EDITOR’S LETTER OPP India Words | Maneesha Chawla
Indians in Thailand: a luxury lifestyle without the drama
Beautiful beaches
homes that clock in at INR 100 million (USD 1.8 million). The wave of Indian buyers in Thailand is clearly increasing, with a dedicated group for brokers selling Thai properties to Indians on LinkedIn – although, as is often the case with such groups, there is little activity.
ristine white beaches, luxury resorts, a service industry to rival our own, lots of shopping and night life options and a short fl ight make Thailand an ideal destination for Indians. Many Indians, fed up with shoddy buildings, scams and the hassle of maintaining a residence here in India are looking at other options. Thailand tends to come up trumps. According to Gulu Lalwani, developer of the Royal Phuket Marina, Indians are amongst the top ten buyers in Phuket. Originally the founder of Hong Kong based Binatone group, Lalwani moved to Phuket in 2004. Two years later, he started work on the Royal Phuket Marina, which off ers yachting and residential waterfront developments. He was featured extensively in the Business Standard for his development in Thailand at a time when interest in the country was on the rise. Lalwani estimates the Indian demographic in Thailand to be between 30 and 50 years old, mainly looking for a second or third home there. They buy anything from serviced apartments to villas and chalet homes. While Indians
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make up 14% of the property buyers in Phuket they still lag way behind the Chinese and Russians, with 30% of property buyers in Phuket coming from Russia itself. According to Knight Frank research in 2012, tourism to the area consists of two marked groups: those on a budget and the ultra wealthy. Director of Knight Frank Thailand, Natha Kahapana, says, “People who come to Phuket fall in love with the place and invest in it as a second home”. Ambience aside, a three-bedroom home in a place like Phuket costs almost one third of what a similar home in Gurgaon, Noida or Mumbai would cost. For those that are investing in property the attraction of making ones money work as an investment and a holiday home seems to be a logical choice.
The Business Standard article from earlier this year says that it’s the usual suspects that make up the demographics of buyers in this area; bankers, professionals and lawyers that make up the Indian buyers. There are of course off erings in all price ranges from small studio apartments at about INR 3.5 million (USD 62,000) to
Monny Vijeshwar, an investor in Thailand, says, “Indians are buying left right and centre and making lots of money doing it”. His take is that unlike India there is no infl ated bubble. Thailand also has an excess amount of inventory and is having a hard time moving their stock. As a result people are able to buy homes at a very aff ordable price. This makes it sensible to buy a holiday home in Thailand, he says, “Where it’s cheap and convenient. In fact, it’s a great time to start an Indian restaurant in Phuket!”
Based on experience Vijeshwar says it’s easy to open an account there and, equating the process to those in India, “As long as you have
People can buy homes at an affordable price
someone there who will make their presence felt and represent you in your transactions, your investment can pretty much look after itself”. There has been recent legislation about how much land foreigners can own and what sorts of leases they can buy into, but in spite of the restrictions it seems like a good idea if a destination with sun, sand and surf is your thing. Now, where are those curry recipes I had lying around? A restaurant on the beach sounds quite nice right now.
www.opp-connect.com
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