Since Beijing opened its borders earlier this year, Chinese nationals have been flocking to Thailand to invest in property, seeking a safety net in case of another pandemic and to hedge against economic risks. The kingdom’s well-regarded international schools and top-quality medical facilities are also attracting more Chinese buyers who are eager to acquire a second home.
According to data from Trip.com, Thailand was the most popular outbound destination for Chinese travelers during the recent May Labor Day holiday, followed by Japan and South Korea. The website’s statistics further revealed that a growing number of Chinese nationals are now setting their sights on Thailand’s real estate market.
Despite the ongoing COVID-19 pandemic, Thailand is expected to welcome at least 5 million Chinese visitors this year, with some of them planning to purchase property. However, this figure still falls short of pre-pandemic levels, when Chinese visitors made up almost a third of the 40 million arrivals.
Mesak Chunharakchot, the President of the Thai Real Estate Association, has confirmed that there is indeed significant demand for properties in Thailand from Chinese buyers. He added that prime locations such as Bangkok, Chiang Mai, Pattaya, and Isan are currently at the top of buyers’ lists.
Although Thai regulations restrict foreign ownership to just 49% of the units in any condominium development, the influx of prospective Chinese buyers is still driving business growth for local real estate agents who specialize in catering to their specific needs. As such, the Thai property market is likely to continue to attract more Chinese buyers in the years to come.