Analysis: Thailand’s property market landscape in post-Covid era

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Analysis: Thailand’s property market landscape in post-Covid era

Analysis: Thailand’s property market landscape in post-Covid era

TUESDAY, NOVEMBER 29, 2022

Marciano Birjmohun, Vice President of Business Development for Magnolia Quality Development Corporation Ltd, provides his market update results.

Living in Thailand since 2011, I have seen firsthand the exponential growth of infrastructure, tourism and real estate. No longer is Onnut is the last stop on the Sukhumvit line, but far extension into a neighboring province is possible. Following primary observations in the Real Estate sector come from my intrinsic involvement in this industry as executive and engagement on both sides of the value chain.


Post Covid…New Normal?

Covid has reconditioned our behavior and living habits indefinitely. Post Covid means larger living spaces, more privacy and a demand for projects that compliment individual lifestyles. The foreign market has always been attracted to the Thai real estate market, and Thailand is one of the few countries in the region that can offer a variety of property choices based on geographical preferences such as coastal, metropolitan or mountain areas. A unique value proposition that makes Thailand still one of the top destinations for real estate.

Analysis: Thailand’s property market landscape in post-Covid era

In post Covid, we have seen a notable shift in buyer behaviors from overseas, second homes and end-users dominate the scene in any region of the country. The uptake of premium assets with a higher grade of specifications, extended facilities, low density, limited units per floor, privacy and accessibility to primary and secondary necessities such as transportation, shopping centers, education and healthcare are high in demand. Perhaps one of the most appreciated demands have been in the housing sector (“Moobaan”) despite the absence of freehold ownership allocation for foreigners, this has not been a threshold for buyers and developers. Taking Phuket as example, where villas are acquired by foreigners through either a BVI structure (British Virgin Islands), Leasehold agreement or Thai company formation. A common practice that does not withhold foreigners to continue acquisitions in the foreseen future.

From a global perspective, Thailand still holds one of the lowest closing costs to acquire real estate. This is often overlooked during the project marketing pitch but worth mentioning again. Most importantly, these costs are uniform across the kingdom, making it comfortable for investors to make acquisitions in different provinces. Foreign buyers welcome Thailand’s closing cost structure with much enthusiasm.  

The sentiment to acquire property as mean of investment vehicle is no longer the main objective, Covid teaches us that even established property markets CANNOT withstand this economic impact. Therefore, foreign buyers are now securing assets that provide their families long term security in the sense of generational living. Generational living is simply clarified where 2 or 3 generations life together in one household.

The condominium market

Buyers have become more sophisticated, in the capital Bangkok we have seen a healthy up take of units with larger living spaces; multiple bedrooms, extended facilities, better unit functionality and most of all privacy. The sophistication can be explained deeper, because post Covid buyers are willing to pay more to satisfy their needs. 

From a developer perspective this is where service aptitude plays an important role. In short, this entails a developers’ ability to recognize opportunities to exceed customers’ expectations. Thailand is the land of smiles and when dealing with foreign buyers the high and low cultural context plays an important role in the communication. Developers that have bi-lingual sales teams tend to attract more successful foreign transactions than traditional companies. 


The demand

So where does the foreign demand 2022 come from? Well, this is subjective to the ability of the sales team at each developer, but a few buyer groups have been notable:

  • Overseas Chinese holding a foreign passport. Many Chinese families from Cambodia have been flocking the Thailand market to seek a better life for their families. Education, Healthcare and Infrastructure is one of the key drivers
  • Myanmar, with ongoing political unrest, the Burmese have been the top-ranking buyers in the capital. With a variety in purchase power, both resales to newly build projects are of demand. Thailand provides them a safe haven not far from home
  • The new money or “Nouveau Riche”, buyers who acquired their wealth within their own generation. Many of them are in the technology and venture capital space trying to secure assets that accommodate their aspirational lifestyle
  • Expats have always been and remain an intrinsic part of the foreign sales quota, many of them have seen the transition and upgrade of Thailand’s real estate market. Enabling them to make sound decisions with a long-term objective
  • From Russia with love, it has not gone unnoticed that the Russian Ruble has kept its strength in the last quarters of the year, benefiting the coastal locations such as Phuket, Pattaya and Hua Hin


B2C Relations – The Agent

The vast majority of foreign transactions are the result of agent efforts. For foreign buyers, new or not familiar to Thailand’s real estate landscape, agents are often the first point of contact and an essential part of Thailand’s real estate market. For many foreigners, the agents are not just a salesperson, but also their tour guide, translator, legal counsel, troubleshooter and most importantly a new friend.

The trust and dedication real estate agents provide foreign buyers cannot always be leveled on the developer side. Many agents go up and above to accommodate foreign buyers to their best ability, and most important they remain a consistent contact for years to come. This is not a trend, but a given fact that agents are the engine behind foreign transactions (note to developer).   


Thailand going forward

Thailand has been raising its living standards for the better and despite skeptics the country remains a top destination. The residential sector has gone through a revolution, not only in asset class diversity but also strategic locations and architecture. Branded residences have made their entry a decade ago, placing Thailand in the spotlight for lifestyle-oriented investments – attracting a wealthy demographic.

Overseas markets have changed their property taxations drastically, but Thailand remains a consistent role model. Foreign buyers will diversify further away from the capital, and peripheral areas will see a growing demand from overseas.

Although still in early stage, developers will receive more demand from foreign buyers for sustainability and carbon neutrality in real estate. A good initiative that will strengthen the competitiveness level of Thailand’s real estate market going forward.

Extensive projects, multifaceted developers triumph at the 17th PropertyGuru Thailand Property Awards

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Extensive projects, multifaceted developers triumph at the 17th PropertyGuru Thailand Property Awards

Extensive projects, multifaceted developers triumph at the 17th PropertyGuru Thailand Property Awards

MONDAY, NOVEMBER 28, 2022

Diverse, desirable developments from coast to countryside honoured at long-running awards programme

  • SC Asset wins Best Developer, one of five golden statuettes for the company 
  • Several titles presented for the first time, including the Best Mega Mixed Use Development award for One Bangkok by Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) 
  • Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited, accepts the Thailand Real Estate Personality of the Year award

Bangnkok, November 25, 2022 — A wide array of real estate developers and projects emerged triumphant today from the gala dinner and presentation of the 17th Annual PropertyGuru Thailand Property Awards at The Athenee Hotel, A Luxury Collection Hotel, Bangkok. 

The 17th PropertyGuru Thailand Property Awards, presented by Mitsubishi Elevator and supported by IHI and JLL, set the Gold Standard of real estate in 55 categories, giving recognition to diverse segments, niches, and locations across the nation.  

SC Asset won Best Developer, a title the company had last won in 2015. SC Asset garnered a total of five wins, including titles for its projects Reference Sathorn – Wongwianyai, The Gentry Kasetnawamin, and Venue ID Motorway Rama 9.

SC Asset, Winner of the Best Developer (Thailand) at the PropertyGuru Thailand Property Awards 2022SC Asset, Winner of the Best Developer (Thailand) at the PropertyGuru Thailand Property Awards 2022

Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) won the never-before-presented title of Best Mega Mixed Use Development for the integrated district One Bangkok. The large project includes One Bangkok Office Tower 4, which won the Best Office Development title.

Frasers Property Industrial (Thailand) Company Limited won Best Industrial Development for the Havi Thailand Cold Chain and Food Distribution Center while the company itself was honoured with the Special Recognition in Sustainable Design and Construction.

Multi-award winner Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) receives the Best Office Development title for One Bangkok Office Tower 4Multi-award winner Frasers Property Holdings (Thailand) Co., Ltd. (FPHT) receives the Best Office Development title for One Bangkok Office Tower 4

Former Best Developer award winner Magnolia Quality Development Corporation Limited garnered two titles, including the coveted Best Condo Development (Thailand) award, for The Aspen Tree at The Forestias. Whizdom the Forestias by MQDC Town Royal Place Limited was honoured Best Pet-Friendly Residential Development.

The Best Housing Development (Thailand) title went to Aquella Lakeside Villas in one of three wins for Paradise Group. Fynn Development Co., Ltd also gained three wins, including the Best Boutique Developer award, plus titles for the project Fynn Asoke.

Other winners in the Developer categories include Comfort Max, the first recipient of the Best Mini Factory Developer title, and Aestima Asset Company Limited, recipient of this year’s Best Breakthrough Developer title.

Outstanding real estate companies from the countryside to the coast were honoured at the gala celebration. Tropical Life Real Estate was named Best Developer (Samui) while Pearl Island Property Co., Ltd. won the Best Developer (Phuket) title. The Riviera Group won the Best Developer (Eastern Seaboard) title.

The 2022 Thailand Real Estate Personality of the Year award is presented Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited. The award was received by Mrs. Wannipa Wuthiwatana, Assistant Managing Director, Sena Development.The 2022 Thailand Real Estate Personality of the Year award is presented Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited. The award was received by Mrs. Wannipa Wuthiwatana, Assistant Managing Director, Sena Development.

Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited, received the Thailand Real Estate Personality of the Year award. The editors of Property Report by PropertyGuru, the official magazine of the Awards, selected her to receive the award for her innovations and initiatives in the space of renewable energy and carbon neutrality. 

Accepting her award, Asst. Prof. Dr. Kessara Thanyalakpark encouraged peers to make climate action a priority in their endeavours. She said: “On behalf of Sena Development, we would like to thank you, PropertyGuru, the organiser of the Thailand Property Awards. This is the most respected and longest-running real estate awards programme in the industry. This prestigious award helps raise the bar for real estate to provide quality housing to consumers, ensuring quality of life and environmental protection. PropertyGuru is the leading resource for assisting home buyers in gaining insight and assisting domestic and international investors in making decisions. We are so honoured to receive this award and would like to take this opportunity to congratulate all the other companies that received awards as well.”

Hari V Krishnan, CEO and managing director of PropertyGuru Group, said: “PropertyGuru has deepened its commitment to the Thailand property market over the last year as part of the company’s journey towards becoming Southeast Asia’s Trust Platform. As we continue to explore the best proptech solutions for Thailand, the Awards remain the benchmarks of excellence for the country’s developers and projects. In this, the 17th year of the PropertyGuru Thailand Property Awards, we congratulate all the companies that have created these dream homes and desirable developments.”

The annual gala dinner’s host, Mr. Jules Kay, General Manager of the PropertyGuru Asia Property Awards and EventsThe annual gala dinner’s host, Mr. Jules Kay, General Manager of the PropertyGuru Asia Property Awards and Events

Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “As part of the region’s most established and respected real estate awards series, the PropertyGuru Thailand Property Awards have recognised industry achievements through numerous market challenges, as well as during periods of impressive economic growth. After 17 years, the Awards still stand as a testament to Thai developers’ determination, and showcase their ability to face challenges head-on, putting the needs of property seekers first. As Thailand emerges from the global pandemic, we are proud to celebrate the strength and resilience of this year’s Winners and Highly Commended awardees.”

Welcome remarks by Ms. Suphin Mechuchep, chairperson of the PropertyGuru Thailand Property Awards, and chairperson of JLL Thailand Welcome remarks by Ms. Suphin Mechuchep, chairperson of the PropertyGuru Thailand Property Awards, and chairperson of JLL Thailand

The list of award recipients was decided by an independent panel of judges consisting of Suphin Mechuchep, chairperson of the Awards in Thailand and chairperson of JLL Thailand; Chaiyuth Pete Thirangoon, director, Akatan Company Limited; Chaivut Saengaram, Ph.D, managing director, Chuchawal–Royal Haskoning, Dutch Design & Engineers Consulting Firm; Leong Choong Peng, director, Australian Institute of Quantity Surveyors, and advisor, Mentabuild Limited, Consultant Chartered Surveyor; Marciano Birjmohun, director, The Singapore-Thai Chambers of Commerce; Dr. Phongthon Tharachai, CEO, Project Planning Service Public Company Limited; Precha Suphapetiporn, president, Thai Real Estate Sales and Marketing Association; Sasivimol Sinthawanarong, design principal, Jarken Co., Ltd; and Professor Sonthya Vanichvatana, Ph.D, MRICS, associate architect, chairperson of the Department of Real Estate, MSME School of Management and Economics, Assumption University.

The regional panel judges consist of Alan Whitley, principal, Alan Whitley & Associates; Bobby Birt, managing director, Samui Island Realty; Bobby Brooks, founder, director, and advisor director, Bobby Brooks Property Advisor Co. Ltd.; Clayton Wade, managing director, Premier Homes Real Estate; George Willoughby, managing director, Form Realty Thailand; Mesa Wongsida, managing director, North Shore Property Co., Ltd.; Piti Suebwonglee, managing partner, Attorney Expat Pro Law; Robert Krupica, partner, Hughes Krupica; Russ Downing, managing director, Hot Hua Hin Co. Ltd.; and Sirikwan Tan, senior associate, Hughes Krupica Consulting Co., Ltd.

The selection process was made fair, transparent and credible under the supervision of Paul Ashburn, co-managing partner of HLB Thailand, member of HLB International Real Estate Group.

Established in 2005, the PropertyGuru Thailand Property Awards is one of the longest-running real estate awards programmes in Asia. Major winners of the Awards in Thailand qualify for the 17th PropertyGuru Asia Property Awards Grand Final in Bangkok, Thailand on 9 December. The finale of the 2022 awards series takes place after the 2022 edition of the PropertyGuru Asia Real Estate Summit, the thought leadership platform of PropertyGuru, on 8 December.

Organised by Southeast Asia’s leading property technology company, PropertyGuru Group (NYSE: PGRU), the 17th PropertyGuru Thailand Property Awards programme is supported by platinum sponsor Mitsubishi Elevator; gold sponsors IHI and JLL; official portal partner DDproperty.com; official channel partner History; official magazine Property Report by PropertyGuru; official PR partner Infinity Communications; media partners Discover Pattaya, Hot Magazine, Luxuo, Palace, Pattaya Trader, REm, Think of Living, and Yacht Style; official ESG partner Baan Dek Foundation; supporting association Green Building Consulting & Engineering; and official supervisor HLB. 

For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com.

Bangkok still No 1 for foreign condo buyers, Phuket overtakes Chiang Mai

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Bangkok still No 1 for foreign condo buyers, Phuket overtakes Chiang Mai

Bangkok still No 1 for foreign condo buyers, Phuket overtakes Chiang Mai

SUNDAY, NOVEMBER 27, 2022

Bangkok remains the top choice for foreigners buying condominiums in Thailand, according to property firm Knight Frank Thailand.

Managing director Nattha Kahapana said the Covid-19 pandemic had not affected Bangkok’s status as No 1 among foreign buyers – but Chiang Mai has fallen in the rankings.

The top 10 provinces for foreigners buying condominiums before the pandemic were:

1. Bangkok

2. Chonburi

3. Chiang Mai

4. Phuket

5. Samut Prakan

6. Prachuap Khiri Khan

7. Nonthaburi

8. Rayong

9. Pathum Thani

10. Chiang Rai

However, Phuket and Samut Prakan have now leapfrogged Chiang Mai to become the third and fourth favourite places for foreign condo buyers, Nattha said.

The top 10 provinces for foreign condo buyers now are:

1. Bangkok

2. Chonburi

3. Phuket

4. Samut Prakan

5. Chiang Mai

6. Prachuap Khiri Khan

7. Pathum Thani

8. Phetchaburi

9. Rayong

10. Nonthaburi

Bangkok still No 1 for foreign condo buyers, Phuket overtakes Chiang MaiThe top buyers since 2018 are Chinese nationals, followed by Russians, Americans, Britons and Germans, Nattha revealed.

He said the four most popular locations in Bangkok for foreign condo buyers are Sukhumvit, Phrom Phong, Thong Lor and Ekkamai. Most buyers here were from Japan, the European Union, Britain or the US.

Nana and Asok remain popular with Middle East buyers while Ratchadapisek, Huay Kwang and Phraram 9 are preferred by Chinese and South Korean condo buyers, Nattha said.

Silom is preferred by EU citizens, Australians and Singaporeans.

A total of 48,743 condominium units were sold to foreign buyers from 2018 to September 2022, Knight Frank said.

The figures break down as follows:

2018: 13,568 units worth 582.558 million baht

2019: 12,798 units, worth 506.23 million baht

2020: 8,290 units worth 213.162 million baht

2021: 8,199 units worth 455.331 million baht

2022: 5,888 units worth 275.651 million baht

Land prices continue to surge in Greater Bangkok suburbs

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Land prices continue to surge in Greater Bangkok suburbs

Land prices continue to surge in Greater Bangkok suburbs

WEDNESDAY, NOVEMBER 09, 2022

Land prices in the suburbs of Greater Bangkok are increasing due to the rising demand for housing development, the Real Estate Information Centre (REIC) said on Wednesday.

“Land prices in the suburbs of Greater Bangkok are not very high compared to the extremely high rates in the centre of Bangkok,” the centre said.

The top five areas where land prices increased in the third quarter of this year were:

  • Bang Phli, Bang Bo and Bang Sao Thong districts of Samut Prakan province – up 55.7% year on year
  • Muang and Pak Kret districts of Nonthaburi province – up 42.8% year on year
  • ​Muang, Lat Lum Kaeo and Sam Khok districts of Pathum Thani province – up 28.1% year on year
  • Rat Burana, Bang Khun Thian, Thung Khru, Bang Bon and Chomthong districts of Bangkok – up 26.4% year on year​
  • Phra Khanong, Bangna, Suan Luang and Prawet districts of Bangkok –  up 11.6% year on year

The REIC said the price of land near electric train routes also increased in the third quarter of this year on progress in construction and property developers announcing new housing projects.

The top five electric train routes where the land price has increased were:

  • MRT Purple Line: up 9.0% year on year, especially in Nonthaburi’s Muang and Bang Bua Thong districts
  • MRT Pink Line: up 5.8% year on year, especially in Bangkok’s Lak Si and Khan Na Yao districts
  • BTS Sukhumvit Line: up 5.2% year on year, especially in Bangkok’s Chatuchak, Bangna, Phya Thai and Phra Khanong districts
  • MRT Yellow Line: up 4.7% year on year, especially in Bangkok’s Prawet district and Samut Prakan’s Bang Phli and Muang districts
  • MRT Brown Line: up 4.4% year on year, especially in Nonthaburi’s Muang district and Bangkok’s Lak Si district.

Related stories:

MQDC Tasks’ DGTO Prosperous’ with Global Investments

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MQDC Tasks' DGTO Prosperous' with Global Investments

MQDC Tasks’ DGTO Prosperous’ with Global Investments

MONDAY, NOVEMBER 07, 2022

Enterprises seeking future business opportunities must not limit their scope to only one business or the domestic market. Instead, they should explore all investment options, both locally and overseas to create new revenue sources and diversify risks.

Modern businesses must also focus on the aspects of society, community, environment, technology and innovation, as these are crucial factors that help strengthen the business foundation.

The principle aligns with the missions and goals of DTGO Prosperous (DTP), an investment arm of Magnolia Quality Development Corporation Limited (MQDC), one of Thailand’s top property development firms. 

MQDC is a property arm of DTGO Corporation Ltd., focusing on residential and mixed-use properties and theme projects development, with the well-known flagship project “The Forestias” located on Bang Na-Trat (Debaratna) Road in Samut Prakan province.

DTP serves the group as its global investment company that invests in high-potential properties worldwide to generate regular income for the group. DTP also looks for investment in various innovation businesses to strengthen its parent portfolio under MQDC’s philosophy of “Well-Being For All”, which emphasises securing sustainability via innovation.

DTP recently unveiled its latest investment plan targeting four branches of business: global investment, asset management, fund management, and VC & innovative investment to further strengthen the DTGO ecosystem.

MQDC Tasks' DGTO Prosperous' with Global Investments

Hansa Susayan, Chairman of the Board of DTGO Prosperous Ltd, said that DTP aims to be a global investment company that focuses on social and environmental care while conducting business in a sustainable way. The mission is guided by MQDC’s philosophy and DTGO’s concept of “Adding Value in Everything We Do”, for the sake of the public.

Hansa said all of the company’s investments are implemented under the principle of ESG (environmental, social, and corporate governance). “We emphasise that our business operations must have low emissions, create positive outcomes for society, promote community participation, and be fully transparent under the corporate governance principle,” he said. “Most importantly, all operations must comply with the company’s sustainability goals.”

MQDC Tasks' DGTO Prosperous' with Global Investments

Thiti Thongbenjamas, DTP’s president, added that the company’s investments would focus on brownfield projects and high-potential assets to secure future opportunities in the four main business groups:

1. Global investment – DTP is eyeing investment in Thailand and overseas markets, including the United States, Europe, Japan, UAE, China, India, Vietnam, Singapore, Australia and South Africa. Just two months before the Covid-19 outbreak, the company had invested in several hotels in the UK under the Hilton, IHG and Marriott groups with a combined capacity of some thousands of rooms.

“The global hotel industry was at its peak when we bought these hotels. Over the years, their values have increased to more than the price we had bought,” said Thiti. “Furthermore, we also plan to expand our investments to related businesses such as office buildings, dormitories, apartments, and healthcare technology.”

2. Asset management – After acquiring the assets, DTP has improved the management and assets facilities to accelerate the hotels’ value. Thiti said the company had retained over 1,200 employees in the UK with no salary cuts during the lockdown, which made the hotels ready to operate as soon as the restrictions were lifted instead of facing labour shortages like other establishments.

Thiti added that DTP also applied heat-to-power conversion technology to minimise environmental impact and locked in energy rates to cut electricity bills. The company also plans to install solar panels on hotels’ rooftops to help with electricity generation.

“The company will continue to adjust the investment portfolio of hotels assets in the UK according to the changing lifestyle of the British people, who are now preferring to stay at hotels in big cities,” he said.

In the social responsibility aspect, DTP also plans to provide support to communities surrounding its hotels in Manchester as a pilot project before expanding to nearby cities. In Thailand during the pandemic, The Forestias project and its partners provided aid to nearby communities by establishing the “Sanam Saeng Haeng Jai” field hospital in Samut Prakan to help treat infected patients. DTP also channelled 2 per cent of its highest earnings for the initiation and operation of various charity projects, including the Buddharaksa Foundation, which supports the education of underprivileged children in remote areas.

3. Fund Management – DTP recently established DTPHREIT, a real estate investment trust (REIT) valued at 4.1 billion baht in September. DTPHREIT invested in MQDC’s hotels and service apartments in high-potential areas, such as the Waldorf Astoria Bangkok hotel, Magnolias Ratchadamri Boulevard service apartment, and U Khao Yai hotel. DTPHREIT is a buy-back type REIT in which the original owners commit to buying back their properties when the investment period is over.

4. VC & innovative investment – To ensure growth opportunities in the changing world that is not limited to only the property field, DTP channels its investment to venture capital and innovation with scalable business models. Examples of these investments are REDDS Technology Fund and chatbot technology.

Thiti said DTP’s investment strategy emphasises three aspects: Business synergy – the projects that add value and expand under the DTGO group; Monetisation – Can generate income to support continued re-investment; and Risk diversification in all types of risks – industrial, location, and financial.

“By avoiding investing in similar fields to generate the highest turnover possible, this strategy helps minimise investment-related risks, especially when an economic crisis emerges,” he said. “DTP aims to be an asset-light company that buys an asset, expands, develops and then sells it while still managing the asset via REIT or private property developers. This strategy enables us to raise funds and secure new partners for new projects, ensuring continued investments in various businesses.”

“These partners help DGTO Prosperous become a global investment company that focuses on social and environmental care in the communities we invest in to ensure sustainable growth of all parties,” said Thiti.

Chinese people top list of foreign property buyers in Thailand, data shows

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Chinese people top list of foreign property buyers in Thailand, data shows

Chinese people top list of foreign property buyers in Thailand, data shows

SATURDAY, NOVEMBER 05, 2022

Chinese nationals are still the biggest buyers of property in Thailand, with more than 2,000 units transferred in the second quarter of 2022 alone.

Wichai Wirattaphan, acting director of the Real Estate Information Centre, said recently that 2,326 units were transferred to Chinese buyers in the second quarter of this year, up by 27.6% year on year.
 

The value of the units was 12.11 billion baht, up by 26.9% compared to the same period last year, while the total area was 109,486 square metres, up by 27.6%.

He added that since the number of new properties available in downtown or business districts is reducing, second-hand units are being snapped up by foreigners, especially those from Europe, the US, Australia, Russia and India.

According to data available, the biggest buyers of condominium units in Thailand are from China, Russia, the US, UK and Germany in that order.

Those who spend the highest on property in Thailand are from China, the US, France, Russia and Cambodia.

Wichai said the average price of condominium units bought by foreigners is about 5 million baht per unit, though the Taiwanese in general spend the most at about 7.1 million baht per unit and Russian and German buyers average at about 3.2 million baht per unit.

He added that on average, units of 60 square metres and less are popular among foreigners, accounting for more than 80% of units transferred in each quarter.

The five provinces most popular among foreign property buyers in the first six months of 2022 were:

  • Bangkok
  • Chonburi
  • Samut Prakan
  • Phuket
  • Chiang Mai

Of the units transferred in the first half of this year, 43.8% were in Bangkok and 31% in Chonburi.

The government recently decided to allow wealthy foreigners who invest at least 40 million baht in Thailand for three years to buy houses and up to 1 rai of land in specific areas.

Related stories

Fenton Whelan announce VIP roadshow to Thailand to showcase their £500m Park Modern Hyde Park development to Southeast Asian clients

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Fenton Whelan announce VIP roadshow to Thailand to showcase their £500m Park Modern Hyde Park development to Southeast Asian clients

Fenton Whelan announce VIP roadshow to Thailand to showcase their £500m Park Modern Hyde Park development to Southeast Asian clients

THURSDAY, OCTOBER 06, 2022

THE NATION

UK real estate developer Fenton Whelan is pleased to announce a special South East Asian roadshow to Thailand, Bangkok, (10th to 12th October 2022) showcasing to VIP clients their £500 million (GDV) Park Modern 18,000 sqm luxury development facing south over Hyde Park and Kensington Palace Gardens in Prime Central London.

The South East Asian roadshow is being led by Mr Lars Christiaanse, Sales & Marketing Director at Fenton Whelan. Appointments will be available from the 10th to the 12th October. 

Park Modern will deliver 57 one to six bedroom residences, including spectacular lateral apartments, three trophy penthouses, mews houses and 2,800 sqm of 5-star hotel style amenities including a concierge, resident’s lounge, signature restaurant and cafe, porte cochère with valet parking, and a wellbeing floor with a 25 metre pool, gym, spa, cinema, and treatment salon.

Fenton Whelan announce VIP roadshow to Thailand to showcase their £500m Park Modern Hyde Park development to Southeast Asian clients

Park Modern provides front row views over Hyde Park and Kensington Palace Gardens. The contemporary design by architect Lee Polisano of PLP Architecture represents Hyde Park’s finest park-side architecture to date. 

Following its launch in the UK more than half of the apartments at Park Modern have already been forward sold off-plan. The phenomenal sales success, a reflection of the quality of the development and its prime location, has made Park Modern Prime Central London’s fastest selling and most successful luxury development in several decades.   

Fenton Whelan announce VIP roadshow to Thailand to showcase their £500m Park Modern Hyde Park development to Southeast Asian clients

Park Modern provides spectacular accommodation on nine floors, offering generous ceiling heights and floor-to-ceiling glazing opening onto private terraces, giving residents a front row view of the park and city skyline. 

Fenton Whelan announce VIP roadshow to Thailand to showcase their £500m Park Modern Hyde Park development to Southeast Asian clients

A resident’s lounge and library compliments the 600 sqm signature restaurant and café. Below ground the wellbeing floor has a 16 sofa seat cinema, a state-of-the-art gym and an adjoining spa and leisure suite with a 25m swimming pool and jacuzzi, bordered by leisure decks with loungers, steam room, sauna, treatment room and salon.

Fenton Whelan announce VIP roadshow to Thailand to showcase their £500m Park Modern Hyde Park development to Southeast Asian clients

Thannicha Chowiwatthana, Manger, International Sales and Marketing at Savills, Thailand says: “Front row on the park, Park Modern is perfect for those looking to enjoy an exceptional quality of life and wellbeing in the heart of Prime Central London.  With a spectacular south facing aspect, Park Modern beautifully harmonises with the surrounding architecture and Hyde Park. The dedicated wellbeing floor gives residents space to retreat, relax and revive. Representing Hyde Park’s finest park-side architecture to date, Park Modern provides the most outstanding luxury apartments in London.”

Lars Christiaanse, Co-Founding Director of Fenton Whelan says: “This transformative, parkside development is a fusion of contemporary design and exceptional specification, Park Modern is a fresh, contemporary approach to the London market. Offering a truly elevated living experience overlooking Hyde Park, Park Modern offers a diverse range of residences with sizes, layouts and features to match every lifestyle- we are excited to be able to showcase this fantastic development to Southeast Asiain clients.”

Prices at Park Modern start from £2,200,000 approx. (THB 91 million). For further information on Park Modern contact Savills Tel: +66 (0) 2636 0300 or visit http://sav.li/parkml

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New land appraisal price set to rise by an average 8%

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https://www.nationthailand.com/business/property/40020524

New land appraisal price set to rise by an average 8%

New land appraisal price set to rise by an average 8%

THURSDAY, SEPTEMBER 29, 2022

THE NATION

The Treasury Department plans to announce a new land appraisal price list for 2023-2026 on January 1 next year.

Department director-general Prapas Kong-ied said the move comes as the economy is recovering from the Covid-19 crisis.

He said the land appraisal price will rise by an average of 8 per cent, adding that the appraisal price in Bangkok is still the highest.

“The new land appraisal price list which will come into effect next year was made two years ago as the announcement had been postponed due to the Covid-19 crisis,” Prapas said.

The department normally announces the new price list every four years.

Prapas said the department’s Property Valuation Division can revise the appraisal price based on changes in landscape, such as new bridges, roads, expressways or train systems.

He said people would have to pay more land tax as the latest appraisal price will be used in new tax calculations.

“It is up to related agencies whether there will be measures to mitigate the public’s expense burden,” he said.

The appraisal price for land nationwide has risen by around 8.9 per cent, with the appraisal price in Bangkok increasing by about 3 per cent and in other provinces by an average of 8 per cent.

The highest appraisal price is 1 million baht per square wah for land on Silom, Ploenchit, Wireless and Rama I roads, followed by 750,000 baht on Sukhumvit Road, 450,000 baht on Ratchadapisek Road, 300,000 baht on Phetchaburi Road and 250,000 baht on Phahonyothin Road.

In other provinces, the highest appraisal prices are in Chonburi, Rayong and Chachoengsao, where the Eastern Economic Corridor is located, especially for land close to high-speed train systems.

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Thailand’s cities must be prepared for an uncertain future, says eco-design expert

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https://www.nationthailand.com/business/property/40020455

Thailand’s cities must be prepared for an uncertain future, says eco-design expert

Thailand’s cities must be prepared for an uncertain future, says eco-design expert

TUESDAY, SEPTEMBER 27, 2022

THE NATION

All future city developments should take into account the uncertain future faced by the planet, Singh Intrachooto, chief of Kasetsart University’s Creative Centre for Eco-design, said on Monday.

He was speaking at the “Sustainability Expo 2022”, which opened at Bangkok’s Queen Sirikit Convention Centre on Monday and will run until Sunday.

Singh said the world’s population is being pressured by many problems like rising fuel prices, flooding, forest fires, poverty and social inequality.

In addition to all that, he said, rising sea levels due to global warming will force more than 200 million people to relocate, while over 400 million humans will face food and water shortages due to drought.

“So what should we do to cope with this extraordinary future?” he asked before unveiling the “Resilience Framework for Future Cities” created by the Magnolia Quality Development Corporation.

Singh is chief adviser to the corporation’s Research and Innovation for Sustainability Centre.

Thailand’s cities must be prepared for an uncertain future, says eco-design expert

He said the framework provides city development guidelines that tackle three uncertainties – nature and environment, living and infrastructure, and society and economy.

“It is not difficult for Thailand to build future cities, but it should be prepared to use existing resources efficiently,” he added.

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Seaside land prices in Hua Hin soar amid high demand for condos

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https://www.nationthailand.com/property/40018688


The high demand for seaside condominium units in Hua Hin town has driven the land price of plots along the beach to as high as 150 million baht per rai (0.6 hectare), an international property consultant said.

Seaside land prices in Hua Hin soar amid high demand for condos

Phattarachai Taweewong, research and communications director of Colliers Thailand, said land prices on the Hua Hin seaside in Prachuap Khiri Khan province had reached 150 million baht per rai.

The high land prices had prompted more property developers to develop condominiums in the middle of the town, away from the seaside and the hillsides, Phattarachai said.

He said hillside land prices were about 60,000 baht per square metre and condo buyers were more interested in condos developed there because the unit prices were not too high.

During the past 10 years, 71 condominium projects had been built in Hua Hin, Cha-am in Phetchaburi and Pran Buri in Prachuap Khiri Khan with 29,152 units and total value of 123.7 million baht.

Seaside land prices in Hua Hin soar amid high demand for condosPhattarachai said condominium sales in Hua Hin and Cha-am were booming in 2011 and 2012 with some 7,000 to 8,000 units sold each year.

Of the 71 projects, 31 were developed by listed firms, providing 16,188 units, and the other 40 projects with 12,964 units were developed by private builders.

He said Colliers Thailand had surveyed and found that 84.6 per cent of condo units along the seaside had been sold while 83.8 per cent of the units on the hillside had been sold so far.

Seaside land prices in Hua Hin soar amid high demand for condosHe said buyers included Russian and Chinese people as well as Thai investors. He said Colliers Thailand expected real estate developers to continue developing new projects in Hua Hin this year as the demand is still high.

Published : August 09, 2022

By : THE NATION