Chinese Continue To Invest Billions In Thai Real Estate
Investors from China have been pouring unlimited capital in Thailand’s property in spite of the fact that the nation is proceeding towards a national election wrapped with uncertainty. People from the most economically stable countries in Asia have always viewed Thailand as a great holiday spot. Chinese real estate website Juwai.com mentioned Thailand had been the top choice for real estate buyers in the last year. In 2016, it was in the 6th spot and within a year it took a great leap. General elections in Thailand will start from March 24th. Carrie Law, the CEO of Juwai.com said she doesn’t feel any need to worry for Chinese investors due to the elections. Elections are a momentous thing and the buyers are not really concerned regarding the results.
The economy in Thailand had been increasing at quite a good rate since 2014 and reached its best in 2017 with 3.9% GDP growth. However, World Bank predicted a slowdown in 2019 because of the slow global growth. One of the leading developers in Thailand, Sansiri formed international business unit in 2014 when they realized increasing interest in foreign buyers. Vice President of Sansiri, Nanmanas Jiwattanakul mentioned Chinese investors forming almost 70% of the international sales in the company. The development was a natural flow and not due to promotional events in foreign lands. However, later showrooms were made in foreign countries to boost up buyers.
Nanmanas said that foreign investors have never been unstable because of political issues in Thailand. This is also because the economy, developments in business and policies has portrayed certain stability in spite of the changes in government. Price of properties in Thailand have become almost twice in past 10 years. Investors see this as a great opportunity to develop business and make money. Other than the money making scheme, investors also see Thailand as a spot for recreation and therefore also buy holiday retreats and hotels etc.