Phuket Property Booms as Chinese Buyers Move to Thailand

As China's middle class continues to grow an increasing number of Chinese citizens are looking towards Thailand as a destination for a more laid-back lifestyle. According to the Thai government's "China Ready" campaign the number of Chinese tourists visiting Thailand is projected to reach 10 million by 2023 and the number of Chinese students enrolled in universities in Thailand increase threefold to almost 90,000 in the past decade.

Chinese citizens are motivated by different reasons to relocate from looking for retirement options, to a getaway destination for a few months out of the year. Thai real estate is more affordable than Chinese counterparts making it an attractive option for those looking to relocate. Additionally the Thai government visa policy is more lenient than China's. Allowing Chinese citizens to stay in the country for up to three months without a visa. The government is also offering tax incentives and other benefits to Chinese investors to attract more investment to the country.

The increased CCI (Consumer Confidence Index), which has risen for six straight years, is now at 47.9, the highest in 20 years, indicating that consumer spending confidence has returned. Another factor that has aided the property business is the Bank of Thailand's ongoing lending relaxation (Loan-to-Value: LTV), which is soon to come to an end. It has effectively encouraged clients who have a genuine need to buy property units.

Phuket has become a popular destination among Chinese citizens, with its beaches, scenery, and entertainment options and with that it has become an attractive option for real estate investments. This trend has not only been beneficial for Phuket's property market but also for the Thai economy as a whole, as increased investment and tourism stimulate economic growth, create jobs and support local businesses. Additionally, as Chinese citizens continue to look for alternatives outside of their own country, it is likely that Phuket's property market and the Thai economy will continue to benefit from this trend.