What’s the outlook for real estate in Thailand like? Here, CBRE Thailand Chairman David Simister answers that question.
Simister says the real estate market in Bangkok is driven by domestic demand and a buoyant economy. He says there is indeed strong local demand.
Simister claims that while there is foreign interest, the residential market is still largely dominated by Thai buyers due to domestic prosperity.
He warns foreign real estate buyers interested in condos or other Thailand property that owning property and acquiring a land title is easy – but getting a mortgage might be another issue.
“You can question why they don’t offer foreigners mortgages,” said Simister, “Because you are not going to put the condominium in your suitcase and take it home and they could easily increase foreign demands.”
In addition Simister says that time and property management are the two main improvements that need to be made to build a more robust real estate market in Thailand. But in general, he says, “I think Thailand is just going up. We are in a reasonably weak global economy, but Thailand is taking more of its share.”
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