EXCLUSIVE: Many developers and real estate agencies in Thailand are focusing their attentions on overseas markets in every-increasing numbers, but what is the world thinking about Thailand and what can we expect from this upcoming “high season”?
The main reasons are a lack of confidence in the sector among Thai buyers combined with a weaker economy and stricter lending conditions from financial institutions when applying for mortgages.
Some useful information as to what the outside world is thinking of Thailand and its property market comes from the U.K. based property website www.themovechannel.com. Each month it publishes a list of the top 40 most-searched property destinations on its website, and while Thailand has been ranked as high a fourth earlier this year, its share of searches on the site has now seen it slip outside the top ten most-popularly searched countries to 11th position last month.
Why has this happened?
Ivan Radford, Content Manager for the website, told Dot Property Group: “Since the 2014 coup, Thailand’s economy has been notably weaker which has made the country’s real estate market more susceptible to fluctuations in overseas demand.
“This year the Kingdom has found itself competing for international interest with a very attractive European market, with enquiries for Thai property down 29 percent in the three months to October 2015 compared with the preceding three months.
Nonetheless, Thailand property and real estate has proven resilient overall, thanks to its appealing prices and tourism industry.
“October was only the second time this year that Thailand has been outside of the Top 10 countries on TheMoveChannel.com, and the dip in enquiries came after a comparatively strong month in September.”
Radford added that Thailand activity on his portal at the moment is driven by Pattaya and Phuket, with Patong Beach a particularly popular hotspot.
So in the face on intense completion from around the world, Thailand and its property market needs to be less complacent and more pro-active.
The days of people coming to Thailand without a second thought of other property destinations have long gone.
Below: Thailand’s position in TheMoveChannel’s October 2015 Top of the Props report.
