Wealthy Asian nationals have snapped up Thai apartments in soaring numbers in a sign of how foreign money is lifting sluggish property markets in the region, says one the country’s developers.
Buyers from Hong Kong, mainland China and other territories have flocked to the Southeast Asian kingdom and will probably continue to buoy the sector at a time of little domestic demand growth, said Srettha Thavisin, president of Bangkok-based Sansiri.
His comments highlight the importance of cross-border property sales in Asia and the potential risks to the sector as China tightens capital controls. Sansiri is hoping to increase its residential sales to foreign buyers by as much as 75 per cent this year, while also opening three new offices in China and one in Hong Kong to add to its expansion to Singapore last year.