Bangkok, Chiang Mai, Phuket attract property buyers from Myanmar

REIC reported that buyers from Myanmar spent some 2.25 billion baht on Thai properties in 2023. — Reuters

BANGKOK: Big-spending buyers from Myanmar have been snapping up more high-end properties in Thailand’s major cities in the past two years, making them top foreign spenders in the property market, according to real estate management company Colliers.

Karlo Pobre, Colliers’ deputy managing director, said that according to the Government Housing Bank’s Real Estate Information Centre (REIC), Myanmar buyers are most interested in properties in Bangkok, Phuket and Chiang Mai.

REIC reported that buyers from Thailand’s western neighbour spent some 2.25 billion baht on Thai properties in 2023, putting them in third place as top spenders, behind Chinese and Russian buyers, he added.

“It’s notable that the properties bought by Myanmar nationals have an average price of 6.5 million baht.

“This is higher than those of Chinese or Russian buyers,” Pobre said.

“This makes them a highly promising customer for property developers in the post-pandemic era, when demand for Thai properties among foreigners is skyrocketing.”

Pobre added that properties in Bangkok bought by Myanmar customers are mostly luxury condos priced from 10 million baht to 20 million baht.

The most popular locations include Sukhumvit, Phrom Phong and Asoke, where the projects are close to hospitals, international schools, shopping malls and hotels.

Mid-level spenders from Myanmar, meanwhile, are interested in condos priced at five million baht to 10 million baht in the Aree and Phaya Thai zones, especially along the Bangkok Mass Transit System routes, which provide convenient transport as well as a good opportunities for rent or resale.

“Buyers in this group are mostly young people looking to invest in condos for rent or resale, and they often snatch up prime units during the pre-sale period,” Pobre added.

He added that Myanmar’s super-rich are also interested in luxurious pool villas in Phuket, especially in the Laguna and Bang Thao zones, with units costing over 40 million baht sold out even before they are finished.

He pointed out that the popular locations included San Kamphaeng and Hang Dong districts.

“Political instability in Myanmar is an important factor that has driven millionaires to buy second homes in Thailand,” said Pobre.

“Myanmar buyers are different from Chinese in the sense that they prefer privacy instead of living together in a community like Chinatown.

“Property developers should keep this in mind when trying to attract big spenders from Myanmar,” Colliers’ deputy managing director added. — The Nation/ANN

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