Foreigners Driving 200% Surge In Luxury Property Sales
Since the latter half of 2022, there has been a remarkable surge in foreign interest in Thailand’s luxury property market, leading to a significant increase of over 200% in sales transactions through CBRE, who represents a diverse portfolio of 30 prestigious residential projects, collectively valued at over 40 billion baht. Notably, 58% of these projects cater to the luxury and super-luxury housing segment, while 40% are dedicated to luxury condominiums. The remaining 2% focuses on villa developments. Asian buyers, particularly from China, Hong Kong, Taiwan, Myanmar, Singapore, and Japan, are prominently interested in condominiums and houses, while European buyers, including those from Russia, the UK, France, and Germany, exhibit significant interest in purchasing villas. The resort property sector also experienced substantial growth, with CBRE reporting a 24% increase in sales in 2022 compared to the previous year. Of particular note is the exceptional sales growth of 69% observed in villas and resort homes. Looking ahead, CBRE foresees a thriving long-stay market in Thailand.
This is no surprise as more and more high-end/high net worth foreigners continue to come to Thailand not only as a vacation destination, but also as somewhere to call home. The push and pull factors that ultimately lead people to this magical place have never been so strong and I suspect that this is a trend that will continue to play out for the foreseeable future.