Chinese buyers gradually cool on Thailand as destination

Thailand dipped to fifth among destinations for Chinese property buyers, down one spot from last year and the top ranking in 2021, attributed to a sluggish recovery of travel and pricey flights.

Kashif Ansari, co-founder and group chief executive of Juwai IQI Group, a real estate marketing firm targeting the Chinese market, said Chinese buyers with smaller budgets who previously were the key market for Thailand now make up a reduced share of all travellers.

“The pandemic had a devastating impact on outbound travel,” he said.

“The rapid annual growth that turned China into the world’s most important source of tourists ended in early 2020. But 2023 will be a historic year of recovery.”

Thongchai Busrapan, co-chief executive of SET-listed Noble Development, said Chinese customers purchasing condo units still lag the level recorded before the pandemic, but…