The Thailand Privilege Card Co is launching a new “Elite Flexible One” campaign, which will make it easier for foreigners to buy property in the country.
A separate “Welcome Back to Amazing Paradise” campaign has been launched to bring back existing elite cardholders, so they can contribute to the revival of the economy.
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CBRE sets B300m sales target for Elite partnership
published : 24 May 2021 at 04:30
Government stimulus schemes, a successful vaccination rollout, easing of travel restrictions and a partnership with Thailand Elite Card can triple the growth of residential sales from foreign buyers by the end of this year, says property consultant CBRE Thailand.
Charinya Youngprapakorn, head of advisory and transaction services for residential projects at CBRE, said residential purchases by foreign buyers through CBRE dropped to 5% of the total last year, attributed to the pandemic.
That figure could rise to 15-20% this year, said Ms Charinya. Key factors encouraging foreign investment are government policies, including a long-term visa for foreign investors, an extension of property leases to 60 years, or a certain quota for housing project purchases with specific regulations, she said.
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Uncertainty to fuel Elite membership
Political situation causing concern
Thailand Elite Card is expecting to gain a large number of new members, mainly Chinese business people residing in Myanmar who might not be confident about the political situation there.
Somchai Soongswang, president of Thailand Privilege Card (TPC), the operator of Thailand Elite Card, said Chinese customers account for 25% of the total portfolio of 13,000 members.
The military coup in the neighbouring country has fuelled unease among foreign investors as they seek a more secure place within close proximity of their businesses. Prior to the coup in Myanmar, the bulk of Chinese members had already relocated to Thailand and decided to buy a condo to stay in the country for the long term, particularly in Chiang Mai which is closer to the mainland, said Mr Somchai.