Many Thais prefer to live in a townhome in Bangbuathong, Nonthaburi Province than condos. Town homes spare the homeowners from external maintenance issues because the monthly dues they pay to the association covers maintenance and repair costs. The town home is the perfect option for couples and small families because it costs less than a single home.
Wealthy middle class Chinese combined their holidays with property shopping during the Lunar New Year. According to Juwai.com the number of enquiries in China for Thai property listings last January was very close to the record that was set a year ago. Thailand properties jumped to number three on Juwai’s popularity rankings for Chinese investors in 2017. The United States ranked first while Australia was at second place in the popularity rankings.
Xiao Jing, a 33-year old nurse from Shanghai has made frequent trips to Thailand since 2016. She invested on a 50-sqm, one-bedroom condominium in central Bangkok for 1.37 million Yuan ($220,000). She lives in the property when she travels to Thailand and rents it out when she is in China. The same size and type of condo in a prime location in Shanghai costs more than 5 million Yuan with different purchase eligibility restrictions. When she retires, Xiao Jing plans to live permanently in Thailand.
Chinese buyers like Xiao Jing bring a cascade of money to the Thai property sector. There is no solid nationwide investment data however, individual cases like Xiao Ping show how hot the property market has become.
Because of the boom in the property market, Sansiri Pcl the largest property developer in Thailand opened 3 new offices in China last in addition to its Beijing branch. In 2017, Sansiri generated 30% increase in sales to Chinese buyers at around HK$820 million (US$104.8 million). The property developer is targeting sales of HK$1.4 billion in 2018.
Chinese buyers prefer small condos while Japanese and Hong Kong businessmen like the bigger units. Wealthy Thais prefer single homes and townhome in Bangbuathong that have play grounds, parking spaces and recreational areas. Residents of town homes enjoy a more secure community because they know their neighbours. Any unusual activities or strangers snooping around will be noticed immediately.