Thailand’s property and real estate markets can expect a surge in overseas property hunting from Chinese buyers and investors, and a jump in personal visits as well as transactions during the lead up to, and during, October’s Golden Week holiday next month.
The alert, which comes from the number one Chinese international property portal for overseas property, Juwai.com, says that the company itself is already preparing its IT systems for a massive load increase. The two annual Golden Week holidays are peak periods for traffic to its pages, the company said, adding that traffic to the portal’s mobile website and mobile app generally increases by as much two thirds over base levels during these periods, when a large number of Chinese are traveling overseas on trips that include both tourism and property hunting.
During September 2014, a Hotels.com survey found that Chinese tourists nominated Bangkok in second place aong their top 10 international Golden Week travel search destinations. Phuket (6th), Chiang Mai (8th) and Koh Samui Island (10th) were also nominated within the top ten destinations.
Many Chinese consumers who visit Thailand will likely combine tourism and recreation with shopping and property hunting.
During next month’s Golden Week, some 480 million Chinese are expected to travel to destinations within and outside of China, according to The China Tourism Academy. Golden Week is a week-long national holiday for approximately 760 million Chinese. The first-quarter Golden Week celebrates Chinese New Year while the October Golden Week honors China’s National Day.
Nearly 5.2 million Chinese went abroad during the January 2015 Chinese New Year Golden Week alone. They spent approximately US$ 22.4 billion overseas, not including real estate purchases. Real estate is the preferred asset for Chinese millionaires, and 66 percent of China’s high-net-worth individuals intend to invest in overseas property.
Andrew Taylor, co-Chief Executive Offices of Juwai.com, told Dot Property Group: “There’s a lot to do on the backend to make sure our users have the best possible experience, from tightening up IT systems to ensuring enough staff are on duty in the Consumer Support Centre. It also means that the industry–oriented teams have to work extra hard. We can’t let down those advertisers who want to maximize the opportunity presented by the holiday travel.
“We know from experience that Chinese often combine tourism with property hunting, because they have ready money and want to make the most of their trips abroad. There’s a reason many airports around the world are plastered with billboards promoting local property that are written in Chinese.”
Image: One Thai property on the island of Koh Samui being marketed to Chinese property buyers and investors.
