by wilbersuen | Apr 7, 2025 | News
The Department of Disaster Prevention and Mitigation (DDPM), under the Ministry of Interior, is offering financial compensation of up to THB 49,500 to homeowners whose properties were damaged by the March 28 earthquake in Myanmar. The support is intended to assist with the repair of affected private residences.
According to Bangkok MP Suphanat Minchaiynunt, owners of houses and condominium units impacted by the 8.2-magnitude earthquake—which caused structural damage across northern and central Thailand, including parts of Bangkok—are eligible to apply for this reimbursement.
In a statement posted on Facebook, MP Suphanat noted that eligible applicants must reside in Bangkok, Nonthaburi, Samut Prakan, or designated areas within Pathum Thani, Chiang Mai, Chiang Rai, Lamphun, Phrae, and Phichit provinces.
“The reimbursement covers repairs to privately-owned homes and condominium units, up to a maximum of THB 49,500. Communal property repairs are not included. Homeowners with existing insurance coverage are also eligible to apply,” he clarified.
Application Procedure:
- Photograph the damaged areas of the property.
- Prepare the necessary personal identification documents.
- File an official report at your local police station.
- Complete the application form (available for download here).
- Submit the completed form, documents, photographs, and police report to your district office.
- The district office will arrange a site visit to assess the damage.
- The request will be submitted to the DDPM for approval.
- Upon approval, the DDPM will contact the applicant to coordinate the reimbursement.
Source: The Nation
Yours sincerely,
The editorial team at Invest Bangkok Property
by wilbersuen | Mar 3, 2025 | News
The Real Estate Information Center (REIC) has identified the top 10 foreign nationalities with the highest condominium transfers in 2024, highlighting notable growth from Myanmar and Taiwan. Meanwhile, purchases by Chinese and Russian buyers have declined, reflecting geopolitical and economic factors shaping investment decisions.
Market Overview: Modest Growth Amid Declining Transaction Value
A recent REIC survey indicates a slight deceleration in foreign condominium acquisitions compared to the previous two years, which had experienced a surge in ownership transfers. In 2024, foreign buyers completed 14,573 condo transfers, marking a marginal 0.9% increase. However, the total transaction value declined by 6.8% to 68.18 billion baht. Additionally, the average purchase price per unit dropped from 5.1 million baht in the previous year to 4.7 million baht, suggesting a shift towards more cost-conscious investments.
Changing Buyer Demographics: Myanmar and Taiwan Gain Ground as China Declines
Despite sustained foreign interest in Thailand’s condominium market, demand from Chinese and Russian investors has noticeably weakened. Chinese purchases declined by 14.3% to 5,670 units, with transaction value contracting by 22.2% year-on-year. This downward trend is largely attributed to China’s economic slowdown and geopolitical uncertainties, which have influenced investment sentiment.
Conversely, Myanmar and Taiwanese buyers have emerged as the fastest-growing segments. Myanmar’s condo acquisitions surged by an impressive 146.1% to 1,388 units, with transaction value climbing 89.8% to 7.04 billion baht. This trend aligns with broader regional investment shifts driven by geopolitical factors. Similarly, Taiwanese investors, benefiting from Thailand’s visa-free policy, increased their purchases by 57.1% to 836 units, with transaction value rising 47.8% to 4.3 billion baht.
These evolving dynamics indicate a redistribution of market share, as traditional dominant buyers—such as China and Russia—cede ground to emerging investors from Myanmar and Taiwan, creating new opportunities in Thailand’s condominium sector.
India: A Rising Market Player
A key development in 2024 is the entry of Indian investors into the top 10 foreign condo buyers. Although their total purchases saw only a modest 0.4% increase to 260 units, valued at 1.53 billion baht, Indian buyers stand out for their preference for larger condominium units. Unlike many foreign investors who opt for compact spaces, Indian buyers tend to acquire condos exceeding 70 square meters, with an average price of 5.9 million baht per unit.
2025 Market Outlook: Stability Amid Geopolitical Uncertainty
Looking ahead, Thailand’s foreign condominium market is projected to remain stable in 2025, with a potential growth rate of approximately 1%. Chinese, Myanmar, Russian, and Taiwanese buyers are expected to remain key players. However, geopolitical tensions—particularly those affecting China and Russia—will continue to shape investment trends.
Additionally, interest from investors in India, Australia, and France has been on the rise, reaffirming Thailand’s enduring appeal as a real estate investment destination. While 2024 witnessed a slowdown in acquisitions from China and Russia, increasing demand from Myanmar, Taiwan, and India has helped sustain overall market momentum.
Source: The Nation
Yours sincerely,
The editorial team at Invest Bangkok Property
by wilbersuen | Feb 28, 2025 | News
Thailand, often referred to as the “Land of Smiles,” has been ranked among the top five global destinations for solo travelers in a recent survey by luxury tour operator Kensington. The study highlights emerging travel trends, placing Thailand in fifth position worldwide for independent adventures. India leads the list, followed by Italy, Japan, and Egypt.
Rising Popularity of Solo Travel
Matt Cammaert of Kensington, in an interview with Travel + Leisure magazine, noted, “Solo travel is gaining momentum. Travelers are increasingly drawn to destinations that offer cultural depth, unique landscapes, and the freedom to explore at their own pace, complemented by seamless and personalized services.”
Why Thailand Stands Out
According to the Kensington report, solo travelers are not just attracted to scenic beauty but also seek immersive cultural experiences and meaningful connections with their destinations. Thailand excels in this regard, boasting a rich history, vibrant culture, and diverse landscapes. From the dynamic urban centers of Bangkok and Chiang Mai to the serene beaches of its southern islands, Thailand provides a wide array of experiences tailored to the independent traveler.
India’s Diverse Appeal
Anit Singh, Kensington’s destination expert for the Indian subcontinent, emphasized India’s top ranking, stating, “India’s appeal lies in its incredible diversity, from the lively streets of Jaipur to the peaceful backwaters of Kerala. This variety makes it a standout destination for all types of travelers.” Home to the iconic Taj Mahal, a UNESCO World Heritage Site and one of the New Seven Wonders of the World, India offers a captivating mix of history and culture, fulfilling the aspirations of many travelers.
Italy’s Unique Charm
Italy, a perennial favorite among travelers, also holds special allure for solo adventurers. The Kensington report highlights that solo travelers in Europe often seek unique, off-the-beaten-path experiences beyond mainstream tourist attractions. This aligns with trends identified by Expedia and Booking.com, which show a growing preference for quieter, less crowded destinations over traditional luxury resorts.
Expedia’s “Unpack 25” report reveals that 63% of travelers are inclined to visit lesser-known destinations on their next trip. Italy, with its blend of hidden gems and iconic landmarks like the Leaning Tower of Pisa, the Colosseum, and Milan Cathedral, perfectly caters to this trend.
Post-Pandemic Resurgence of Solo Travel
The report also underscores the revival of solo travel in the post-pandemic era. While solo travel initially declined during the pandemic, it has rebounded strongly, driven by a desire for “revenge travel” and reconnecting with loved ones through shared experiences. As these needs are met, the focus shifts to personal fulfillment, allowing individuals to pursue their interests and passions independently.
The survey further highlights a growing interest in solo travel, with 76% of respondents who have never traveled alone expressing interest in embarking on an international solo trip within the next three years.
Top 10 Solo Travel Destinations for 2025:
- India
- Italy
- Japan
- Egypt
- Thailand
- Australia
- Spain
- Iceland
- France
- New Zealand
Source: The Nation
Yours sincerely,
The editorial team at Invest Bangkok Property
by wilbersuen | Feb 19, 2025 | News
Economic Uncertainty, Unsold Inventory, and High Household Debt Weigh on Market
The launch of new residential projects in Greater Bangkok is projected to decline for the third consecutive year in 2025, driven by a growing backlog of unsold units from 2024, economic uncertainty, and elevated household debt, according to Kasikorn Research Center.
Last week, the research center forecasted a 0.7% year-on-year decline in new residential supply for 2025, following approximately 61,450 units launched in 2024. This continues a downward trend, as 2024 saw a 39.5% drop from around 102,000 units in 2023, which had already decreased by 5.2% from 107,000 units in 2022. Notably, the 2022 figure represented a 77% surge from the pandemic-era low of 60,000 units in 2021.
In 2024, all housing categories experienced a decline in new supply, with condominiums seeing the steepest drop at 43%, followed by townhouses (41.5%) and single detached houses (20.8%).
Despite the sharp reduction in new project launches, unsold inventory remains high. The center anticipates that the total number of unsold units will exceed 230,000 units, surpassing the level recorded at the end of 2023.
Weakened Demand Due to Economic Factors
Prasert Taedullayasatit, President of the Thai Condominium Association, highlighted that poor market sentiment throughout 2024 was driven by weakened purchasing power, slow economic growth, and high household debt.
Additional challenges such as geopolitical conflicts, high interest rates, and stringent mortgage lending policies carried over from 2023, making homeownership more difficult. Lending curbs and high mortgage rejection rates further constrained market activity, leading many developers to postpone new project launches.
“The market was further impacted by political transitions in Q3 and widespread flooding in Q4,” said Mr. Prasert. “Additionally, weak investor confidence in the debenture market led several developers to delay their projects.”
Developers Respond by Scaling Back New Projects
Over the past three weeks, five major SET-listed developers—Land & Houses, Supalai, Sansiri, Frasers Property Thailand, and AssetWise—announced plans to launch a total of 85 new residential projects worth 140.9 billion baht in 2025.
These figures represent a 26% decline in the number of projects and a 20% drop in total value compared to 115 projects worth 175.9 billion baht launched in 2024.
Most developers are scaling back their new launches, while some are shifting toward the upper-end market, where purchasing power remains stronger than in the lower-end segment.
Middle- to Lower-Income Groups Struggle with Homeownership
“Thai middle- and lower-income groups are losing the ability to afford homes due to rising living costs and economic pressures,” Mr. Prasert explained. “High interest rates have further weakened purchasing power, while the loan-to-value (LTV) policy has made it more difficult for buyers to secure financing.”
According to Mr. Prasert, Q3 2024 marked the lowest point for the residential market in 13 years, with presales in Greater Bangkok hitting 59.5 billion baht—the lowest level since Q4 2011, during the Great Floods.
Declining Presales Across All Price Segments
By price segment, the sharpest year-on-year decline in presales occurred in units priced below 3 million baht, which plummeted 59%, followed by units priced between 3–5 million baht, down 55%.
Higher price segments also saw declines, including:
7–10 million baht units: Down 33%
5–7 million baht units: Down 24%
10+ million baht units: Down 16-22%
10–20 million baht units: Down 16%
20–50 million baht units: Down 17%
50+ million baht units: Down 22%
Despite ongoing challenges, developers are adjusting their strategies by targeting premium segments, reducing overall project launches, and focusing on projects with higher-value sales potential. However, market recovery remains uncertain, given persistent economic headwinds and financial constraints affecting homebuyers.
With high unsold inventory, subdued demand, and a challenging financing environment, the Greater Bangkok real estate sector faces another tough year ahead in 2025.
Source: Bangkok Post
Yours sincerely,
The editorial team at Invest Bangkok Property
by wilbersuen | Feb 18, 2025 | News
Thailand’s private hospital sector is driving efforts to position the country as a premier global hub for medical and wellness tourism.
Industry leaders believe that the increasing global focus on health and well-being presents significant opportunities, leveraging Thailand’s strengths in tourism, advanced medical care, cosmetic surgery, and wellness services to drive economic growth and international market expansion.
This vision aligns with data from the Global Wellness Institute (GWI), which highlights a surge in consumer demand for health-focused services, prompting rapid business adaptation. The global wellness industry has seen significant growth, expanding from USD 4.6 trillion in 2020 to USD 6.3 trillion in 2023, with projections indicating further expansion to USD 9 trillion by 2028.
Thailand’s established reputation as a leading tourism destination provides a strategic advantage. The country attracts high-value international visitors through its diverse natural landscapes, rich cultural heritage, exceptional service standards, and expertise in both modern and traditional Thai medicine. These factors create a strong competitive edge, reinforcing Thailand’s potential as a top destination for medical and wellness tourism.
Dr. Artirat Charukitpipat, CEO of Bumrungrad Hospital in Bangkok, shared insights with Thansettakij, noting that while Thailand’s economy is projected to grow by 2.7% this year, it remains heavily reliant on external revenue, particularly from tourism. Despite challenges posed by the COVID-19 pandemic, the tourism sector has demonstrated resilience and a strong recovery, outperforming other foreign income-generating sectors.
She emphasized the vast growth potential of medical and wellness tourism, urging all stakeholders to prioritize sustainability and well-being as foundational pillars of Thailand’s future economic strategy. She also highlighted the global shift toward longevity and healthy living, requiring Thailand’s healthcare sector to adapt and innovate.
Bumrungrad Hospital, celebrating its 45th anniversary, has expanded into holistic care through its subsidiary, VitalLife Scientific Wellness Center. Specializing in anti-aging, cosmetic enhancement, and weight management programs, the center has experienced steady growth for over two decades, underscoring the rising demand for medical and wellness tourism.
Dr. Artirat underscored the increasing relevance of longevity medicine, which aims to extend healthy lifespans by preventing disease and promoting overall well-being. She noted that while Thailand’s current life expectancy stands at 80 years, future advancements could push this figure beyond 120 years.
Lapasrada Lertpanurot, CEO of Master Style Pcl, which operates Masterpiece Hospital in Bangkok, emphasized the importance of Thailand establishing a clear global identity.
She acknowledged ongoing economic and social uncertainties, including the impact of global events such as the U.S. elections on Thai markets. To mitigate these external risks, she advocated for targeted investment in tourism, healthcare, and wellness—key national strengths—to sustain long-term economic stability.
She stressed the need for stronger collaboration between the public and private sectors to enhance Thailand’s positioning in medical and wellness tourism, attracting foreign investment and reinforcing the country’s economic resilience.
Dr. Tanupon Wirunhakarun, Chairman of the Executive Committee at BDMS Wellness Clinic and BDMS Wellness Resort, part of Bangkok Dusit Medical Services Pcl (BDMS), confirmed the company’s strong commitment to the wellness sector.
BDMS has seen a rising number of international patients, with preventive medicine now accounting for 11% of its treatments—a figure expected to grow significantly.
He highlighted Thailand’s potential to surpass pre-pandemic wellness tourism figures of 15 million visitors annually by 2024-2025. Citing GWI data, he noted that wellness tourists spend an average of 60,000-70,000 baht per trip, significantly higher than general tourism expenditures.
Dr. Tanupon expressed confidence that with enhanced collaboration between the government and private sector, Thailand could achieve a top-five global ranking in wellness tourism. Currently, the United States, Germany, China, France, and Japan lead the sector, with Thailand ranking 15th.
Dr. Wittaya Wanpen, Assistant Director of Praram 9 Hospital, observed shifts in Thai consumer spending within the wellness sector since mid-2024, reflecting economic conditions.
He noted increased price sensitivity among domestic wellness tourists, particularly in cosmetic procedures and minor treatments, with a growing preference for home-based care over hospital stays.
Despite this trend, Praram 9 Hospital continues to cater to a wide range of clients. While demand for premium services has softened slightly, the hospital’s core strength lies in complex medical treatments, which generate over 50% of its revenue, followed by cosmetic surgery and wellness services.
With a strong foundation in healthcare, tourism, and wellness services, Thailand is well-positioned to become a global leader in medical and wellness tourism. By fostering innovation, attracting international investment, and strengthening public-private partnerships, the country aims to capitalize on the growing demand for health-focused travel and well-being services, securing its place as a top-tier destination in the global wellness market.
Source: The Nation
Yours sincerely,
The editorial team at Invest Bangkok Property
by Willie Tan | Feb 17, 2025 | News
In response to a growing housing shortage, Australia has announced a two-year ban on foreign investors purchasing existing homes. The policy, set to take effect immediately, aims to address the country’s housing crunch by prioritizing local buyers and renters. The ban will remain in place until at least 2025, with the government hoping to stabilize the housing market and make homes more affordable for Australian residents.
The decision comes as Australia faces increasing pressure from rising property prices and a lack of available housing. By restricting foreign investment in existing properties, the government hopes to free up more homes for locals while encouraging foreign buyers to invest in new developments instead. This move is part of a broader strategy to boost housing supply and support the construction of new homes.
While the ban may impact foreign investors looking to purchase second homes or investment properties in Australia, it does not apply to new construction projects. Foreign buyers are still welcome to invest in off-plan properties or newly built homes, which aligns with the government’s goal of increasing housing stock.
This policy reflects a growing trend among countries to regulate foreign investment in real estate to address domestic housing challenges. For those considering overseas property investments, it’s essential to stay informed about changing regulations and market conditions in your target country.
Australia’s decision highlights the importance of understanding local real estate laws and market dynamics before making an international property purchase. As always, consulting with local real estate experts and legal advisors is crucial to navigating these complexities successfully.
Source: Reuters
