Weak Value Of Baht Resulted To Increase In Foreign Buyers Of Condos

There is an increase in the number of foreign investors who are planning to buy condos in the central business districts of Bangkok that are within the middle to upper class market. These for foreign buyers are mostly coming from neighboring Asian countries. The increase in demand is due to the Asean Economic Community which took effect at the start of 2016. Add to that the fact that baht continues to stay weak in the global market.
Due to the implementation of the AEC, the property developers in Thailand are now in a positive challenge to showcase their current residential projects abroad most importantly in countries such as Hong Kong, Taiwan, Middle East, China and Singapore.
According to Nuttaphong Kunakornwing, the chief executive officer of SC Asset Corp, they have already plans to go on road shows to present their luxury condo projects in other countries within the year including Singapore, Taiwan and Hong Kong. These countries are chosen because of the trend that was witnessed last year in terms of foreign demand.
The company introduced their latest luxury project last year, Saladaeng Ond, and it has already accomplished a sales amount of 900 million baht coming from foreign buyers originating in other Asian countries such as Taiwan, Hong Kong, China and Singapore.
The CEO also revealed that the Saladaeng One condo units cost around 13 million baht each or 310,000 baht per square meter. Thirty per cent of the total customer target of the condo project has come from the foreign market.
Srettha Thavisin, the president of Sansiri, said that the demand for condominiums have increased especially for foreigners who are hoping to buy one with price target of more than 5 million baht.
It was only last year that the company was able to record 3.5 billion baht for their presales coming from foreign market. For this year, they are expecting to accomplish foreign presales of around 5 billion baht from its target amount for the whole year which is 42 billion baht.
If you are looking to invest in a property in Thailand, visit Find Thai Property for the list of available ones in the market.

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