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Here’s a quick guide to selling property in Thailand in 2018...
There has been a renewed interest in Thailand as an overseas property destination, especially from Chinese investors. Thailand is today one of the top 10 overseas property hotspots that receive the most investment from Chinese property buyers.
There are many reasons for this. There has been a major improvement in the relationship between China and Thailand in recent years, even as China assumes a growing role in the ASEAN Economic Community. The fact that China is geographically close to Thailand has also helped. Culturally too, there is a lot of similarity between China and Thailand.
Besides China, investors from many other parts of the world such as Germany, Ireland, Russia and Scandinavia have shown a great deal of interest in buying properties in Thailand. This is apart from the usual crowd from Japan, Hong Kong and Singapore who have always bought properties in Thailand, especially in tourism hotspots such as Phuket.
According to Charles Pittar, CEO of Juwai.com, the leading Chinese property portal, Chinese investment in the overseas property market is expected to reach $220 billion by 2020. Mr. Pittar spoke about the huge interest shown by Chinese investors in popular tourism hotspots in Thailand such as Phuket.
“The past 12 months have seen strong growth in Chinese interest in Phuket, which they have really only discovered in big numbers during the last couple of years. The real estate industry in Phuket should use this time to improve its ability to reach and to service buyers from China,” Mr Pittar said.
He added, “A large number of buyers who haven’t yet purchased an overseas property will in the next couple of years begin to have that opportunity. Those agents and developers who are in a position to help these buyers will benefit most. Most Chinese enquiries come from investor-minded buyers. Their top three priorities are return on investment, ease of management and quality of facilities and neighbourhood.”
Generally, Chinese buyers see Thailand as a lifestyle and investment destination. This is different from how they approach the US or the UK property markets, where their objective is to buy a home close to the universities where their children are studying. The high quality of life in Thailand, especially in Phuket and to an extent in Bangkok, is the biggest attraction.
Mrs. Suphin Mechuchep, a leading executive with the top international real estate company, JLL, explains why there is such a high demand for properties in Thailand: "It is apparent that Chinese investors have strong appetite for investment opportunities in Thailand. A rapidly growing number of enquiries that JLL offices in Thailand and China have received exemplifies the case. However, most of these investors have adopted a cautious approach at this point, needing more time to explore alternative investment options that are available and understand relevant legislations and regulations."
There is every reason to believe that you’re going to get a great price for your property in Thailand – but only so long as you hire the right UK estate agent specialising in buying and selling of overseas properties to cash rich investors from China, Germany, Ireland, Scandinavia, Russia and other parts of the world. Contact us to know more.