Emerging Markets: Myanmar Citizens Seek Second Homes in Thailand
The allure of Thailand's real estate market has been a magnet for foreign investors, and a compelling trend is emerging. Affluent citizens of Myanmar are increasingly turning to Thailand for second-home investments, influenced by factors such as wealth preservation, access to healthcare services, and educational opportunities for their children. This article delves into the motivations behind this trend and its impact on Thailand's property market.
The growing trend: Myanmar citizens' interest in Thai real estate
The trend of affluent citizens from Myanmar seeking second homes in Thailand is gaining momentum. These individuals are drawn to the prospect of owning property in Thailand for a multitude of reasons, including the desire to preserve their wealth, access high-quality healthcare services, and provide their children with top-notch educational opportunities.
In a noteworthy development, Myanmar catapulted to the position of the sixth-largest market for condo transfers in Thailand in 2023, entering the top 10 rankings. During this period, a high number of units were transferred, with a combined transaction value of 2.55 billion baht. Myanmar buyers not only outpaced American, British, and French buyers both in terms of the number of units transferred and the total transaction value, marking a significant milestone.
Why Myanmar nationals flock to Thailand's condominium market
Myanmar nationals are drawn to Thailand's condo market for several compelling reasons. One key factor is the relative affordability of condominium units in Thailand compared to the local options available in Myanmar. The average price per unit for condos purchased by Myanmar buyers in Thailand stands at 7.3 million baht. This figure reflects their preference for two-bedroom units, which provide ample space for their often-larger families.
Why Myanmar buyers choose Bangkok for second homes
When it comes to choosing a second home, Myanmar buyers favor Bangkok as their top destination. In particular, they show a strong preference for condominium units located in areas like Sukhumvit. The appeal of these locations lies in their proximity to mass transit lines, access to top-tier healthcare services, and a diverse range of educational institutions.
In 2023, the demand for condos and villas in Chon Buri remains robust, driven by Chinese and Russian buyers. Property agents are actively targeting these markets, with three-bedroom pool villas priced above 10 million baht emerging as the most sought-after units.
Myanmar buyers' active role in Thailand's condo market
Myanmar citizens are not only contributing to the vibrant condo market but also actively engaging in new condo purchases. In 2023, property developer Noble Development Plc reported that buyers from Myanmar were the second-largest group, accounting for tens of millions of baht in condo presales. This substantial figure represented 26% of the total presales of 1.4 billion baht recorded from overall overseas markets, highlighting the significant role Myanmar buyers play in Thailand's property market.
As Myanmar citizens continue to recognize Thailand as a secure and promising destination for property investment, the impact on the market is poised to grow even further. This trend is indicative of the enduring appeal of Thailand's real estate sector and the trust Myanmar buyers place in its potential for growth and stability.
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