Property buyers from China could be flocking to Phuket if the CEO of China’s largest international property website is to be believed. Charles Pittar, CEO of Juwai.com, told the Phuket News that he is predicting interest in Phuket property from Chinese buyers to increase substantially.
“The past 12 months have seen strong growth in Chinese interest in Phuket, which they have really only discovered in big numbers during the last couple of years,” said Pittar. “The real estate industry in Phuket should use this time to improve its ability to reach and to service buyers from China.”
Chinese overseas real estate investment has grown significantly in recent years, increasing from US$5 billion in 2010 to US$52 billion in 2014. This figure could rise to as much as US$220 billion by the end of the decade.
“A large number of buyers who haven’t yet purchased an overseas property will in the next couple of years as they begin to have that opportunity. Those agents and developers who are in a position to help these buyers will benefit most,” noted Pittar. “Most Chinese enquiries come from investor-minded buyers. Their top three priorities are return on investment, ease of management and quality of facilities and neighbourhood.”
Pittar has received feedback from Chinese property investors that one reason for Thailand’s rising popularity is due to its proximity to their homeland. In addition, the resort atmosphere, especially in Phuket, makes it an ideal place to purchase a residence that can be used as a holiday home.
“Overall, our buyers prefer new property rather than existing homes. They are looking for as much in terms of luxury finishes and services as they can get for their money,” Pittar said. “Thailand is almost purely a lifestyle and investment destination, unlike say the US or the UK, where one of the top motivations is to purchase a home for their children to live in while in the country for their education.”
This article was first published on DDproperty.com, Thailand’s leading property site.