With the recent COVID-19 pandemic, the world has been turned upside down. Many industries have been impacted rather harshly by the effects of the pandemic, but none quite so much as the travel and tourism industry.
With borders closed and travel restrictions in place, many countries that rely heavily on tourism to keep their economies afloat have been struggling.
Thailand in particular has taken a very big hit, as tourism typically accounts for some 5.65% of their GDP. Now, that might not sound like a lot, but in 2019 Thailand’s GDP was 543.5-billion USD, which means that a good 27-billion USD of that was brought in via travel and tourism.
Thus, it is fair to say that the Thai economy has been put through the wringer in recent years—not to mention the effects that it has had on the property market.
Still, even in these uncertain times, there is yet light at the end of the tunnel. And with great challenge, there is always opportunity to be had.
Certainly, businesses in Thailand (and the rest of the world) are focusing their attentions on consolidating, reducing costs, and essentially ‘battening down the hatches.’ However, that simply means that now more than ever is arguably the best time to play in the real estate market in Bangkok and the rest of Thailand.
Rental revenues in many regions in Thailand have all but dried up due to the lack of tourism, which means that there are some huge discounts being offered by people who are keen to sell their properties. This gives people like you a unique opportunity to buy luxury properties in Bangkok, for less.
When the economy bounces back (which it will), and when tourists start flocking in once more (which they will), you’ll likely be able to make a return on your investment and then some.
Is Bangkok property worth investing?
Is Bangkok property worth investing in? The short answer is yes. You see, despite the recent impacts of the COVID-19 pandemic, Bangkok remains one of the most renowned capital cities in the world. As the borders open up and restrictions loosen, many people will be visiting Bangkok again, both as long-term expats and short-stay tourists.
In addition to that, in Bangkok there is an endless supply of stunning and luxurious condominium complexes with many more under construction. This gives you the pick of the bunch in terms of location, size, quality, facilities, local amenities, view, and so much more!
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Is buying a house in Thailand a good investment?
Is buying a house in Thailand a good investment? Well, as a foreign investor, not so much. The reason being is because foreigners aren’t allowed to own land in Thailand, only condominium units and apartments.
If you are going down the marriage route with the end-game of securing yourself residency and a Thai passport, then it will indeed be a good investment. However, if you are looking to invest in property in Bangkok and the rest of Thailand, then your best bet is to buy a condominium.
This is because although you cannot own land in Thailand, you can indeed own a condominium outright.
Is now a good time to buy property in Thailand?
Is now a good time to buy property in Thailand? The answer is yes. Because if you buy now, you are buying below pre-pandemic market prices. Then, you can simply sit-back and wait for those prices to rise as the world reopens for business once more.
This will come into effect once international borders begin to reopen, particularly once the Chinese are feeling more confidence in international travel (who make up a large part of Thailand’s tourism).
And when that day eventually arrives, you’re going to be sitting on a valuable property asset that will likely own grow in value. You can then either make steady holiday rental income, or sell it on for a profit.
In any case, if you are having your doubts, understand that Thailand has always been a safe haven for investment. It is a flexible market that has typically always retained its value despite the many crises Thailand has experienced over the years.
So, with ample opportunity to secure huge discounts for luxury properties in Bangkok right now, today is the time to invest!