Retirees boosting Thai property

European retirees have turned to Thai property as an area for a second home owing to the levels of affordability and convenience that now exist in the market.

One of the main reasons behind the rise in popularity of this area for overseas property investors is a new "retirement visa" that has been introduced to foreigners over the age of 50, even if they are still working in their home country.

George Mastronikolis, managing director of Thai property developer Regal Thailand, told AFP News that the demographic that has traditionally been interested in overseas property in Thailand is shifting.

"For the past few years, expats living in Asia were the main buyers," he said.

"Now this is changing with more and more individuals, mostly retiring people with the majority of them northern Europeans, discovering the benefits of living in Thailand."

The tourist town of Hua Hin is one of the most popular areas to buy overseas property and here residential units can cost between two and 30 million baht (£28,454 and £426,805).

Properties ranging in value between £70,000 and £140,000 account for most of the demand in this popular area, while other regions, such as Phuket and Pattaya, which attract interest from overseas property investors tend to have slightly higher prices.

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24/07/2006

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