Thailand has been a nation on the rise for several decades now. The country has made incredible leaps in progress, particularly since the 1980’s, and has built a stable economy that continues to grow. During the 1980’s and 1990’s, Thailand saw particularly rapid growth, with some years even seeing growths in the economy of more than seven percent. While the growth has levelled out since then, it still continues steadily. The economy grew by a steady 2.8 percent last year, and is projected to come close to that level of growth this year as well.
Tourism Critical To Thai Economy
While Thailand is home to a number of industries that contribute to its yearly economic success, tourism is undoubtedly one of the most important. Not only does it draw revenue from the tourists themselves, it also spurs growth in a number of related industries, from hospitality to recreation, and even real estate. The majority of visitors to Thailand flock to the nation’s most well-known city, Bangkok, and bring with them a surge in spending and economic growth.
Bangkok Receiving More Visitors Than Ever Before
Drawn by world renowned food, beautiful weather, ancient temples, and a rich history, Bangkok has become a popular destination for tourists from around the world. In 2015, over thirty-million foreign tourists visited Bangkok, and experts estimate that that number will be over thirty-two million this year. In the city’s downtown hotels, occupancy has risen to over 75%, which has given rise to a number of new developments, as well as a need for even more growth. The influx of job opportunities and industry developments across the nation has drawn new residents for many years now. While some choose to settle elsewhere in the country of Thailand, the majority come to Bangkok.
Bangkok’s Role Within Thailand
Bangkok is at the centre of this growing nation’s economy. Not only is it the largest city in the country, it is also home to Thailand’s main port and over one-third of the country’s banks. It is home to nearly half of the country’s output and factories, Bangkok is also at the centre of Thailand’s massive tourism industry. Fuelled by a steady increase in tourism in recent years as well as a strong economy, the real estate market in Bangkok has also grown at a promising rate in recent years, one that is projected to continue for many years to come.
As Tourism Increases, So Does the Demand for Real Estate
The rise in tourism has spurred an increase in the number of foreign visitors who are choosing to make the city their permanent home. Just as hotel space is in high demand, so too is real estate. Especially in the downtown market, the demand for properties far outweighs the availability at this time. While this can pose a challenge for home buyers or renters to find a property in an older unit, it means that a number of new developments are cropping up all over the city on an almost daily basis. The demand is projected to continue to grow, which means that this is a great time to be buying real estate in Bangkok if you want to realise a considerable return on your investment.
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