The current weakness of the currency in Thailand is causing a rise in the number of sales for luxury properties, it has been reported. Thai-based newspaper The Nation has said that the political unrest in the country is damaging the economic position of Thailand, causing the baht to drop against other currencies, much to the benefit of foreign investors. Those with pounds and dollars, among other currencies, to spend are able to get far more for their money at a time when their home currencies are much stronger than the baht.
“ Most foreign buyers looking to buy properties in the region have a fixed budget to spend. With the baht declining, they can buy more expensive properties. In Phuket , we have recently been able to sell more expensive units in projects we represent, ” Aliwasa Pattanthabutr, managing director of property agency CB Richard Ellis, told the news source. It was reported that sales of condominiums, landed houses, townhouses and luxury residences have benefited most from the drop in the baht. Despite a slight decline in their price, there have been far more buyers around because of the weak baht.
The Nation reports that in the country at the moment, foreign buyers have around ten per cent more purchasing power than they have done in recent times, thanks to the improved relative strength of their currency. Those with dollars to spend are probably in the strongest position at the moment, given the way that the baht has substantially fallen against the greenback in recent times and “ they have got much better value for their money compared with last year, ” said Sorapoj Techakraisri, chief executive officer of PACE Development Corp.
One of the biggest reasons for people investing in Thailand in the past few months has been the fact that they see the upcoming integration of the Association of Southeast Asian Nations (ASEAN) economic community in 2015 as a real positive for the finances of the country and subsequently its property market.Article by +Steve Binge on behalf of Propertyshowrooms.com
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อ่านเพิ่มเติมได้ที่…Luxury Thai Sales Growing On Weak Baht