Thailand Insights by Nattha Kahapana

The tourism industry in Thailand is seeing significant growth. There has been a significant increase in tourist arrival into the country and this is expected to reach 10 million by the beginning of December 2022.

This presents a good opportunity for hotel occupancy and the residential market, particularly in terms of the international quota, which has been affected by the COVID-19 pandemic.

Here are some bright sparks we are anticipating.

Foreign ownership of residential properties

The growth in tourism and the ease of China's Zero COVID-19 restrictions are expected to lead to a return in demand for residential properties by foreign buyers. Foreign transactions have been absent for the past three years, and an increase in sales is expected to boost the residential market.

International residential property

Due to fluctuations in the exchange rate between the pound sterling and the Thai baht, many Thai investors are considering investing in and purchasing properties in and around London for their children to live in while studying.

Thai Elections

It is important to closely monitor the Thailand general election, which is expected to take place in the middle of the year. The outcome of the election will determine whether the existing government remains in power, or a new government is elected. The status of ongoing projects, including the Eastern Economic Corridor (EEC), may be affected by the election and could either continue as planned or be suspended. It is important for those concerned to be aware of these potential developments.

Trends in 2023

As the global trend for business moves towards a focus on ESG, developers must be prepared to understand and address these issues. The implementation and announcement of plans and actions related to ESG matters should be a priority. Companies should also start taking steps to address their carbon emissions and carbon footprint to be ready for the future.