Coming out in droves: Chinese property investors flock to Phuket
Coming out in droves: Chinese property investors flock to Phuket
The leisure destination’s close proximity to Mainland China is the x-factor
Property buyers from China could be flocking to Phuket if the CEO of China’s largest international property website is to be believed. Charles Pittar, CEO of Juwai.com, told the Phuket News that he is predicting interest in Phuket property from Chinese buyers to increase substantially.
“The past 12 months have seen strong growth in Chinese interest in Phuket, which they have really only discovered in big numbers during the last couple of years,” Pittar explained. “The real estate industry in Phuket should use this time to improve its ability to reach and to service buyers from China.”
Chinese overseas real estate investment has grown significantly in recent years increasing from USD5 billion in 2010 to USD52 billion in 2014. The Phuket News noted the figure could rise to be as much as USD220 billion by the end of the decade.
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“A large number of buyers who haven’t yet purchased an overseas property will in the next couple of years as they begin to have that opportunity. Those agents and developers who are in a position to help these buyers will benefit most,” Pittar stated. “Most Chinese enquiries come from investor-minded buyers. Their top three priorities are return on investment, ease of management and quality of facilities and neighbourhood.”
Pittar has received feedback from Chinese property investors that indicated one reason Thailand’s popularity is increasing is because of its proximity to their homeland. In addition to this, the holiday atmosphere, especially in Phuket, makes it an ideal place to purchase a residence that can be used as a getaway spot.
“Overall, our buyers prefer new property rather than existing homes. They are looking for as much in terms of luxury finishes and services as they can get for their money,” Pittar pointed out.
“Thailand is almost purely a lifestyle and investment destination, unlike say the US or the UK, where one of the top motivations is to purchase a home for their children to live in while in the country for their education.”
This article was first published by DDproperty.com on 13 May 2016.
Source: Property Report