Thailand

At a glance

Currency

Baht (THB). Current exchange rate:

THB51.69 = £1.00 sterling

Cost of living

Loaf of bread: from £0.40 to £0.85

Bottle of wine: from £4.50

Time

Seven hours ahead of GMT

Business hours

Government offices: 8:30 am to

4:30 pm, Monday to Friday

Other offices: 8:30 am to 5:00 pm,Monday to Friday

Banks: 8:30 am to 3:30 pm, Monday to Friday

Shops: 8:30/9:00 am to 5:30/6:00pm, seven days a week in many cases

Department stores: 10:00 am to8:00/10.00 pm, seven days a week in

many cases

Population

Approximately 64.5 million

Languages

The official language is Thai. English is

also spoken widely, as are various

ethnic and regional dialects

Religions

Buddhist: 94 per cent

Islamic: 4 per cent

Plus minority Christians and others

Driving

Driving is on the left. Anyone renting a

car must be aged at least 21 and hold a

full driving licence from their country of

origin. Those spending more than three

months in Thailand must apply for a

Thai licence

 

Why Thailand?

On one hand, Thailand is the epitome of paradise – boasting white-sand beaches,

a vibrant capital city and a unique culture. A popular tourist destination for years,

the country is in the process of successfully transforming itself from a backpackers

dream to a luxury holiday location. Five-star hotels, golf resorts and gated

communities are popping up all over the country, providing a stylish alternative to

the budget travelling scene. As a result, the property market has sprung up out of

nowhere, with a range of houses and apartments now captivating the attention of

overseas buyers.

Great weather, good food and affordable prices are attracted second-home buyers,

retirees and emigres, while a good exchange rate and promising capital growth

brought in the investors. A low cost of living adds to the package, and a wide choice

of direct flights seems to make up for the distance. All in all, Thailand is a country

that seemed to tick all of the right boxes – no matter what your reason for buying.

However, recently reality has struck what was once one of the overseas property

hotspots attracting buyers from across the globe. Difficult global economic

conditions have hit Thailand hard, and capital growth has stalled. Added to this has

been a period of internal political strife which has prompted the UK Foreign Office

to advise travellers to exercise caution at all times in Thailand, and avoid the

southern provinces of the country for all but essential travel.

As property investors begin to look elsewhere for higher returns, there remains a

loyal following of people who love the country and still see their future as regular

visitors or settlers there. With this core of support for the tourist and property market

in Thailand, hopes remain high of a recovery of fortunes when there is a more

stable political situation in the country.

Popular buying locations

Foreigners looking to get a foot on the Thai property ladder tend to look in either

the bustling city of Bangkok or the southern beach resorts. Despite Bangkok’s

somewhat seedy reputation, the capital has plenty to offer the business traveller,

resulting in a range of possible short-term letting opportunities. The country’s

second city of Chaing Mai, known as the “gateway to China”, is also tipped to

become more popular thanks to the construction of a new highway that will connect

the city to Kunming, the capital of southwest China’s Yunnan Province.

The islands are more geared up towards the holiday-maker, and have been

developed accordingly. These resorts are trying to attract a more up-market

clientele, and property prices are duly reflected. Therefore, if you are on a budget,

try to avoid the ever-popular areas such as Phuket and Pattaya. Thanks to The

Beach, the island of Koh Samui is still popular, and the property market there is

almost on a par with the original hotspot of Phuket.

 

 

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