The cheapest room costs 45 million yen…! The Surprising Reason Why Chinese Celebrities Are Buying Luxury Condominiums in Thailand

Chinese celebrities are now buying real estate in Thailand in droves,” said a foreign correspondent in Bangkok.

In May of this year, Reuters reported a story titled “Chinese eyeing Thailand for real estate purchases, attracted by social infrastructure and ‘freedom. According to a survey by Thailand’s government-affiliated housing finance agency, the largest number of foreigners who purchased condominiums and other real estate between January and March this year were Chinese. Why did the Chinese account for 46% of all foreign buyers?

First of all, there is a decline in confidence in their own currency. Then, the wealthy, who had been confined to the country under the strict control of the government under the Zero Corona policy, are now taking refuge in Thailand and Singapore in case the COVID-19 crisis strikes again. In the past, Chinese people used to buy properties for investment purposes, but after Corona, we have seen a sharp increase in inquiries to find properties for residential use,” said the president of a real estate company in Bangkok.

The area around Siam Station is said to have the highest land prices in Bangkok. Skyscrapers and department stores line the streets, and foreign high-brand stores line the streets, but there are also many luxury condominiums under construction in the area.

Wealthy Chinese are interested in properties in Bangkok and Chiang Mai in the north, which are convenient for daily life, as well as the beach resort of Pattaya. The most popular areas are Bangkok, Chiang Mai in the north, and the beach resort of Pattaya. Thailand’s urban areas offer excellent medical care and international schools, making it an easy place for foreigners to live,” said the president of a Thai investment company.

A few stations away from Siam is a 45-story luxury condominium that was just completed last year. The building’s website, which describes the property in English, Thai, Japanese, and Chinese, shows that the cheapest one-bedroom room is priced at about 45 million yen. The cheapest one-bedroom apartment costs about 45 million yen, and the company claims that it is affiliated with a luxury hotel and offers the best service in the world.

A Chinese person who contacted us the other day wanted a property that was ‘relatively close to the station and that, even if it were to be rented out to someone, would yield a monthly rent of 100,000 to 150,000 baht (about 400,000 to 600,000 yen),'” said the president of a real estate company.

However, the president of the aforementioned investment company says that in Thailand, when foreigners buy condominiums, they are subject to various restrictions.

In Japan, it has been in the news that Chinese are buying up land in Japan, but in Thailand, foreigners cannot easily buy land. In principle, they can only own condominium units.

It is also a rule that foreigners can only purchase up to 49% of the entire condominium area for sale. There are also other restrictions, such as the amount of money that must be invested in Thailand each year, but even with these conditions, Thailand is attractive to Chinese asset owners.

According to the president of the aforementioned real estate company, there is a growing concern among real estate agents that the influx of Chinese money into Thailand will not be welcomed with open arms, as they fear that the Chinese buying spree will lead to more problems between residents.

From the July 7, 2023 issue of FRIDAY