Coronavirus outbreak to further disrupt property investment sales in Thailand in 2020

Without Chinese investors, Thailand’s property market will experience a direct blow

Bangkok office buildings. ArisSuwanmalee/Shutterstock

The World Health Organisation (WHO) has declared the coronavirus epidemic as a “global health emergency” as it continues to plague Chinese cities and countries across the globe today, reported DDproperty.

The growing number of cases and deaths confirmed outside China has brought about global fears, which, in turn, affected the global economy, including the property market in Thailand.

For the past two to three years, foreigners, particularly the Chinese, accounted for most of the property purchases in the Kingdom.

More: Limited hotel supply partly to blame for decline in Thailand’s hotel investment volume

However, the epidemic has started to affect the local economy and the property sentiment of Chinese investors. Recent sales have dropped, deposits have been discarded, and request to postpone ownership transfers have increased.

Without these investors, Thailand’s property market will experience a drastic blow. As the virus spreads to more cities, the impact will reach provinces depending on tourism for purchasing power and growth of the property market.