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Weekly Thailand Property News Update , EP 8 , 2023

BY Weekly Thailand Property News Update , EP 8 , 2023

1.”10 nationals purchased condominiums in Thailand, holding 3,700 units for 3 months.”

The Real Estate Information Center (REIC) revealed that the top 10 foreign customers have flooded the Thai condominium market, accounting for a significant 79.2% increase. The total number of units purchased and transferred reached 3,777, with a value of over 17,000 million baht. The majority of buyers, ranking at number 1, were from China, followed by Russia, the United Kingdom, and the United States, with the latter occupying the third position.

On May 19, 2023, the Thai real estate market witnessed an interesting movement, particularly in the condominium market, which had previously been heavily impacted by the COVID-19 crisis. Foreign buyers had been absent for two years. However, according to the latest data from the Real Estate Information Center (REIC), during the first quarter of 2023, from January to March, foreign buyers re-entered the market, driving the real estate market’s recovery in line with the revival of the tourism sector.

Looking back at 2022, the total number of condominium unit transfers for foreign buyers throughout the year amounted to 11,561 units, with a value of 59,261 million baht. However, within the first three months of 2023, there were already 3,775 unit transfers, representing a significant increase of 79.2%, with a value of 17,128 million baht, expanding by 67.6%.

The important foreign customers in the top 10 rankings are as follows:

  1. China (46%): 1,747 units with a value of 8,191 million baht.
  2. Russia (10%): 387 units with a value of 1,364 million baht.
  3. United States (4%): 156 units with a value of 653 million baht.
  4. United Kingdom (4%): 146 units with a value of 703 million baht.
  5. Germany (3%): 131 units with a value of 611 million baht.
  6. France (3%): 130 units with a value of 606 million baht.
  7. Taiwan (2%): 94 units with a value of 468 million baht.
  8. Myanmar (2%): 76 units with a value of 497 million baht.
  9. Australia (2%): 71 units with a value of 310 million baht.
  10. Japan (2%): 63 units with a value of 310 million baht.

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2.Foreign buyers flock to Thailand’s real estate market, preparing to invest in luxury condominiums.”

“CBRE believes that the tourism and hospitality markets, particularly the luxury segment, will rebound and experience significant growth in the second quarter through the fourth quarter of 2023. This positive trend is driven by strong demand from foreign buyers, especially Chinese investors, who are purchasing high-end residential properties for long-term stays.

CBRE’s outlook for the Thai real estate market in 2023 signals an increase in foreign investment, particularly from Chinese buyers, in residential properties across Thailand, including condominiums, detached houses, and vacation homes.”

Miss Atita Kasemlavan, the Head of Sales and Marketing Department at CBRE Thailand, revealed that foreign buyers have shown increased interest in purchasing luxury residential properties in Thailand, including condominiums, detached houses, and vacation homes. This trend started when international tourists began returning to Thailand, and in the second half of 2022, sales through CBERI exceeded 200-300% compared to the previous year.

Developers have also been proactive in responding to the growing demand by preparing to launch several new luxury and super-luxury residential projects in 2023, particularly in the detached house segment. These new projects, represented by CBERI’s sales and marketing department, have a combined value of over 15,000 million baht.

Through the analysis of project data represented by CBRE, it was found that the majority of interested buyers from 2022 to early 2023 were Thai nationals (89%), with foreign buyers accounting for 11%. Among the foreign customers interested in purchasing condominiums and houses, the majority came from within Asia, including China, Hong Kong, Taiwan, Myanmar, Singapore, and Japan. For customers seeking vacation homes, the majority were from Europe, including Russia, the United Kingdom, France, and Germany.

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3. 5 new routes of the mass rapid transit (MRT) system are being prepared. Please check here for the scheduled dates of their operation.

The progress of the construction projects is of great interest to the public who are eagerly awaiting their completion and operation.

“Thansettakit” will provide updates on the project’s progress to keep everyone informed.

As of the end of April 2023, the construction progress is as follows:

  • Orange Line, Cultural Center – Min Buri (Suvarnabhumi) section: Civil works progress – 99.85%
  • Yellow Line, Ladprao – Samrong section: Civil works progress – 98.99%, M&E (mechanical and electrical) system progress – 99.07%, Overall progress – 99.02%
  • Pink Line, Khae Rai – Min Buri section: Civil works progress – 96.19%, M&E system progress – 96.64%, Overall progress – 96.43%
  • Pink Line, extension section, Sri Rat – Mueang Thong Thani: Civil works progress – 25.24%, Electrical system progress – 10.84%, Overall progress – 20.41%
  • Purple Line, Tao Poon – Rat Burana (Kanchanaphisek Outer Ring Road): Civil works progress – 10.41%

Currently, the Yellow Line project is undergoing various system testing. Once it passes the safety inspection, the schedule for public trial operations will be announced for the upcoming period.

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