Thailand has long been an attractive destination for expats – the country is blessed with a superb climate all-year-round, jaw-dropping landscapes, a wealth of culture, and a host of reasonably priced property developments. Expats from neighbouring Asian countries such as China, Hong Kong and Japan flock to Thailand to enjoy the lifestyle and comparatively cheap cost of living. Many Europeans from the UK, Germany, Russia and elsewhere also adore this South East Asian paradise.
This trend of foreign interest in Thailand is increasing. This is particularly noticeable within the property market.
Thailand Increasing In Popularity
There are many contributing factors to the popularity trend – it is not a simple case of Thailand being an attractive location. The following are some of the main reasons contributing towards an increased international interest in Thailand:
Developers marketing in foreign countries
This is one of the most prominent reasons – the fact that Thai property developers are actively marketing abroad. Traditionally, Thai developers would purely market their properties within the country, but this is no longer the case. We are seeing an increase in overseas road shows, direct marketing strategies within foreign countries, and a general push by developers and Thailand real estate agencies to appeal to this international audience.
The Sansiri Public Company, for example, has been aggressively marketing their residential developments in both Hong Kong and China through road shows and promotional events. Moreover, the PACE corporation who created the iconic MahaNakhon skyscraper has held roadshows in Singapore to promote their structures. Furthermore, the Country Group Development have travelled to Dubai and the UAE in the past to promote their Bangkok residences – it is clear that international marketing is making a big difference.
Favourable economic situation in Thailand
Aside from a push by developers to market in other countries, the economic situation in Thailand itself is also a huge draw. The country continues to experience moderate economic growth year after year and the government appears to be settling and making great changes to the Thai infrastructure. For example, the MRT transit system is being developed within Bangkok, and national railways will eventually open up better transport links to other countries such as Myanmar and Vietnam.
There is a range of business and investment opportunity in Thailand now, with huge choice of overseas offices and branches looking for foreign employees.
Demand for property from Thai citizens
This may not be as important but it is certainly a factor too. During the Thai property boom, there was an oversaturation of developments – property developers aimed to take advantage of the surge in demand and effectively created an excessive supply, particularly of condos. To fill those vacant condos and sell those residential complexes, developers looked for other avenues and foreign investors happen to be an extremely lucrative one with a high demand. However, now Thai citizens are also benefitting from the strength of the economy. The younger generation of Thailand in particular has also adapted to the condo living lifestyle, further increasing overall demand and supporting new condo developments.
The increase in foreign interest in Thai property is no mere coincidence. If the Thai economy continues to grow impressively and Thai developers continue to push towards an international market we should only see an increase in this trend.
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