The interest of foreigners in buying luxury residences in Thailand, including condominiums, houses and villas in prestigious locations, has increased dramatically after the return of foreign tourists in the second half of 2022.
Sales have increased by more than 200% since the pandemic period, which confirms the trend. In response to the growing demand, developers are preparing to launch new luxury and super-luxury residential projects in 2023, paying special attention to individual properties.
One example is the Nirvana Collection Krungthep Kreetha, which offers super-luxurious detached houses with a usable area of 553 to 1 005 square meters, with an elevator and a private pool. A residential complex worth 80 to 150 million baht is located on New Krungthep Kreetha Road, next to the Nirvana Porch Community Mall.
Another super-luxury project, Arch Sukhumvit 39, is located in the heart of Sukhumvit Soi 39 and offers privacy and exclusivity, with a total of 12 affordable homes. Priced from 65 million to 130 million baht, they have large living spaces, 4-5 bedrooms and parking for 4-6 cars.
Viare, a super-luxury project located near the Ari Skytrain station, offers six houses priced from 82 million baht.
Mayfield Pinklao, a premium townhouse project with open green spaces, located opposite the center of Pinklao, costs from 13.9 to 19.8 million baht and will be launched soon.
As for demand, foreign travelers returned to Thailand in significant numbers last year, arriving 11.2 million people. Of these, 64% came from Asia, 23% from Europe, 5% from North America, and the rest from the Middle East, Oceania and Africa.
"Most of the foreign buyers looking for condos and properties come from Asia, especially from China, Hong Kong, Taiwan, Myanmar, Singapore and Japan," she said. "Most of the clients interested in buying villas come from Europe, for example, from Great Britain, France and Germany".
Most foreign buyers have an apartment budget of 15-30 million baht. They are looking for apartments in the city center in such business districts as Silom, Satorn, Lumpini, Sukhumvit, Patumvan and on the river bank. According to Ms. Artitaya, about 87% of this group buy real estate for their own living.
For private homes, most foreigners have a budget of 51 to 80 million baht and prefer places in the eastern part of Bangkok, in the city center and eastern suburbs. According to her, approximately 85% buy apartments for their own use.
Chinese buyers top the list of foreigners in the luxury segment. Most are looking for luxury apartments with 1-2 bedrooms at a price of 15 to 30 million baht in Silom and Sathon districts, mainly for their own living.
Meanwhile, sales of resort real estate in 2022 increased by 24% compared to the previous year. The most popular residential real estate is villas or resort houses, sales of which increased by 69%.
Foreign buyers have become more active in the Phuket housing market, while domestic demand remains at the level of last year. The number of foreign buyers increased by 93%, and this included representatives of different nationalities investing in condominiums in Phuket, including Europeans, Canadians, Italians, French, Chinese and British.