Thailand is once again proving to be resilient, despite a turbulent 2016 both in the country and abroad, and in spite of the period of transition that Thailand is going through.
modern house
The market is signaling in 2017 and there seems to be a general positive view for the property market in the year ahead. Why would that be? Well, let’s look at the indicators:
– Tourist arrivals are at a record high, with 2016 being a record year for Thailand with 32.6 million arrivals – up 9% year-on-year)-, generating 1.6 trillion baht (45.68 millions US$) in revenue – up 12.6% year-on-year. This has sparked high demand for rental properties, especially pool villas, with occupancy rates over the high season looking good indeed. The rush to build pool villas is on!
- The Thai currency, the Baht, has not only been stable, but also one of the best performing equity markets in 2016, up 20 per cent year-on-year.
- Economies worldwide are getting better; the American economy is improving under the Trump presidency and his populist policies, and a healthy US economy is usually good for the global economy. Europe is also seeing some light at the end of the tunnel, particularly the economies of the northern EU countries.
- The Thai government has recently announced that Immigration Department will begin offering a ten-year retirement visa to foreigners over the age of 50 who meet other specific criteria. By encouraging wealthier retirement-age foreigners to view Thailand as a viable alternative to their own countries, and guaranteeing 10 years of residency, will certainly communicate a sense of permanence that will eventually benefit the property market. This is a great sign, meaning the Thai government is encouraging foreign residents to consider a life in Thailand, which makes the idea of purchasing a property much more attractive.
condominium
Looking at the current situation, Chiang Mai property market in 2016 was interesting indeed, despite the low season months of the year that have coincided on a low number of property transactions. Yet, these lows have not really been low lows: there were still some activity and sales, as well as lots of contacts. The great achievements and sales of the rest of 2016 have made it a quite solid year on an overall basis, with the Chiang Mai property market looking to continue his strong trend for the year to come.
Chiang Mai real estate agencies have a healthy portfolio of listings that you should look at, before prices start to soar…
