Coronavirus outbreak to further disrupt property investment sales in Thailand in 2020
Without Chinese investors, Thailand’s property market will experience a direct blow
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.
Recommended
6 of the exciting areas to visit in Lipa, Batangas (PH)
With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star
Ok, boomers, Gen X’ers: Where are they now in their property journeys?
Ageing societies in Southeast Asia mean that catering to the requirements of mature investors will be a key challenge for developers
Residential renaissance: Branded residences shine bright amidst pandemic property plight
Branded residences saw an upsurge in interest during the pandemic with investors lured by access to luxury hotel amenities and services
Conversational AI, the brains behind intelligent virtual assistants
Nick Myers, CEO of RedFox AI, and Tina Ryan, podcast and events host, chat about chatbots and conversational AI, an ethical innovation for the people