By Andrew Batt:
EXCLUSIVE: Overseas demand for Thailand property dipped during February although overall interest is up year-on-year according to the monthly Top of the Props report published by a leading UK property portal.
After a strong showing in the previous three months, Thailand dropped five places to 15th place in terms of countries ranked by search on TheMoveChannel.com.
Director Dan Johnson, speaking exclusively to DDproperty.com, said: “Demand for Thai real estate is always at its strongest during the high season – and enquiries between November and January were 58 per cent higher on average than during the rest of the last 12 months. This seasonal peak in interest, combined with competition from other markets, saw Thailand’s share of enquiries decrease in February on a monthly level, although interest still remains higher than this time last year.”
The United States maintained its top position for the fifth consecutive month, while the tiny Caribbean island of St Kitts and Nevis jumped a massive 34 places to enter the top ten for the first time.
Johnson added: “It sounds like an old cliché, but the demand for sun and sand never really goes away. Faced with grey skies and a gloomy economy, house hunters are visibly looking away from the traditional shores of Spain and Portugal and turning to new horizons in search of a sun tan.”
Select Resorts, who manage a resort in St Kitts and Nevis, highlighted the growing demand for residency in the country.
A spokesperson said: “The unparalleled rise in demand and popularity is largely due to the country’s economic citizenship by investment program, which is the oldest of its kind in the world. Established in 1984, the program keeps the overall growth of the country in mind. Once accepted, holders of a St Kitts and Nevis passport are able to travel visa free to over 100 countries worldwide and can enjoy many tax benefits. Alongside the citizenship program, the country has been developing an excellent tourist infrastructure which includes luxury five star resort destinations.”
St Kitts and Nevis was not the only country to witness a stratospheric rise in popularity: Jamaica jumped an astonishing 20 places to 13th in the table, while the Cayman Islands climbed 9 to take 9th place from Hungary.
At the top of the charts, US real estate continued to dominate demand, accounting for over 1 in 5 enquiries on TheMoveChannel.com. America’s recovering real estate was closely followed by Spanish property, which accounted for over 1 in 7.
Established favourite Brazil made an even stronger bid for the title, receiving 7.7 percent of enquiries – its highest ever share. That increase was enough to replace Portugal in third place, while buyers continued to focus on other familiar markets such as France (fourth place), Italy (sixth) and Turkey (seventh).
But with two of the Top 10 property markets located in the Caribbean for the first time, the rise of St Kitts and Nevis marks the start of what could become a Caribbean craze.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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