More on Who's Buying Thai Real Estate

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fountainhall

More on Who's Buying Thai Real Estate

Post by fountainhall »

According to Hong Kong's South China Morning Post, many more Hong Kongers are now purchasing properties in Thailand. Hong Kong now has about the most expensive residential property market in the world. People in Hong Kong on average have to save their entire salaries for 19 1/2 years in order to purchase a small flat, according to a report published by market research company Demographia this year.
Homebuyers in Sydney and Vancouver will need to save their entire incomes for 12.9 and 12.6 years, respectively, according to the report.

“There is no way for me to buy a home in Hong Kong, even with home prices starting to ease,” said Calvin Chan, 35, an event planner.

Chan bought a 25 square metre (about 270 sq ft) apartment in Bangkok for HK$580,000 (US$74,111), in a new condominium project near a subway station, in June without even viewing the project. “With this budget, no way you can buy a unit in Hong Kong,” he said. In Hong Kong, a 162 sq ft apartment at The Esplanade in Tuen Mun is going for HK$3.09 million.
For info, Tuen Mun is one of the relatively new and large cities about ninety minutes drive from the city centre during the rush hour and 40 minutes on the subway. HK$3.09 million is roughy equal to US$400,000.
“My friends are also buying their first homes in Bangkok for investment, and are betting that home prices will be boosted by infrastructure development. If we are lucky enough to make a profit on this investment, we can buy an apartment in Hong Kong later,” said Chan.
It is not only Hong Kong buyers who are moving in. Property developers are in their wake.
Hong Kong developer HKR has accelerated its expansion in Bangkok. It plans to build a 1,400-unit residential project on a site by the Chao Phraya River, it said in a written reply to the South China Morning Post.

In February this year, it bought another three adjoining plots on Bangkok’s Ramintra Road in the Khannayao District.
https://www.scmp.com/business/article/2 ... hases-home
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