Chinese visitors poured into Thailand in large numbers last February 2018 that the county saw its tourist arrivals climb by 20 percent. At the same time, the Southeast Asian nation appears to attract a big chunk of property buyers that originate from China.
By the end of February this year, Thailand registered total foreign visitors of 3.6 million, a slight improvement from the 3.54 million arrivals from abroad seen in the previous month, Reuters reported. In the same period that spanned January to February, the national government said its tourism industry generated revenues of $12.78 billion, mostly credited from the money spent by holidaymakers from foreign countries.
Tourism authorities in Bangkok have indicated that the near-term earnings accounted for some 12 percent of the national economy, further proving that tourism activities make for a major growth factor in one of Asia’s most rapidly flourishing economies.
Thank You China
Reuters noted in the same report that Chinese tourists led the pack of visitors that flowed in and dispersed to various locations in Thailand. It is estimated that by the end of 2018, the country will welcome close to 38 million foreign visitors and majority will be coming from China.
The projected numbers will improve from the more than 35 million foreign tourists that made Thailand as their vacation destination last year.
Unsurprisingly, the consistent jump in tourist arrivals also redounds well for the property sector, which has reported of increased interest and actual sales coming from China.
Shopping Lists Include Housing
Flushed with dispensable cash, China’s growing and increasingly affluent middle class is heading to Southeast Asia not only looking for fun but also to invest in the property market. Easily, Thailand is on the radar of these Chinese holidaymakers, according to the South China Morning Post.
“Thailand is now the third most popular property market for Chinese, helped by low prices and high rental yields,” the Hong Kong-based publication reported.
The Chinese property buyers were likewise encouraged to invest due to the absence of regulatory restrictions prevalent in mainland China that in effect unduly inflates the housing market price.
A good example is that of a nurse from China who bought a 50 square metre condominium unit in central Bangkok for $220,000, which in Shanghai, China is nearly four times more expensive. The SCMP report said the nurse acquired the condo, a one-bedroom property, with great ease and with the comfort of security.
The property investment will now serve as ready accommodation during vacation trips to Thailand and will be rented out to earn when the owner is not around. And like most foreigners that fell in love with Thailand, the Chinese nurse is planning to retire in the country in due time, the report said.