More developers from Thailand are targeting buyers from Hong Kong with both Sansiri and Nirvana Daii expected to host road shows in the city before the end of the year, according to media reports. Property prices in Hong Kong can be very expensive when compared to Thai properties with the latter being attractive to both investors and those looking for a holiday home.
Sansiri has operated in Hong Kong for years and continues to market new residential projects to buyers there on a monthly basis. It recently sold 100 units in a Chiang Mai development to buyers from Hong Kong. The overseas territory contributed to 10 per cent of the company’s total sales in the 1st half of 2017.
“Hong Kong is our biggest overseas market. I think Hong Kong people like us because Thailand is only a 2-hour flight away, and prices are much cheaper,” says Sansiri President Srettha Thavisin to the South China Morning Post.
A total of 70 per cent of Sansiri’s buyers from Hong Kong are investors. The most in demand unit type is mid-level priced condos in prime locations. These condos in Bangkok can have rental yields of up to 7 per cent. It was also noted that some of Thailand’s tourist destinations are growing in popularity as well.
Nirvana Daii is another Thai developer targeting Hong Kong. It will be launching a luxury project there later this month. Hong Kong investors will have the 1st choice of units at its Banyan Tree Residences Riverside Bangkok. The company is hoping demand of its newest project is strong since it is freehold and there are no stamp duty taxes for foreigners buying a unit in Thailand.
Residential property in Hong Kong is some of the most expensive in the world. And those looking to buy a 2nd home or a property other than a primary residence in the region face a stamp duty tax of 15 per cent on top of the price.
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