Overseas investors return to thailand

Photo: UweBKK

CBRE's latest report forecasts a bright year ahead for the country's prime property market. The firm completed 1,644 residential sales last year, totalling THB 14.35 billion. Sales are expected to remain high this year, with nine new sole agency projects on the books.

New supply will drive up competition in the market, predicts CBRE, but Thailand's overall economic improvements and renewed political stability will support real estate.

At present, demand for prime property is primarily driven by high-net worth domestic buyers, but foreign buyer interest is growing once more.

Indeed, in November 2014, CBRE achieved over THB 400 million worth of sales for Magnolias Waterfront Residences during a two-day exhibition in Hong Kong.

"This is solid proof that the Thai market is seeing renewed overseas interest," Aliwassa Pathnadabutr, Managing Director of CBRE, told the Pattaya Mail.

"We expect growth in tourism and foreign direct investment as well as an improvement in foreign interest in investing in the Thai property market," she added. "This will be another key growth driver for the luxury residential market."

Indeed, in December 2014, interest in Thai property rebounded on TheMoveChannel.com, with the country climbing three places in the top 10 chart to become the fifth most popular property destination in the world. Thailand accounted for 3.04 per cent of all enquiries on the site, with Pattaya and Phuket leading demand.