Thailand projects to Re-Start Foreign Investments
Everyone has a dream or vision to live abroad for the experience. For some, it’s a chance to find a new home. A new home can be for various reasons: new career opportunities, family issues, or a change of scenery. Dreams can quickly come through, but sometimes not with lots of paperwork and later on maybe a slight fear that you are moving to a new country.
With lots of paperwork comes various issues for payments, but Visa’s issues are a situation where everyone gets a headache. Visa’s issues are headaches as they give you a time for how long you can stay in the country. A time frame is not what you want to worry about while finding a new home.
With the diseases still hovering around us humans, people want to stay at a particular location longer. A selected few who like to travel or digital nomads are known to keep a month or two months at one location and move to another city. Digital nomads are not known to embrace city cultures or traditions. With travel restrictions in place, digital nomads embrace change, want to stay in the city they loved longer, and call it home.
Thailand: Your New Home
An exotic and fascinating country to explore and experience for yourself rather than others in one minor change for its economy. A slight change that affects local business, but to people who wants a new home. According to The Thaiger, the Thai government has passed a law to the Cabinet to implement ten years visas for the rich or highlight skilled workers. And for the rich to own property and land. But, first, we need to remember that foreign investments to purchase property, land, and real estate in Thailand can hold only 49%, as 51% is Thai-owned. So a significant rule change to bring in more foreign investors can call Thailand their new home.
Secondly, now visas worries are out of the window. The time frame of 1 year or three years has been multiply by three times. Not having the stress of visas takes a whole lot of burden away from your shoulders to focus on building your home. This new plan to improve Thailand’s economy and for foreign investors is for now implements of the wealthy and highly skilled workers in different sectors. Thailand is categorized as the “rich” by rich “global citizens,” wealthy retirees, rich, qualified professionals already working in Thailand, and lastly, highly skilled workers moving to Thailand, stated by Bangkok Post. Rich is a word that comes parallel with money. So, reported by The Thaiger, considered wealthy citizens and rich retirees’ annual earnings are more than US$40,000.
On the other hand, highly skilled professionals who are already working in Thailand need to be working in Thailand for five years or more, with an annual earning of US$40,000 reported by The Thaiger. Highly skilled workers, people who specialized in their fields, are what Thailand is looking for, especially in technology and digital commerce. Thailand’s e-commerce activities have grown by 81% since 2019, and now Thailand is looking for the digital commerce and technology market for the tech-savvy generation. Government adapts to its citizen’s lifestyle, as do thriving businesses, and real estate business is same. Therefore, the exact meaning is ready to adapt to any situation.
New Lifestyle: New Home Design
If, and a small if, people’s lifestyle changing to be more of a digital society, then people’s homes should be different as well. According to Icoloumist, property developments are looking into low-rise real estate as the driving force of the industry. Low-rise condos are not known for luxury, but as stated on Icolumnist, Astin Estate is looking for luxury, low-rise developments. Luxury condos cater to a new lifestyle of people who are: cautious about health, new digital era businesses, and assets value.
Condos and apartments that were in tight spaces, being close to each other, and now with the luxury to work from home, people want to be safe. Low-rise with extensive areas, single rooms, or detached houses are the norm people want to live in. Common spaces where people can work and not be closed to each other are what the market is leaning towards too. Lifestyle and doing work have changed, so your home design will vary with your lifestyle. Some property developments are focusing on different areas in Bangkok for luxury low-rise condos.
Not just focusing CBD (Central Business District) to accommodate with public transportation in Bangkok rapidly expanding. By studying the market and consumer behaviors, luxury low-rise developments should be the norm in the future. Fewer people cluster into a building, and with more spaces, you can leave as a family and work from home. According to Icoloumnist, low-rise condos do not have much land tax, a decrease of 90%. In the future, luxury low-rise condos for locals and foreign investors will have increasing demand, parallel with changes and adapting with people new lifestyle and new health conservative society.
New Investments: New Developments
What brings or gives confidence to its citizens when the economy is not excellent. Well, there could be many answers, but for Thailand real estate market, there is a way. As reported by Bloomberg, Thailand’s tycoons are looking to invest at least 100 billion baht ( US$3.1 billion) into hotels, condos, shopping malls, well, anything to do with property and real estate. This event does gain the people’s confidence; the real estate market is still considered vital and improving with a plan in place. Thai typhoons are planning to invest in areas in Chinatown to revamp the space. The projects are underway with a five-year-oriented, detailed plan to luxuries Chinatown. The goal is to look at the high-end market and consumers to invests in properties in Thailand.
Thailand has been a laid-back, easy country for foreign investments and foreign workers living in Thailand. However, luxury in Thailand makes you feel you have reached a certain level in Thailand. Luxury markets and condos are still in high demand in Thailand, but with a twist and a change in people’s lifestyles. The real estate market in Thailand is a buyers market, and adapting to be a buyers market is one way to move forward this year and next year. More low-rise condos suited for digital work from home lifestyle with open space is where the market is heading for buyers.