Secondary real estate market
Thailand is one of the most affordable and attractive destinations for a comfortable holiday in 2024. One of the highlights is the "Phuket Sandbox" programme, which allows vaccinated tourists to travel freely around the Kingdom after staying in Phuket for just seven days. The No Quarantine policy has been simplified, eliminating the need for PCR tests upon entry. This change has provided a great opportunity for foreigners who were interested in purchasing real estate in Thailand but were previously unable to do so due to quarantine restrictions.
Real estate suitable for foreign investors in Thailand has been evolving for about 20 years. The properties developed in the early stages are significantly different from the apartments and villas that have been built in recent years. Today, you can even purchase real estate in Thailand online, eliminating the need to visit the country. However, before buying an apartment, it’s important to consider whether it’s more advantageous to invest in properties within development projects or in secondary properties.
Foreign nationals purchase property in Thailand for various reasons: to generate income, to live there permanently, or to use the property as a holiday home. Between 2021 and 2022, the number of condominiums owned by foreigners in Thailand increased from 8,199 to 11,561 units. Experts predict that this positive trend will continue into 2023.
Before buying property in Thailand, it’s essential to understand the key factors that influence apartment prices.