Thanks to low taxes and an oversupply of condominiums, buyers from China are spending a record amount of cash on properties in Thailand.
According to official numbers from the Bank of Thailand, Chinese buyers spent 40 billion baht ($1.25 billion) alone last year on Thai condos and other properties.
On top of Chinese buyers flocking to purchase Thai property, individuals from the US, Singapore, the UK, and Japan also spent record-setting amounts.
While in the past decade, buyers from Hong Kong and mainland China spent large amounts of money investing in property in Australia, New Zealand, and Canada, Thailand surged past all in recent years due to condo prices that can start as low as a few hundred thousand dollars.
According to attorneys specializing in Thailand condominium law, one of the reasons many Chinese buyers have chosen Thailand as their most desired place to invest in when it comes to property is because of the lack of an extra tax on foreign property investments.
That, coupled with an abnormally high oversupply of available condos in recent years, has made the price of foreign property investment too hard to pass up for many Chinese buyers.
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