Thais eye British property regardless of EU exit
Regardless of Britain’s decision to either exit or remain in the European Union on June 23, Thais’ demand for properties in the United Kingdom will not be affected.
Illustrative photo (Photo: reuters.com)The head of research for Asia-Pacific at Knight Frank, Nicholas Holt, said the property market is currently softening due to the upcoming EU referendum. However, he affirmed that it will soon recover and grow.
If Britain decides to leave the EU, the country may experience depreciation of its currency by 15-20 percent. If not, the market is expected to remain the same.
In recent years, properties in London have drawn much attention from Thai investors due to their attractive investment gains and rental returns.
Managing Director of Knight Frank Thailand Phanom Kanjanathiemthao said the company is seeing a continuous influx of Thai investors looking to buy properties in London.
The majority, or 70 to 80 percent , bought the property as a second investment for their children, as many Thais choose England to further their children's education. The falling pound if Britain decides to leave the EU could potentially boost property demand.
Phanom noted that the country’s stable and mature property market ensures continuous price growth, with many parents reporting that it eventually covers their children’s tuition fees, while those holding property for over a decade said they received two to three fold returns from their initial investment.-VNA
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