The retirement market in Thailand remains a vital sector and will continue to do well in popular destinations, although it is experiencing more competition for the 'grey property dollar' from regional rivals, according to property industry experts.
Thailand's attraction as a tourist destination saw millions of visitors coming through its doors in the 1980s and 1990s, and many were so impressed they wanted to have their own slice of paradise. This kick-started a 'tropical lifestyle' property boom.
Those who visited 20 or so years ago, and who are now reaching retirement age, remain attracted to the beach, island or urban lifestyle. They are also impressed by how far their retirement funds can go. The country also issues a dedicated retirement visa to qualified applicants, making it even more popular.
David Simister, chairman of CB Richard Ellis (Thailand), says that while neighbouring countries, such as Malaysia, are also competing aggressively for the retiree sector in property sales, Thailand's traditional popular tourist destinations are also attractive places for retirees.
'There are four top retirement destinations - Phuket, Koh Samui, Hua Hin and Pattaya - in order of prestige and the reverse order in terms of pricing,' Mr Simister says.
'However, in terms of transaction volume, Bangkok has the highest number of foreign purchasers. Thirty per cent of the units sold in new condominium projects in Bangkok, marketed by CB Richard Ellis since 2005, were sold to foreigners.
