Chinese investors eye Thai property as travel resume between the two countries
With the resumption of travel between China and Thailand, Chinese investors are keen to seize the opportunity to purchase Thai properties for investment and retirement purposes.
They view Thailand’s real estate market as offering better value compared to China and are making use of the 30-day visa on arrival that is being granted to Chinese passport holders until the end of March.
China’s reopening is giving the Thai economy an additional boost, with the government projecting 7-8 million Chinese tourists in 2023, down from 11 million in 2019.
According to data from Thailand’s Real Estate Information Centre, Chinese buyers have been the largest group of foreign buyers of condominium units in Thailand since 2018, accounting for almost half of the units sold to foreigners.
Chinese buyers have been the biggest group of foreign buyers of condominium units in Thailand since 2018, followed by buyers from Russia, the US, the UK, and Germany.
According to Thailand’s Real Estate Information Centre, Chinese buyers purchased 3,562 units worth a total of 17.94 billion baht ($511 million) during the first nine months of 2022, accounting for 49% of units transferred to foreigners. The average price of units bought by Chinese buyers was 5 million baht, with an average area of 39 square metres.
Thailand recorded 2.14 million foreign visitors in January
The majority of these tourists reportedly came from neighboring countries such as China, Malaysia, and Laos, especially China after Beijing lifted its COVID-19 restrictions.
At least 26 million international visitors are anticipated to arrive in Thailand this year, contributing to the sector’s recovery to 60% of its pre-pandemic level.
China arrivals following the country’s lifting of travel restrictions on January 8 are expected to drive the total revenue from domestic and foreign tourists in 2023 to 2.4 trillion baht, or 80% of the level before Covid-19.