Thailand has long been regarded as a tropical paradise for people looking to up stakes and leave their home country. It is popular with both the young and old, entrepreneurs and retirees and for anyone looking for beautiful islands and crystal clear waters; Thailand has an abundance of places to choose from.
It is possible to swap your two-up, three-down property for a luxurious sea front property on one of the Thai islands, with Phuket being the most popular choice of all the Thai islands. However, Koh Samui and Pattaya are also popular choices and the up and coming island of Koh Chang is gaining in popularity every year.
If you have travelled to these islands as a tourist and are considering buying a home here (either a holiday home or a more permanent one) you may want to know more about real estate within the country. With the current property laws, condos are a good way for foreigners to ‘own’ property as you do not own the land – just the apartment. Buying a condo in a block facing the sea is a good option for everyone. Whether you buy to sell or buy to live, sea front apartments will always sell; regardless of the world economic situation.
In fact, according to a recent report by CB Richard Ellis’ (CBRE) Real Estate, properties boasting sea frontage and an already established reputation as well as brand new projects are among the best performing sectors of the entire real estate market. Both, the attraction of sea front property, and the scarcity of the supply will always keep the value of sea front property in one direction: upwards.
CBRE estimates that approximately 84% of units in new buildings have been sold with the average price of condominiums rising to approximately THB 90,000 per square metre. This is in great contrast to just a couple of years ago when prices had plummeted due to the state of the economy in the West.
Luckily, the global downturn did not hit Thailand as hard as other countries, so the recovery is easier and will be quicker. However, the strong Baht is affecting people’s real estate choices with people choosing to try and wait it out before buying to see if the Baht will weaken.
The strong Baht is however good news for those looking to sell their property. If you bought it when the Pound, Euro, Dollar were at their peaks, you will be able to make a good profit even by selling for the same price that you bought it.
CBRE also stated that the number of international passenger arrivals to Bangkok Airports increased by 6% in December 2010 which is very good news for the country as a whole. Ultimately, most people (especially those looking for luxury, convenience and amenities) tend to flock to thriving countries. While Thailand continues to thrive, so will the real estate market; especially sea front condos.
If you are looking for sun, sea, sand, luxury and exceptional value for money, Thailand is without doubt the destination of choice. There are definite signs of return to growth and despite setbacks such as political turmoil, many investors are still showing interest, and those investing now might be well rewarded.