For Thai apartments – Newspaper Kommersant No. 173 (7374) dated 09/20/2022
[ad_1]
Having lost the opportunity to buy real estate in European countries, the Russians are reoriented to new markets. Thus, for the first time, Thailand has become one of the most demanded destinations among them, showing a four-fold increase in demand. Almost half of the objects in the country are bought by Russian citizens for their own residence. Thailand does not allow citizenship by investment, but is seen as an attractive destination due to its climate and comparatively affordable cost of living.
In January-August, the demand of Russians for the purchase of real estate in Thailand grew four times year-on-year, according to Prian.ru data. According to analysts, this year for the first time this country entered the top 10 most demanded countries for the purchase of real estate among Russians. A year ago, Thailand was ranked 20th in popularity. The increase in demand for real estate in the country over the year by 50–60% is also noted by Intermark Real Estate. Thailand, along with Turkey and the United Arab Emirates, entered the top three countries where the interest of Russians in acquiring real estate this year began to grow rapidly, analysts explain.
Intermark Real Estate, citing data from the Real Estate Information Center of the State Bank of Thailand (REIC), notes that Russians are in second place in terms of the number of apartments and apartments bought by foreigners in the kingdom. In the first quarter of this year, they accounted for 6.4% of all transactions. The first place is occupied by citizens of China (45%). The share of US citizens is 5.4%, Great Britain – 4.3%, Germany -3.8%.
According to Prian.ru, if before the pandemic, about 85% of transactions in Thailand were for investment purposes, and the rest were for options for one’s own residence, now the share of requests has actually equalized. Irina Mosheva, a partner at Intermark Real Estate, attributes the growing interest in Thailand to the closure of European destinations for recreation and investment: “Thai authorities have taken a neutral political position, they do not impose any restrictions on Russians.”
What’s more, the transactions in the transactions are smooth, as Thailand was not included in the list of “unfriendly” countries, she adds. Prian.ru editor-in-chief Philip Berezin draws attention to the fact that many Russians are considering moving to Thailand: “The country is far from the conflict in Ukraine, provides a decent standard of living at relatively low cost.” An important factor for the Russians, the expert considers the presence of a Russian-speaking community and international schools in Phuket.
In addition, property prices in Thailand are still relatively affordable. According to Intermark Real Estate, the cost of a furnished studio of 30–35 sq. m in the popular tourist area of Phuket starts from $110 thousand (6.62 million rubles). Private villas with two bedrooms cost from $200,000 (12.03 million rubles). But Henley & Partners spokeswoman Polina Kuleshova warns that there are no immigration programs in Thailand that give the right to obtain permanent status such as permanent residence or citizenship.
Irina Mosheva adds that there are two forms of real estate ownership for foreigners in Thailand: full ownership (freehold) and long-term lease (leasehold; for 30 years, renewable up to 90 years). “If we are talking about a condominium, the developer can legally sell 49% of the living space to foreigners in full ownership, the remaining 51% is available in leasehold,” she explains.
Marina Shalaeva, regional director for foreign real estate and private investment at Knight Frank, notes that the freehold model is more comfortable for buyers who purchase real estate for themselves. For investors who are going to sell real estate in three to five years, the expert advises choosing a leasehold. Ms. Mosheva adds that buying real estate in Thailand for renting out can bring 6-8% per annum, investing in a property for sale under construction, you can earn 30-40% on the difference.
The further demand of Russians for the purchase of real estate in Thailand will depend on the expansion of the flight program between the Russian Federation and Thailand, Irina Mosheva believes. The boom of foreign buyers in the country’s market, according to Mr. Berezin, may begin after the removal of pandemic restrictions in China.
[ad_2]
Source link
