7 hours ago, webfact said: 10,703 units valued at 52,259 million baht (US$1.46 million) Blimey, the Baht must have taken a right old tanking overnight, that's an exchange rate of 35,616 THB/USD! I'm off to Wise to transfer $50 here, that should be enough Baht to buy a new Fortuner! lol 4 1 Link to comment Share on other sites More sharing options...
Popular Post Sig Posted February 6 Popular Post Share Posted February 6 (edited) Whether or not it's actually a surge.... I can't even begin to fathom the nightmare of living in a condo with any appreciable number of Chinese residents, like more than one, hopefully separated by more than one floor. As much as I enjoy my friendship with a few Chinese immigrants, I've had some hideous experiences with Chinese in hotels. I was really sad to inform the owner of a hotel in Chiangmai that I had regularly gone to for 15 or so years, that I wouldn't be returning again. He knew exactly why before I even began to say. I really enjoyed the owners acquaintance and loved the location/comfort/price of his hotel. Then... a tour operator who catered to Chinese found it. That was the end! So much for enjoying quiet, sleepy Chiangmai... An experience I'll never forget. They completely destroyed my continued love of traveling to my nostalgic familiar haunt and relaxing vacations up north. I've since found other places to enjoy, but nonetheless, it was quite a sad day and has never been quite the same.... Edited February 6 by Sig 1 2 Link to comment Share on other sites More sharing options...
bradiston Posted February 6 Share Posted February 6 And where's the evidence the "surge" is down to a visa free policy? Government claiming all the laurels. Taiwan and I guess may countries have had visa free policies for years. Mr Johnny-cum-lately Sweater thinks he's the saviour of the nation. Link to comment Share on other sites More sharing options...
mokwit Posted February 6 Share Posted February 6 yes, yes, such demand you had better buy one before they are all gone. 2 Link to comment Share on other sites More sharing options...
Celsius Posted February 6 Share Posted February 6 51 minutes ago, Mike Teavee said: $1.46 Million for 10,000 condos puts the average price at $146 per unit which sounds about right for some of the shoeboxes that are going up nowadays! you don't understand how Thais do numbers. I hope you are a newbie otherwise the post is embarrassing. 2 1 Link to comment Share on other sites More sharing options...
Popular Post Sluglord Posted February 6 Popular Post Share Posted February 6 And all this happening at the same time the Chinese real estate market is on life support and despite 65% of wealth stored in real estate 🙄 Fancy that. This building has easily 30% condos up for sale. Probably 40% next door. 56 minutes ago, Henkjan2 said: Since the Chinese real estate market is so unreliable and unstable (and limited) i do expect a surge of sales over here. Especially from the cooler Northern China area as well as from Taiwan* and Hong Kong*. * fleeing option Assuming their home can be sold and if so for how much. Real estate in China is in financial chaos. 1 2 Link to comment Share on other sites More sharing options...
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