Thailand’s property market is on the rise: An in-depth look at recent trends and statistics

Recent data shows that the demand for properties in Thailand is on a significant rise, particularly in the country’s major cities and tourist destinations. According to the Thai Appraisal Foundation, the average price of a condominium in Bangkok increased by 4.5% in the first quarter of 2021, while the average price of a single-detached house in Pattaya rose by 2.8%. On the other hand, the average price of a villa in Phuket increased by 3.2% and in Koh Samui by 3.6% in the same period.

One of the main drivers of the increase in demand for property is the government’s efforts to boost the country’s economy through infrastructure development. The government’s “Thailand 4.0” initiative, which aims to promote investment in technology, innovation, and sustainability, is expected to attract more foreign investors to the country. Additionally, the growing popularity of these tourist destinations for vacation homes and rental properties also drives the demand in these areas.

Another factor contributing to the rise in demand is the growing number of Thai citizens moving to the city for work and education. Thailand’s new visa programs such as, Thailand Elite long-stay visa program make Thailand an attractive place to work and buy a second home for global citizens especially with the new remote-working culture. This has led to an increase in the demand for both residential and commercial properties in urban areas.

In terms of the most in-demand areas, popular tourist destinations such as Chaweng Noi in Koh Samui; Bangtao in Phuket; and Naklua in Pattaya continue to be popular choices for both domestic and international buyers. These areas are known for their proximity to several lifestyle conveniences such as shopping venues, entertainment options, and ease of transportation as well as their beautiful beaches and laid-back lifestyle. And above all, they are located in some of the most spectacular locations with great scenic views.

As ace property developers in Thailand, we have an in-depth understanding of the local property market and the specific needs of our clients. We can provide you with valuable insights and advice on buying property in these popular tourist destinations.

Our team of experts can guide you through the legal process of buying property in Thailand and can recommend trusted lawyers to help you navigate the legal process of buying property in Thailand.

You will be provided with all the details needed to understand the investment opportunities by our knowledgeable team of property consultants, including visiting the land to ensure that it is a prime location, discussing with the architect to customize your floor plan according to your needs, and with the design team to select the finishes you like.

Furthermore, owning property in these areas can provide a steady stream of attractive rental income, particularly during peak tourist seasons. This can be a great way to offset the costs of owning property (discover our rental management company Staylar).

It’s also important to obtain insurance for your property in these tourist destinations to protect yourself against potential risks. This can include property insurance to cover any damage or loss, as well as liability insurance in case of accidents on the property.

Lastly, having a support system in place is crucial when buying property in Thailand. This can include a reliable property manager such as Staylar or a local lawyer to assist you with any issues or questions that may arise.

As a trusted property developer in Thailand, we are dedicated to providing our clients with the best possible services and guidance when it comes to buying property in these popular tourist destinations. We have a wide range of exquisite luxury properties available for sale in Koh Samui and Phuket. We also offer video tours and images of our properties, as well as exclusive promotions and discounts for our newsletter subscribers.

If you enjoyed learning about the recent trends and statistics in Thailand’s property market, be sure to check out our newsletter where we discussed the growth of demand for properties in popular tourist destinations such as Phuket, Koh Samui, and Pattaya. Stay tuned for more updates on the benefits of owning property in Thailand and our expertise as experienced property developers.

If you have any questions or feedback, please don’t hesitate to reach out to us. We are always happy to help.

Thank you for reading!

The BAYSTE Team