Thailand's booming property market is hoping to attract wealthy Chinese buyers who are increasingly looking to set foot in places further afield from their traditional investment destination, Hong Kong.
According to the Financial Times, Thailand is one of the emerging property markets for mainland Chinese buyers. As many as 2.7 million Chinese tourists visited Thailand in 2012 and it is expected that their number will grow this year. Thai developers are hoping that some of them might choose to invest in real estate in the country, especially in Phuket, where construction of luxury accommodation is flourishing.
There is a notable trend of Chinese buyers purchasing property abroad but many of them are put off by record-high real estate prices in Hong Kong, so they are turning their attention to alternative markets, explained Apichart Chutrakul, CEO of Thailand-based property developer Sansiri. Thailand is certainly in a position to benefit from this trend, he told the Financial Times.
Sansiri is currently developing a beach apartment project in Phuket, with apartment prices varying significantly to meet the needs of a wide range of customers. Chutrakul explained that the project was promoted in Hong Kong because many Hong Kongers had already bought a property in Thailand and he hoped that more would follow. At the same time, there is a huge Chinese community in Thailand, which could be a further incentive for mainlanders to move to the country, he said.