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Buying property overseas is one of the biggest undertakings many foreigners make. Before you buy assets in a developing market, you must do thorough research and understand what you can expect from the market in the coming years.
While Thailand is by far one of the most popular options that foreigners have when buying property overseas, the market has been impacted hard due to the COVID-19 pandemic.
In this article, I explain our predictions for Thailand’s property market in 2021.
Topics covered in this article:
- Thailand’s Property Market in Previous Years
- Pattaya’s Property Market
- Bangkok’s Property Market
- Chiang Mai’s Property Market
- How will Thailand’s property market perform in 2021?
- Are there any other positive aspects of investing in Thai property?
- New Property Projects in Bangkok
- Thailand’s Demographic Issues
Thailand’s Property Market in Previous Years
Thailand’s property market was in a slow but consistent upward trend for over a decade until 2020. The main reason is the increasing number of foreigners that visit or decide to live in Thailand, might they be workers or retirees.
To give you a number, around 88,000 foreigners applied for work permits in Q2 2018 in Bangkok alone and the number continues to rise.
To put it in some context, 78,000 foreigners applied for work permits in Q1 2015. That’s an increase of 10,000 expats per quarter or 40,000 yearly.
A better economic outlook, higher take-up rates, and occupancy rates resulted in this upward trend. With that said, the market performance differs much between cities.
Bangkok and Chiang Mai Performed Better in Previous Years
For example, Bangkok and Chiang Mai have experienced higher growths, while places like Cha Am, Hua Hin, Khao Yai, and Pranburi have seen slower growth, or even stagnated. Continue reading Thailand Property Market Outlook 2021: A Complete Overview