Thailand May Become a Retirees’ Paradise

Thailand has long been a tropical holiday hotspot and in recent years, the country has also become a property investment destination. Like many other countries, Thailand has started to feel the effects of the current economic downturn and in light of this, developers are having to look for new ways of tackling property investment. Some innovative companies have found success by dealing with a relatively new market, one that caters to the specific needs of European retirees.

When people think of property in Thailand, the names of Phuket, Pattaya and Samui usually come to mind as well-established regions that cater to overseas investors. However, this new market involves retirement developments located in non-tourist areas.

Developer Paul Derstroff is finding that, although a large amount of building is still going on in Thailand, developments aimed at servicing a specific market seem to be better at withstanding the difficult times. “An increasing number of projects have made the market more competitive. However, our developments don’t compete with these projects,” says Paul. “We are concentrating on a target group in a niche market made up of buyers who want to move to Thailand.”

Much of the attractiveness of these types of developments lies in the flexibility of the terms offered. Developers not only offer leasehold houses and condominiums but some developers also sell condominiums on a shared ownership basis. “Some people don’t live here all year round so 2 people can purchase a property jointly and share ownership,” Paul says.

Thailand is attractive to many European retirees not only because of its climate and exotic lifestyle, but also because Thai living costs are a fraction of those in Europe, a major consideration for people on fixed pensions or incomes. However, interest in Thailand as a retirement option is not only coming from Europeans. There are also enquiries from people in Japan and the Middle East, and some companies have started marketing developments in Hong Kong and Singapore.

James Gonzalez, Market Analyst at Obelisk, sees this Thai phenomenon as a logical adjustment to changing economic circumstances. “Retirees are looking for the best value for money and developers are looking at guaranteeing the success of their ventures. Providing products specifically aimed at the rapidly growing retiree market makes smart business in any economic environment and not only during a downturn.”

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