The property market in Thailand is heating up once more, especially as the Thai economy grew 3.9% last year, performing better than expected.
Thai economy’s growth reflected in many sectors, including property
Some sectors in the Thai industries have grown significantly, with a 25% surge in tourism and a 7% rise in exports. Investors have responded strongly to this gain.
There are expectations of future price growth in the property sector and investors are taking the opportunity to make purchases now. Buyers are starting to book units ahead of completion. It helps that akin to Hong Kong and Singapore, Thailand is one of the preferred destinations for property investments in Asia.
Political stability in Thailand is relatively reliable and property prices are modest. Thai law and regulations are also clear and consistent. Hence, many Japanese and mainland Chinese investors are discovering and making investments into properties there.
Foreigners allowed to purchase freehold condominiums in Thailand
While foreigners are allowed to purchase freehold condominiums, there is no limit on purchases of leasehold properties. With freehold purchases, there is a limit of 49% of a project.
Besides Bangkok, Hua Hin is coming into its own as a property-investor spot. It is by the seaside and just a 2-hour drive from the Thai capital. It combines the leisurely atmosphere of a seaside town but also has an abundance of amenities such as shopping malls, night markets, and cinemas. Hotel chains such as Marriott, Intercontinental, Hyatt, and Hilton all have presences there. Both local Thai and foreign investors are showing increased interest in the township as a holiday destination and second home.
The rental market is showing strong returns and with a new high-speed rail link to Bangkok in the plans, the potential is quite favourable.