Weekly Thai Real Estate News Roundup, Week 13, 2023
Phuket Experiences Surge in Chinese Real Estate Investors
The demand for properties in Phuket has witnessed a remarkable increase, with Chinese investors and Russian buyers leading the surge. The managing director of Knight Frank Thailand, Mr. Nattha Kahapana, revealed that Russians have shown a particular interest in pool villas as a way to escape the ongoing conflict with Ukraine. Meanwhile, Chinese investors have shown interest in a wide range of properties, from basics such as condos and villas to other options like shophouses and durian orchards. The real estate market in Phuket is experiencing a noticeable shift, as the demand from foreign buyers continues to grow.
For More Information: https://www.bangkokpost.com/property/2537484/chinese-investors-snapping-up-real-estate-in-phuket
Phuket's Property Market on the Rise with 24% Inventory Decrease
A recent report by the Real Estate Information Center (REIC) shows a promising revival in Phuket's real estate market, with a reduction of up to 24% in inventory thanks to increased sales. The resurgence in sales is primarily due to the return of foreigners to the area after the relaxation of travel restrictions in their respective countries. Despite this recovery, some areas such as Thep Krasattri and Si Sunthon are still struggling with unsold units despite the high demand from buyers.
For More Information: https://www.thansettakij.com/real-estate/560492
Phuket's real estate market sees a surge in foreigners, causing a 20-30% increase in land prices
As foreign buyers return to the Thai real estate market, Phuket is experiencing a surge in demand, most notably from Russian buyers and Chinese investors, leading to a 20-30% increase in land prices. This rise in prices is especially notable in beachfront areas, which are becoming increasingly sought-after. Russians are currently the top buyers of residential properties in Phuket, while Chinese investors are purchasing a variety of properties for investment purposes.
For More Information: https://www.thansettakij.com/real-estate/560334
Satit Pattana School Sold by Sansiri at 1.2 Billion Baht
Sansiri's subsidiaries, NED Management Co., Ltd and Anawat Co., Ltd, have acquired all assets and rights of Satit Pattana School for a total of 1.2 billion baht, according to the chairman of Sansiri, Mr. Aphichat Jhootrakhul. As part of the deal, the entire land and building where the school is located, as well as the school's business permit, have been sold to the buyers. The school's operations have also been transferred to the new owners, while the current faculty and staff will continue to perform their duties as usual. The acquisition of Satit Pattana School's assets is a strategic move by Sansiri's subsidiaries and is expected to have a significant impact on the education sector.
For More Information: https://www.prachachat.net/finance/news-1247010
Rayong Attracts Investments in Serviced Apartments as Condo Prices Jump 7% in 5 Years
Property investment expert TERRA BKK has reported on the potentially growing popularity of serviced apartments in Rayong due to high demand and a variety of unit types and amenities, including swimming pools, gyms, regular cleaning, and laundry services. While serviced apartments may not offer the same level of luxury services as hotels, they still provide superior customer service compared to regular condos, and the interiors are well-decorated and furnished, making them an attractive option for new residents and veteran investors. In contrast, condo prices have increased by 7% over the past five years, with 2-3 new condo projects launching each year between 2018 and 2022.
For More Information: https://www.thansettakij.com/real-estate/560337
The Most popular condo prices among foreigners
According to the Real Estate Information Center (REIC), the most popular condo prices for foreigners in Thailand over the past few years have been those priced at no more than 3 million baht. As of the fourth and final quarter of 2022, the most popular condo unit sizes among foreigners were in the range of 31-60 square meters (with 1 to 2 bedrooms), followed by 61-100 square meters (with 2 to 3 bedrooms). These findings suggest that foreigners are looking for affordable yet comfortable living spaces, with smaller to mid-sized units being the most desirable.
For More Information: https://www.bangkokbiznews.com/property/1059676
Thai Construction Industry adapting to labor shortage and digital transformation
In Thailand, the construction industry was hit hard by the COVID-19 pandemic, which led to a shortage of foreign labor due to economic disruption. However, the industry is now seeing a rebound with the return of foreign workers from neighboring countries like Burma, Cambodia, and Vietnam. At the same time, the industry is adapting to the digital transformation era in hopes to improve productivity and efficiency. By incorporating technology, construction processes are being streamlined and gaps in labor are being filled, enabling the industry to adapt to the changing landscape.
For More Information: https://www.bangkokbiznews.com/property/1059430
