Thailand dipped to fifth among destinations for Chinese property buyers, down one spot from last year and the top ranking in 2021, attributed to a sluggish recovery of travel and pricey flights.
Kashif Ansari, co-founder and group chief executive of Juwai IQI Group, a real estate marketing firm targeting the Chinese market, said Chinese buyers with smaller budgets who previously were the key market for Thailand now make up a reduced share of all travellers.
“The pandemic had a devastating impact on outbound travel,” he said.
“The rapid annual growth that turned China into the world’s most important source of tourists ended in early 2020. But 2023 will be a historic year of recovery.”
Thongchai Busrapan, co-chief executive of SET-listed Noble Development, said Chinese customers purchasing condo units still lag the level recorded before the pandemic, but the trend is improving.
“The slowdown among
Chinese buyers can be attributed to the limited number of flights to Thailand and more expensive airfares,” he said.
“Several of our Chinese customers informed us passport renewal was also difficult.”
Noble’s condo sales to
Chinese buyers in the first half of 2023 decreased to 30% of the total sales to foreign buyers, down from more than half in 2019 and previous years.
Taiwanese buyers overtook Chinese in the top position as they prefer the Thong Lor, Nana and Rama IX areas, said Mr Thongchai.
Source: Bangkok Post