DOT PROPERTY EXCLUSIVE: Thailand’s real estate agents and developers need to be doing more to attract overseas property buyers and investors in the face of strong competition from around the world and the potential of missing out on a sizeable overseas audience.
The Kingdom dropped six places to be ranked as the 11th most-searched overseas property destination during January in the Top of the Props monthly report by U.K.-based overseas property portal themovechannel.com.
During December Thailand was the fifth most-popular overseas search on the website, accounting for 4.08 percent of all searches; last month its popularity declined and searches for property in the Kingdom made up just 1.32 of all searches – ranking the country outside the top ten most searched countries.
But it’s not all bad news as Dan Johnson, Director of TheMoveChannel, explained.
In an exclusive statement to Dot Property Group he said: “Thailand has been in and out of the Top 10 destinations on TheMoveChannel.com over the last six months, indicating that there is still underlying interest in the country’s real estate from overseas.
“Overall in December and January, enquiries for Thai property increased 41 percent compared to the two previous months, so interest is certainly there during the country’s peak season.
“In the past, Thai agents and developers have not always fully reaped the rewards of that international interest and appeal. Now, the market is becoming more competitive, as European destinations increasingly seek out foreign investors, bolstered by the favourable euro exchange rates.
“As these affordable rivals steal the spotlight, Thai property professionals need to make sure more than ever that they do not miss out on a sizeable overseas audience.”
Elsewhere Turkey climbed five places in the monthly Top of the Props chart to become the fourth most popular destination in the world. The increase occurred despite fears that international visitors would be put off from visiting the country in the wake of the tragic terror attack.
Interest in Turkish property fell in the immediate wake of the bombing, with enquiries halving in the seven days from January 13 compared with the preceding seven days. After the initial drop, though, buyers returned to the country, with enquiries up 123 per cent week-on-week in the seven days from January 10 and up a further 127 percent in the following seven days.
The resilience of Turkey’s appeal to investors contrasted with a decline in the appeal of Egypt: the country fell 24 places in the Top of the Props chart to 45th place in January as the nation struggled to revive international tourism and investment interest following a period of turmoil.
Johnson said: “Tragic attacks in any country can significantly disrupt a nation’s economy and tourism industry, both of which are factors in real estate investment. Tunisia continues to sit in 33rd place on TheMoveChannel.com‘s list of most popular destinations, while Egypt, where demand for resorts has been historically strong, has been knocked down into 45th place.
“Turkey, though, has proven resilient in the wake of January’s bombing and other recent unrest. Financial security is the concern that could hold back property buyers, but Turkey’s growing population, rising house prices and ongoing development in Istanbul, in particular, are still attracting interest from abroad. One month into the first quarter of 2016 and enquiries for Turkish property on TheMoveChannel.com are already over half the figures recorded in the whole of the fourth quarter of 2015.”
The United States of America remained the most popular property destination in the world for the fourth month in a row in January, the research also found. U.S. property accounted for almost one in five (18.3 percent) enquiries on the site.
France held on to its number two spot for the second month in a row as the country’s low mortgage rates, affordable prices and favourable exchange rates continued to draw buyers. Spain, too, benefited from the boost of the euro and its low prices, rebounding into third place, accounting for 6.37 percent of the month’s enquiries. Portugal completed the top five, with 4.12 percent of activity, after being leapfrogged by Turkey
The full top 40 most popular destinations on TheMoveChannel.com in January 2016 can be seen below.
RELATED TOP OF THE PROPS STORIES OVER THE PAST SEVEN MONTHS
January 2016: Thailand back in the top five
December 2015: Shape up or miss out
November 2015: Overseas interest declines
October 2015: Interest from overseas doubles
September 2015: Is Thailand missing an opportunity?
August 2015: Drop in overseas interest
July 2015: Thailand popularity rises