8-2-2024 (BANGKOK) Property buyers from Myanmar are increasingly turning their attention to Thailand, eyeing residential units in Phuket and Chiang Mai, with one developer from Myanmar investing in a single detached house project in Chiang Mai province.
Karlo Pobre, the deputy managing director of property consultant Colliers Thailand, noted that interest in Thai property among Myanmar buyers has shifted from purely investment to recreational purposes.
“Buyers in Myanmar have been showing more interest every year, especially in light of the ongoing political unrest,” he remarked. “The recent trend sees Chiang Mai emerging as a retirement destination and Phuket as a location for vacation homes.”
In Chiang Mai, prospective buyers are seeking single detached houses priced between 20-30 million baht per unit, as indicated by Colliers. While freehold property ownership poses challenges, leasehold arrangements are deemed acceptable.
“A local developer from Myanmar is exploring opportunities to develop a leasehold single detached house project in Chiang Mai, driven by the substantial demand perceived in their home country,” Mr Pobre explained.
The developer is also engaged in a mixed-use project in Mandalay, comprising shophouses, a six-storey condo, and a hotel to be managed by a Thai operator, scheduled to open this month.
In Phuket, buyers from Myanmar are expressing interest in villas priced at 40 million baht per unit in areas such as Laguna and Bangtao Beach. These residential units are intended for both living purposes and recovery from healthcare visits, with Bumrungrad Hospital planning to establish a branch in Phuket soon, Mr Pobre noted.
Initially, Myanmar buyers focused on purchasing properties in Bangkok, considering it a safe haven for their own use, their children’s education, and healthcare needs. Properties in inner-city locations like Thong Lor, Asok, Phrom Phong, Nana, and Phloenchit were particularly sought after due to their proximity to hospitals and malls.
Sathon and Silom also attracted interest due to nearby schools and the Myanmar Embassy, Mr Pobre added. Units in the first wave of purchases were ready to move in, reflecting the immediate relocation plans of buyers.
The second wave of buyers targeted condo units priced between 2-5 million baht near skytrain stations, especially in the Bang Na area, as they became familiar with the train line. Some young entrepreneurs sought pre-sale condos to capitalize on potential capital gains.
“These buyers, mostly comprising upper-middle-class young families aged 35 and above, believe that investing in Thai properties is safer than in their home country,” Mr Pobre concluded. “Thailand represents a second home for them, as they still maintain business interests in Myanmar.”
