Thailand Property market

Outlook for 2023

A very significant proportion of Thailand’s GDP is accounted for by tourism (12% pre-pandemic) which is also a key driver of the country’s real estate market. On the back of the reopening of Chinese borders in March this year, tourist numbers have continued to rise dramatically from 11.5M in 2022, and projections for 2023 indicate visitors will reach 30 million (source BANGKOK, Feb 7 (Reuters), approximately 75% of pre-pandemic numbers.

The principal factor being foreign investors enabled by tourism, the Thai property markets’ recovery since COVID, for both property sales and rental, has been particularly strong in resort destinations such as Phuket and Koh Samui. Global search volume in Google for the key phrase “Phuket villa for sale” was up 46% for Feb 23 compared to Feb 22 (source Google Ads API April 2023) and according to Koh Samui real estate agent Real Samui Properties, many mid to luxury range holiday villas were booked back-to-back over the last high season between December 22 and January 23.

Other key influences assisting the continued recovery of the real estate sector, particularly in resort destinations, include the notable increase in Russian investors looking to move their money into safe havens due to the nervousness about their economy fuelled by war anxiety and the Thai governments’ luring of foreign investors via new longer-term visa programmes (see https://ltr.boi.go.th/) for high net worth visitors and professionals deemed to be able add value to Thailand.

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