Overseas buyers to fuel Thailand's real estate boom until Q4: CBRE


Thailand’s real estate will flourish until the fourth quarter, spurred by skyrocketing demand from overseas customers, real estate services and investment firm CBRE (Thailand) has forecast.

The head of residential sales, Artitaya Kasemlawan, said on Wednesday that the company's sales to foreign buyers in the condominium sector had increased 383% and by 233% in housing estates over the past year.

Artitaya said that 89% of customers from last year to the beginning of this year were Thais, while the remaining 11% were foreigners, most of them from China, Hong Kong, Taiwan, Myanmar, Singapore, and Japan.

However, foreign buyers in the condominium sector typically have bigger budgets (between 15 and 30 million baht), and like to live in Bangkok's business districts, namely Sathon, Lumpini, and Sukhumvit, as well as by the banks of the Chao Phraya River, she said.

As for housing estates, overseas customers normally come with a budget of 51-80 million baht and are interested in buying houses in eastern Bangkok, she added.

Artitaya said that homes with four bedrooms are particularly popular among Chinese buyers, who have a budget of up to 100 million baht.

Around 87% of foreign buyers of condominiums and 71% of housing estate buyers bought with the intention of living there rather than renting out. 

Artitaya said that weekend houses have also gained interest from European buyers from Russia, England, France, and Germany, who are willing to spend between 15 and 30 million baht to purchase them, adding that Phuket and Hua Hin are the two most popular locations.

CBRE’s head of Phuket property sales department, Prakaipeth Meechoosarn, revealed that sales of weekend houses had increased by 24% last year compared to the previous year.

Artitaya cited Myanmar as a growing market for the nation's real estate industry, noting that Myanmar buyers had purchased properties ranging from 5 to 100 million baht.

“Myanmar buyers are interested in a houses with four bedrooms, located in central or eastern Bangkok,” she said.