Wealthy Chinese still keen on Thailand

Wealthy Chinese buyers have shifted from the US to Thailand for overseas homes, with Thailand rising from seventh to first last year, though safety concerns remain as the kidnapping of a Chinese actor may delay decision-making.

- KANANA KATHARANGSIPORN

Phattarachai Taweewong, research and communication director at property consultant Colliers Thailand, said demand for luxury residential properties from wealthy Chinese declined earlier this year.

"They've become more cautious and expect higher safety standards," he said. "This has slowed their purchasing decisions, while other negative factors such as China's sluggish economy and increased caution in overseas investments weigh on buyers."

Mr Phattarachai said in previous years, a significant share of luxury residential properties in Thailand -- both condos and low-rise houses -- were absorbed by Chinese buyers, including both grey-business investors and wealthy families who sent their children to study here.

Interest in high-priced residential properties among Chinese has grown so significantly that developer Pruksa Real Estate plans to offer leasehold ownership options for single detached houses priced from 30 million baht to overseas buyers this year.