The residential market in Thailand received an assist from foreign buyers last year, according to local media reports. These buyers were drawn to Thailand thanks to new supply hitting the market that featured innovative designs and modern facilities that made them attractive.
“An appealing investment climate gave foreign investors the chance to capitalise on their purchases without being affected by high taxes and stamp duties. Last year also witnessed several listed developers significantly capitalise on their market share because of the influx of foreign buyers,” says Frank Khan, Executive Director and Head Of Residential Projects for Knight Frank Thailand, to the Bangkok Post.
Chinese investors remained very active in Thai real estate in 2017 despite stricter outbound investment rules. This group preferred to purchase condo units in the Bangkok metropolitan area and it is noted that several mid-priced condos in the Thai capital recorded up to 40 per cent of uptake from Chinese buyers.
Most of this investment came in the 2nd half of 2017 and the 1st half was relatively quiet. Many Thai developers held road shows throughout Asia, including China, to draw in foreign buyers. Location continues to be the main factor for overseas buyers, as they want to purchase units near areas that have recognisable landmarks or are close to mass transit stations.
However, a growing number of overseas investors are now willing to invest in the peripheral areas of Bangkok where prices are lower and there is a direct connection to tourist areas and business districts. Tao Poon interchange and the Samrong interchange station are 2 areas deemed to be future hot spots due to their proximity to mass transit stations and connections to the rest of Bangkok.
“If we only look at the existing traffic at interchange stations like Asok and Siam, we can be certain that Tao Poon and Samrong will become major transit stations by 2020,” says Knight Frank Thailand Associate Director Of International Project Marketing Marciano Birjmohun.
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