CNI News
31 Dec 2022
The number of Myanmar condo-apartments buyers and tenants have increased significantly in Thailand during recent months and most of them buy apartments worth around MMK 200 million, according to property agents and entrepreneurs in Thailand.
As most of them are moving to Thailand for the education of their children, condominium apartments near schools are sold out very quickly.
An official from Bangkok-Myanmar Property and Life Style told the CNI, "Most of them bought apartments worth MMK 200 million. Some Myanmar nationals bought high end apartments. Some of them bought property for investment. As foreigners buy property in Thailand, developers there launch promotion for their property and authorities grant elite visas for ten years stay in Thailand. Clinics and hospitals in Thailand offer gift vouchers to them. So, Myanmar nationals buy condo-apartments in Thailand. They bought apartments near banks, railway stations and transportation hubs in Sukhumvit in Bangkok. Property prices in Bangkok are rising but the demand for property of Myanmar nationals is still growing because they have many opportunities there. As the Kyat is depreciating against US dollars, property prices in Thailand have doubled in the Kyat.
Promotion of condominium sales in Thailand.
Although Thailand has permitted foreigners to purchase condominium apartments only, those who invest in Thai companies are allowed to buy other types of property.
Some Myanmar nationals buy property in Thailand in the name of Thai nationals.
Most Myanmar nationals are buying property in Bangkok, Mae Sot and Chiang Mai and open restaurants and clubs, a Myanmar entrepreneur in Thailand told the CNI.
He said, "Investment from Myanmar has increased significantly. Last week, two high profile businessmen came to Thailand to open clubs and bars and bought condominium apartments. Recently, a large number of Myanmar nationals bought condominium apartments in Thailand. There is an increasing number of Myanmar investors in Thailand. The other day, a cosmetic entrepreneur contacted me to move his business to Thailand. Myanmar nationals are opening buffet restaurants. Many people from the Myanmar film industry moved to Thailand."
Besides apartment buyers, the number of Myanmar tenants has also increased significantly, according to Bangkok-Myanmar Property and Life Style.
The prices of condominium apartments start from MMK 200 million and rental fees for them start from Baht 4,000 ( MMK 400,000) per month, according to an official from the Bangkok-Myanmar Property and Life Style.
Promotion of condominium sales in Thailand.
He added," Apartments available at Baht 4,000 rental fees are very small and are not furnished. We do not offer services for such apartments. We offer services for apartments with two or three bedrooms available at about Baht 15,000. Some of them are available at Baht 90,000 per month. Apartment rental fees vary from place to place. Normally, it is necessary to rent the apartments for one year. If tennants want to rent for only three month, they will have to pay more deposits. It is negotiable here."
Among the foreigners who bought property in Thailand included not only Myanmar nationals but also Chinese and citizens from western countries.
Myanmar passport holders are required to transfer money from banks in Myanmar but transferring a large sum of cash has been prohibited in Myanmar and developers have to choose other arrangements available.
Myanmar nationals bought 188 apartments totally worth Baht 1.34 billion in 2022 alone, according to the Thai Enquirer and market observers.
