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Top Five Changes of the Thai Property Market Over Five Decades

Over the past five decades the Thai property market has changed an unbelievable amount. Apart from the wonderful Thai friendliness and way of life, the whole country is almost unrecognisable from the way it was back then.

 

This page explores the top five changes in the Thai property market within this time.

 

Quality

 

Top of the list must be the quality of the buildings. Not so long ago most buildings in Thailand were designed simply to sleep in and were made from the cheapest local materials.

 

Thailand has come on leaps and bounds since those days and property made here now is comparable to anywhere in the world, with only one exception, which brings us nicely onto our next change in the property market.

 

Price

 

The price of Thai property has skyrocketed in recent years, compared to what it cost many decades ago.

 

Some older Thai people simply cannot believe the prices paid for land around areas that were once simple fishing villages.

 

That said, the current prices demanded for Thai property or land is still a fraction of what you would expect to pay in any modern western country.

 

Supply and Demand

 

Tourists began to flock to Thailand during and after the America-Vietnam war. Prior to this most westerners couldn’t point out Thailand on a map if their lives depended on it.

 

Since then the tourism industry has boomed. And the demand for property has risen in direct correlation with the tourists.

 

You only have to see the condominium construction projects in place in places like Pattaya to see the demand for property in Thailand.

 

Westernisation

 

As well as the increased quality of property in Thailand, Thai property in general has become much more liveable for foreign visitors.

 

Pretty much all newly built homes have western bathrooms and kitchens. Apart from the view out of the window a house bought in Thailand these days could be anywhere in the Western world.

 

There are now even more foreign communities popping up in most major cities in Thailand, with a massive recent influx of eastern Europeans, Chinese and Japanese people deciding to make Thailand their home.

 

Purpose

 

Lastly the purpose of the property being built in Thailand has changed dramatically in the last five decades.

 

Prior to the rise in tourism most property was built to house one family for simple living purposes.

 

Now properties are built for many different reasons; whether it is a hotel, restaurant or nightclub, more commercial properties are now being built with tourism in mind.

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