“Property investment in Bangkok is definitely better value than other cities,” he adds. “I also want to see if Chiang Mai is as great a place for retirement as people say.”

01:54

Chinese tourists return in droves to Bali, Thai beaches for first time in 3 years

Chinese tourists return in droves to Bali, Thai beaches for first time in 3 years

Thailand has long been a favourite destination of Chinese tourists – flight bookings went up by 67 per cent in February compared with a month earlier, Trip.com data shows. In fact, soon after China lifted its Covid-19 control measures in late December, online searches for flights from China to Thailand soared by 176 per cent.

Thailand too is doing its bit to draw more Chinese tourists. It is granting Chinese passport holders a 30-day visa on arrival until the end of March, making it one of the first countries to expect an influx of returning Chinese tourists.

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The country’s tourism authority said it welcomed 161,540 Chinese tourists between January 1 and February 15, and expects the number to reach 300,000 in the first three months of this year, then 5 million for the whole year.

And while Chinese holiday goers are itching to return to Thailand, some like Chen have bigger plans. Sensing an opportunity, Chinese real estate agencies have also stepped up their game and are organising group tours for property viewings in Bangkok this month.

Uoolu, a Beijing-based overseas property consultancy, organised a three-day tour on Friday and will organise another one on March 24, to take 20 investors at a time to Thailand. The firm is charging upwards of 2,599 yuan excluding flight tickets. The investors will visit four residential projects, including one close to the Impact arena in Bangkok where homes on sale will be completed in July. The units start at 230,000 yuan with a potential rental yield of 5.5 per cent. In between viewings, the investors will go shopping just like other tourists.

01:13

Foreign tourists return to Thailand, with 10 million visiting the Asian tourist hub in 2022

Foreign tourists return to Thailand, with 10 million visiting the Asian tourist hub in 2022

“We don’t just take them out for viewings, but also offer presentations on investment opportunities in the area,” said Jerold Chen, senior consultant at Uoolu. Seats were filling up fast, with only two left for the tour departing on March 24, he added.

Another agency is planning a six-day trip that includes visits to tourist attractions and property viewings. It is charging 2,588 yuan for the tour and mostly advertises flats in Bangkok worth less than 1 million yuan.

Those dealing with Chinese buyers first-hand have reported an uptick in inquiries about properties in Thailand, especially after January, said Clark Zhou, a Shanghai-based sales director at real estate consultancy Juwai IQI.

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“I have many clients who have already returned from their holidays in Thailand, and their good experience has given them the idea of buying property there,” he said. “I believe the demand for Thai property will improve as more people go there for holidays.”

Thailand was a top choice for Chinese buyers looking for property overseas between 2018 and 2021, said Juwai IQI, based on the volume of inquiries. It slid to fourth place behind Australia, Canada and the United States only in 2022. This was because more investors were looking at moving to these countries last year, Zhou said.

Other countries favoured by Chinese buyers include the United Kingdom, Japan as well as Southeast Asian countries such as Vietnam and Malaysia.

02:36

‘We don’t welcome those tourists’: Thailand’s health minister discourages weed-smoking visitors

‘We don’t welcome those tourists’: Thailand’s health minister discourages weed-smoking visitors

Favourable factors have been driving Chinese buyers to property in Thailand, said Karlo Pobre, the deputy managing director of consultancy services at Colliers Thailand. “Price and investment yields remain very competitive, especially for condominiums in Bangkok, in comparison with other neighbouring markets,” he said, adding that 49 per cent of the units can be owned by foreigners, and the paperwork is rather straightforward.

Since 2018, the Chinese have been the largest group of foreign buyers of condominium units in Thailand, followed by buyers from Russia, the US, the UK and Germany, according to data from Thailand’s Real Estate Information Centre. The centre said Chinese buyers snapped up 3,562 units worth a total of 17.94 billion baht (US$511 million) during the first nine months of 2022, accounting for 49 per cent of units transferred to foreigners. It added that units bought by Chinese buyers were priced at 5 million baht with an area of 39 square metres on average.

“In the early months of this year, we saw purchases of Bangkok condominiums from Chinese nationals within the 5 million-baht range in locations around Rama 9, Ratchada and Sukhumvit,” said Waras Dechgitvigrom, senior manager of research at Colliers Thailand.

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“We further anticipate that aside from Bangkok properties, Chinese buyers are also starting to explore key destinations in Thailand such as Pattaya, Phuket and Chiang Mai.”

That said, Waras forecast that it will take time for demand to recover. “The purchase numbers, however, may remain at sub pre-pandemic levels at least in the near term,” he said, adding that the recent number of Chinese buyers remains low compared to pre-pandemic times.

“But a build-up is likely in the coming months, and we predict the number will rise to a new high in comparison with the past two to three years.”