Thailand Continues to Attract Chinese Investors
With the resumption of flights between China and Thailand, many Chinese people have reportedly expressed their interest in purchasing real estate, living, and even retiring in Thailand.
Thailand has also made an effort to attract more Chinese tourists by granting Chinese passport holders 30-day visas, making it one of the first countries to receive a large number of returning Chinese tourists. In fact, Thailand's tourism agency reported welcoming 161,540 Chinese tourists between January 1 and February 15 alone, with an expectation of 300,000 more by the end of March and five million visitors for the entire year.
The high cost of living and housing prices in Shanghai have made some, like Mr. Chen, think about retiring in Thailand. Chen, who initially intended to invest in a home, found a house in Bangkok's city center for around 600,000 yuan or $87,000, which is significantly less than the minimum of 4 million yuan ($574,000) it would cost him to live on the outskirts of Shanghai.
Investment in real estate in Thailand can yield greater-than-expected returns, and real estate companies have stepped up their business by organizing group tours for investors to explore Thailand's real estate market. Uoolu, an overseas real estate consulting firm based in Beijing, has organized a three-day tour for investors to visit four residential projects, with apartments starting at RMB 230,000 with a potential rental yield of 5.5%.
Thailand's prices and returns on investment have been favorable factors for Chinese buyers, making it the top choice for Chinese investors looking for overseas properties between 2018 and 2021, according to Juwai IQI. Although the country slipped down to fourth place in 2022 behind Australia, Canada, and the United States, Zhou, the sales manager at Shanghai-based real estate consultancy Juwai IQI, believes the demand for Thai real estate will increase as more people visit the country for holidays.
Furthermore, paperwork for foreign buyers is quite simple, and up to 49% of the apartments may be owned by foreigners in the country. As of 2018, the Chinese were the largest group of foreigners buying condominiums in Thailand, accounting for a staggering 49% of units purchased by foreigners, with the Russians, Americans, Brits, and Germans following behind.
The resumption of flights and the ease of purchasing real estate, coupled with attractive returns on investment, make Thailand a top choice for Chinese investors looking for overseas properties, and we can expect to see a surge in Chinese buyers in the coming months.
Thailand Continues to Attract Chinese Investors
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