Since the success of APEC 2022 in Bangkok, Thailand on November 18-20 2022. The news coming out of Thailand is about having new agreements, trade partnership and deals, and tourism pacts. The one missing jigsaw puzzle in boasting Thailand GDP is in the real estate sector.
Thailand real estate boom happened in 2008 coinciding with the global market crash of 2008 and ironically starting from the housing market crash of 2008 in USA. Coming back to Thailand, the year 2008 starts strongly with foreign buyers and investors flocking in the country to purchase real estate for sale in Thailand. With low interest rates, affordable prices, and high rental yields real estate, especially the condo for sale markets, boasted the country GDP.
However since 2018, with demand slowly decreasing as neighboring countries such as Vietnam offer better prices in a new market, and Thailand moving towards luxury real estate. The country saw a decrease of sales from many top nations. Especially the Chinese homebuyers starting to move away from Bangkok real estate and went south to Phuket or north to Chiang Mai.
According to a seminar, the Asia-Pacific Economic Cooperation (Apec) summit and the tourism sector are likely to help Thailand’s GDP develop by 3-4% next year. Tourism is a big part of Thailand GDP, especially before the pandemic started. The year 2019 brought in 40 million tourist into the country, one of the highest record of the number of tourist in the world. As Thailand have plenty of beautiful beaches, amazing food culture, and many location to visit within the country. Check out 9 reasons Pattaya is a must visit in 2023.
How China Tourist Returns Boast Thailand’s Real Estate
Due to China’s reopening, there will be 20 million more international visitors in Thailand next year than there were this year. That would increase tourism revenue and benefit the economy at all levels.
According to the University of the Thai Chamber of Commerce (UTCC), the outcome of the successful Apec summit will bring in about 600 billion baht in foreign investment to the nation. Examples include the 100 billion baht Thai-Chinese railway project and the 100 billion baht Saudi Arabian oil stock project.
To ensure that the rate of growth is maintained, the chamber will hasten the planning for the Bio-Circular-Green (BCG) Economy model and foreign investment in the Eastern Economic Corridor (EEC).
Pattaya The Next Big Crown Jewel of Thailand
Phuket is actually the crown jewel of Thailand because of the island being the wealthiest provinces of Thailand. Even bring in more cash flow than the capital which is Bangkok City.
Looking into the future, the EEC (Eastern Economic Corridor) Zone, is the new economy and business hub of Thailand. Pattaya City is included in the zone and is the center of the plan. The area is a major shipment port hub of Thailand. It holds major factories from Japan and China in the zone. The high-speed train connecting China and Southeast Asia, is passing through EEC Zone. The area is consider to the be major hub of trade and economic deals in Southeast Asia by 2030.
As Pattaya is going to be the center of EEC Zone, and with more foreign direct investment coming through the four provinces of Thailand. Starting to invest in a area where have great upside with proper return of investments is a great fundamental strategy to start in real estate investment. Before prices shoot up higher, as a homebuyer or real estate investors you should always be before the trends. As investing in real estate is all about: Timing.
A great website to check out real estate in Pattaya is to follow the link, to be a head for the trend and the time to invest is not you are ready, but when you calculating all the risk factors. Combining with how would you get your return of investment back.