The government gives the green light to free visas. For Chinese tourists, what are the benefits of Thai real estate?

After the Cabinet under the new government Approved measures to free temporary visas for foreign tourist groups. for China and Kazakhstan Can travel to Thailand for a period of 5 months, effective from 25 September 2023 - 29 February 2024, hoping to stimulate the economy through the tourism sector.

Especially the Chinese which is the number one group of tourists who come to Thailand Throughout the years But at present it is found that the number of Chinese tourists has not returned to be as active as before Covid-19. The Tourism Authority of Thailand (TAT) previously set a target for the number of Chinese tourists coming to Thailand in 2023 at approximately 5 million.

But more than half a year has passed. Chinese tourists entering Thailand are still quite far from the target set. Even though Thailand has opened the country for a while now. Because now China is experiencing domestic economic problems. People are more careful with their spending. Including reducing expenses related to traveling abroad. Moreover, traveling to Thailand involves many steps. It takes time to apply for a visa and also costs money for processing. It is considered one of the obstacles for Chinese tourists in traveling to Thailand.

Therefore, this free temporary visa measure is the government's hope that it wants to stimulate the tourism economy during the final period of the year. It is also beneficial to the Thai real estate sector.

Free Chinese tourist visa Stimulating Thai real estate

For the real estate sector It is a business that affects the Thai economy in quite large proportions. Relying on purchasing power within the country itself Including foreign groups Especially the Chinese, who have been the number one buyer for many years in a row. Even during COVID-19, Chinese people have always been interested in buying Thai real estate.

However, I must admit that The number of Chinese tourists It is also related to the number of real estate purchases. If there are a lot of Chinese tourists in any year. Total real estate purchases Thai people of Chinese people will have a significant tendency to follow.

Data from the Real Estate Information Center (REIC) reports statistics on the transfer of ownership of condominium units by foreigners in Thailand during the first 6 months (January - June) of 2023. It was found that Chinese people transferred the ownership of condominiums the most throughout the country, totaling 3,448 units or 47% of the number. All units transferred by foreigners Same as transfer value Chinese people transferred the most condos in Thailand, totaling more than 16,992 million baht, or approximately 48% of the total value of foreign transfers.

In the last quarter of the year after the visa free measure has come into effect. It should help push the foreign condominium market to recover more. Through a positive perspective, the following 2 main issues

1.) Chinese people can travel to buy real estate in Thailand more easily according to the law. Foreigners can buy condominiums in Thailand in 49% of the project's sales area. But in the recent past, Chinese customers have come to buy real estate. Thai in a small proportion Even in the past Chinese buyers use the method of contacting agents in Thailand to purchase condominium units. But there are still many obstacles in trading. Overall, sales are not as high as during normal situations.

Therefore, it is expected that when Chinese people are allowed to enter Thailand by reducing the visa application process. This will cause more Chinese people to travel to Thailand. Including groups interested in buying condominiums in Thailand. You can travel to see the project yourself. and greatly reduce the complexity of the trading process

Including helping open the way for Chinese people to travel to Thailand comfortably. Affects the decision to purchase real estate. Thailand in the long run is easier. It is well known that Thailand has many strengths. The cost of living is inexpensive, it's comfortable, the people are friendly. The infrastructure is ready, etc. Therefore, foreigners like Thailand and often decide to buy a condo as a second home. Including buying for investment.

2.) Tourism is bustling, the economy is recovering, Thai real estate is doing well.

There are some analysts predicting that Stimulating the Thai tourism sector through visa-free policy Even though it did not stimulate the real estate sector You will see short-term results within a few months. But if the free visa measure for Chinese people is considered to extend the period even further. It will help attract more Chinese people to travel and spend in Thailand. It is good for the overall economy. Affects employment Consumption and spending of Thai people Business sector grows (especially the real estate business) will receive benefits as well) and may contribute to some Chinese people turning to buying more Thai real estate as well.

It's not just the real estate sector, if there is foreign buying power coming into the country. It will also have a positive impact on other business sectors as well. Therefore, the free visa measure is one of the government's options to use to stimulate the economy. Many expect it to be a tool to support foreign purchasing power. In addition to the domestic consumption power itself which has not yet returned to much activity.

However, visa-free measures Still need to keep an eye on the results for a while to see how effective they will be. And what you have to be extremely careful about is “Gray Chinese capital” that may come in to seek benefits Doing business illegally or tax evasion It is a problem that some Thai people are worried about. Therefore, it is the duty of the government to provide strict supervision on this issue as well.

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