Asia’s real estate markets are outperforming the moderating US and European markets. The main countries profiting from this trend have been the larger markets such as Japan, Hong Kong and Singapore, and there is now an rising focus on Thailand, according to a recent survey from leading international property consultants CB Richard Ellis.
Property investment has become a global market with a rapidly growing number of cross-border transactions.
“Property markets used to be dominated by local investors but this is no longer the case. In many ways, property investment has become similar to the equity markets with investors looking for worldwide opportunities,” said Ms. Kulwadee Sawangsri, Director of Investment Properties at CB Richard Ellis Thailand.
Many Asian property markets have accomplished strongly after the last two years and international investors now see the possibility of Thailand superioring regional competitors.
The Thai market meets a difficult task, since there are restrictions on foreign ownership of the buildings, and a shortage of revenue available for sale, and many international investors have focused on the development of new, and not for the acquisition of existing assets.
High-end Bangkok condominiums, hotels and residential resort developments have been the most active sectors.
Foreign investors have in some cases formed strategic joint ventures on multiple projects with a Thai partner. For example, Singapore-based Capital Land is in a joint venture with Charoen Sirivadhanabhakdi’s TCC Group and is just completing the Athenee Residence, a luxury condominium on Bangkok’s Wireless Road.
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