TASTES DIFFER BY HOMELAND

Key overseas buyers in local property include those from Singapore, Hong Kong, mainland China and Japan.

Most are investment buyers and working people looking for a property in which to invest who are unable to do so in their home countries because of high prices.

Singaporeans and mainland Chinese prefer buying a unit priced below 4 million baht, while those from Hong Kong spend 5 million baht and the Japanese 10 million baht. These buyers are familiar with Bangkok, spending just one or two weeks to make a decision.

“Asok is well-known among buyers from these countries, and so is Sukhumvit,” said Kayon Tantichatiwat, managing director of Bangkok Citismart, a leading full-service consultancy for investment in city-centre properties. “For Lat Phrao or non-Sukhumvit, we need to explain more. The best explanation is BTS and MRT.”

Hongkongers and Singaporeans prefer the Sukhumvit area, while mainland Chinese like Asok-Rama IX-Ratchadaphisek.

“Some of these buyers have begun exploring the Lat Phrao and Chatuchak areas because prices are more attractive than units in Asok or Sukhumvit,” Mr Kayon said.

Japanese prefer to stay near supermarkets and restaurants. Upperincome Japanese prefer Phrom Phong and Thong Lor, while mid-level earners look for units in Ekamai, Phra Khanong and On Nut.

As buyers from China and Hong Kong love the number 8, AP Thailand will offer units on the 8th, 18th, 28th or 38th floor and avoid the number 4, regarded as unlucky. (Eight in Chinese sounds similar to the word that means wealth, while four is a homophone with the word that means death.)

Tiensak Thamcharonkij, chief financial officer and co-founder of Tongthai Group, a provider of Chinese-language websites and travel magazines, said five popular locations around Thailand for Chinese property buyers are Bangkok, Phuket, Pattaya, Chon Buri and Chiang Mai.

Chinese have a budget of 3 million yuan (15 million baht) to purchase property overseas, but when they buy in Thailand they spend no more than 5 million baht per unit.

The resale market is a new trend for Chinese, as there will be many condo projects in Bangkok from large developers completed and transferred this year. Chinese buyers at those projects may look to resell to their compatriots.