Thai developers have targeted foreign buyers for years now holding roadshows to entice potential buyers. However, some of Thailand’s neighbors are following suit implementing similar strategies to entice buyers from abroad.
Of course, Thailand still leads the way and earlier this month Sansiri revealed that it has sold THB2 billion to foreign investors during the first half of 2016. SC Asset’s Saladaeng One project also has drawn considerable interest from buyers in Hong Kong, Singapore, Mainland China and Taiwan. Some Thai developers even launch sales outside of the country as Country Group Development is doing by opening the third round of sales for Four Seasons Private Residences Bangkok in Hong Kong.
However, Thailand is no longer the only country where buyers from abroad are looking. Viet Nam News reported that more than 10,000 apartments were sold in Vietnam in the second quarter of this year with foreigners taking up a considerable amount of these units.
Laws in Vietnam were changed last year to allow foreign buyers to purchase up to 30 percent of the units in any given development. Jones Lang Lasalle Vietnam noted that foreigners have bought more than 1,000 apartments in Ho Chi Minh City since the new laws took effect.
Laos has also seen an increase in foreign investment and more people are now looking to rent houses and apartments in the country. According to the Vientiane Times, many new apartments and houses are being built to help meet the rising demand of foreigners living in the country. An expert told the newspaper that 80 percent of those operating real estate agencies were Laotian nationals with the remaining 20 percent foreign investors.
Indonesia and Myanmar are hoping to get in on the act as well and both countries have passed new laws to let foreigners purchase housing. Those from abroad who hold resident permits are now allowed to own houses in Indonesia.
In Myanmar, foreigners can now legally own up to 40 percent of a condominium building. Both of these regulations are still new, however, and it remains to be seen just what impact it has on each country’s housing market.
