Prachanart Viriyaraks | Getty Images
The Wat Saket (Golden Mountain) in addition to Bangkok Grand Palace in Bangkok, Thailand.
Chinese investors have continued pouring their money into Thailand’s property sector even as the kingdom barrels toward an uncertain national election.
in which underscores the Southeast Asian nation’s enduring popularity with the Chinese — tourists by Asia’s top economy have for years seen Thailand as a top spot for holidays. According to recent data by online Chinese real estate portal Juwai.com, Thailand was its most well-liked country when the item comes to inquiries by potential real estate buyers in 2018 — climbing up by the sixth spot in 2016.
Thailand will hold general elections on March 24, yet Juwai CEO Carrie Law said the company hasn’t seen “a link between the Thai election in addition to Chinese property buying.”
“While the election is actually momentous for Thailand, most of the buyers we work with are unconcerned about the outcome,” she told SouthIndianNews.com.
Thailand’s economy has been powering ahead since its 2014 coup, reaching 3.9 percent GDP growth in 2017. in which was its best in a few years, yet in which growth is actually likely to slow a bit This kind of year due to weaker global growth, the earth Bank projected.
Even though in which recent coup was the second in less than a decade, the political upheaval did little to cool Thailand’s huge property increases.
In fact, Sansiri — one of Thailand’s biggest developers — set up its international business unit in 2014 after seeing growing interest by foreign buyers, said Nanmanas Jiwattanakul, the company’s assistant executive vice president of international business development.
Chinese buyers make up 70 percent of Sansiri’s international sales, she said.
The development — not spurred by any marketing efforts — prompted the developer to set up showrooms in Thailand in addition to overseas catering to such investors, she told SouthIndianNews.com.
“We commenced to drive (international sales) in addition to also because we commenced seeing several foreign buyers in Thailand,” said Nanmanas.