The Thailand real estate market as compared to other Asian capitals such as Hongkong and Singapore is fundamentally different. Thailand is driven by domestic demand and a thriving economy. Hongkong and Singapore are developed from former colonial cities and they are now major international and regional trading centers looked on as icons by emerging South East Asia’s market, according to CBRE Thailand CEO David Simister.
Simister said the breakdown between domestic and foreign buyers in the residential sector is over 80 percent of buyers are Thais. Although there is a significant foreign interest, the rise in value is still driven by domestic prosperity.
Simister’s future outlook for Thailand’s real estate market remains positive saying Thailand is a base of excellence. He said although time and management are the two major improvements that need to be made to build a stronger real estate market in Thailand, generally Thailand is just going up. “We are in a reasonably weak global economy, but Thailand is taking up more of its share” Simister said.
Foreign real estate buyers interested in acquiring ownership of any Thailand property may need to consult a Thailand real estate attorney concerning the legalities of buying a property inThailand.
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