Thailand Property Market Update
Whilst the rest of the world are experiencing rocketing home prices in 2021 Thailand's property market has remained largely subdued.
With Thailand all but barring foreign tourists many would be property buyers cannot get here to make a purchase decision.
Whilst SRE has offered buyers a virtual property purchasing service and the beginning of 2021 saw an increase in activity in the market with more people in Thailand buying. Property transactions remain lower and property prices in many locations have come down to levels not seen in years.
In locations such as Phuket resale properties are being sold for as much as 20 - 30% from their 2019 values. In Bangkok developers are offering many great deals on their completed inventories to sell off properties and generate more cash. New development launches have slowed down, however public listed companies like Origin Property have been releasing new projects to the market and selling very well to local and overseas market remotely.
The claw back in property prices is coming at a time when the Thai baht has been weakening. For the past decade the Baht has been strengthening against all major currencies, now with almost no tourist arrivals the demand for baht is lower and the currency has dropped 10% in 2021.
The result is that property buyers and investors now have more purchasing power and can buy up real estate in Thailand for pre-covid prices.
With Phuket due to open to foreign tourists who have been vaccinated without the need to quarantine from the 1st July and the rest of the country to follow suit later this year. The market and the Baht are both likely to experience a rebound.
With global stock markets and cryptocurrencies at all time highs, a lot of people are looking to move profits into real assets and Thailand's property market is looking very attractive compared to other markets globally which are already too hot.....
For more information about buying property in Thailand contact us at [email protected], www.siamrealestate.com
