Asian Property Review chats with Kwanchai Yingchareonthawornchai, Co-founder & MD of Altitude Development, which plans to list in the Stock Exchange of Thailand (SETI) in 2023.
1.Is now the right time to buy property in Thailand?
Yes, it is. It’s a buyers’ market now so it’s a good time to buy. For sellers, if they want a good price, they may have to hold for another 3-5 years.
The best time to buy in fact was at the beginning of the pandemic when prices adjusted downwards a lot, and during the pandemic when the market was very soft and developers adjusted their prices. But land prices never dropped during the pandemic; only property prices.Now, it’s back to normal. But with construction prices increasing,the costs for new developments will be higher with prices rising in tandem.
There are several factors why it’s a good time for foreigners to buy, the main one being the government has come up with policies to support foreigners to buy landed property. Another policy is the issuance of long-term visas to highnet-worth foreigners. And still under discussion for the past 5 years is whether to grant freehold tenure for purchases of land by foreigners.
Currently, we have a lot of Chinese Mainlanders come and buy landed property in the outskirts of Bangkok and Central Thailand. During a launch a few months ago, where landed properties were sold for between 50-100 mil Baht, 80% of the buyers were Chinese.
I also had a property agent asking me if I have single houses or villas ready for sale upwards of 30mil Baht. Demand from the Chinese is clearly very strong. If China reopens its border next year, I foresee even greater demand. So prices are not going to fall anymore. Half of the Chinese property buyers are in Thailand already while the other half a re still in China. The latter have friends or relatives in Thailand. Usually, when one of them first buys, they will invite their friends who might be in China to buy too.