Thailand is one of the most popular holiday destinations in the world for its sprawling white sandy beaches, beautiful indigenous culture, delicious cuisines, and is known for its booming tourism industry.
For investors all across the globe, the Thai property market is being highly sought after for investment. Purchasing property in the country is simpler and easier than ever for foreign investors. And thanks to its blossoming economy, it has attracted the interest of thousands of international buyers in making property investments in Thailand.
Let us help you to understand why making a Thailand property investment could be a lucrative move.
Easily Accessible Location
Thailand is located in Southeast Asia's heart, and it serves as a gateway linking Southeast Asia to the rest of the world. Thailand is an extremely well-connected country with the main international airports of Thailand in Bangkok and Phuket. Both of these airports are well served by intercontinental flights at reasonable ticket prices.
Phuket Airport by itself has non-stop passenger flights scheduled to 40 destinations in 16 countries including far-flung places like Germany and Australia.
Rapidly Growing Economy
For centuries, Thailand has played the role of a thriving business hub. With a population of over 9 million, the capital of Thailand, Bangkok, is ASEAN's largest city. Thailand is known to be the second-largest growing economic market today.
In terms of GDP, Thailand ranked at the second position in ASEAN in 2018 with a GDP per Capita calculated as US 6,361. That amounts to 50% of the entire world's average.
Thailand has long been known as one of the most popular holiday spots for tourists attracting a record-breaking whopping 39.8 million annual visitors in 2019 making it one of the most visited tourist destinations in Asia. Phuket is ranked 14th among the world’s most visited destinations with an estimated 9.89 million visitors in a year. Koh Samui averages more than 2.5 million foreign visitors each year.
In 2019, Thailand welcomed about 40 million people, but with the onslaught of the pandemic, travel was deeply impacted as nations tightened border controls to contain the coronavirus. However, as the restrictions started easing worldwide Thailand's travel numbers have soared significantly. Thailand celebrated the arrival of its 10 millionth international visitor of 2022 recently.
A steady inflow of tourists to such popular tropical destinations in the country has encouraged the steady increase in demand for holiday homes and short-term rental contracts in Thailand.
Attractive Price Points
Real estate in Thailand, on average, costs much lesser than properties in China, Hong Kong, and Singapore and also in other popular beach destinations across the world. Its property market is among Asia's most popular and as per recent data Thailand ranked fourth among potential real estate buyers in 2018 due to its attractive and affordable price points in some of the most popular and scenic locations.
In Thailand, foreigners have the liberty to buy and own freehold condominiums with complete ownership unlike countries like Vietnam and Cambodia, where foreigners can only buy leasehold properties for a certain number of years.
Affordable Cost of Living
The cost of living in Thailand is far lower than in many other European countries. At the same time, tourists have access to international standards of state-of-the-art facilities and rapidly growing infrastructure. At a decent budget of $2,800 a month, a couple can live comfortably in an exotic beach destination like Phuket.
High Market Growth
Despite the economic and political unrest in today's world, property in Thailand is experiencing a silent but steady phase of revival. The credit for that largely goes to the country's prospering tourist industry providing excellent rental returns for investors.
Unlike most other countries where foreigners have to deal with extra property tax, Thailand is much friendlier towards foreign investors. Private investors are not required to pay any capital gains tax, and ongoing property tax is fairly low as well.
Apart from the lucrative tax structure for foreigners, property owners can easily sell their Thai homes. In fact, they can sell it to anyone – be it a foreigner or local. There is no seller stamp duty, minimum investment period, or any other restriction involved.
With such attractive tourist visitation numbers, easy accessibility, low entry price points, a thriving economy, world-class amenities, and welcoming people, the Thailand property market is highly popular as a lucrative venture with great returns for real estate investors across the globe.
If you are interested in property investment in Thailand contact our team at SKHAI to avail the best deals on spectacular properties in Phuket and Koh Samui.