Thailand and Singapore are prime locations for wealthy home buyers
Wealthy investors are tapping the luxury Asian property market with Thailand and Singapore top of their agenda.
'High-net-worth individuals want to diversify their investments and favour property as a solid investment that can be enjoyed when they have time,' says Vivian Sze Mo-lan, HKR International's assistant general manager. 'They are hoping to benefit from a new cycle of capital appreciation in Asia.'
Demand from foreigners for luxury condominiums in Bangkok has certainly increased in the past three years, according to research from CB Richard Ellis. 'The average percentage of foreign buyers of downtown condominiums as of the fourth quarter, 2007, stood at 32per cent, whereas the percentage of foreign buyers was less than 20per cent on average in the past decade,' the company notes in a report.
Prices of downtown condominiums have risen at an annual average of 10per cent to 12per cent since 2003 on the back of a fall in the new supply of luxury units, the report adds.
The recent sale of HKR International's Sukhothai Residences in Bangkok is testament to the voracious investment appetite of the well-heeled.