Emerging Thai market attracting investors
The success of the Thai economy has aroused the interest of international property investors, according to overseas specialist David Stanley Redfern (DSR).
The country's economy got off to a scintillating start to 2008, with first quarter growth at six per cent on the same period last year, and up 5.7 per cent on the last quarter of 2007.
Furthermore, after two years of political turmoil - culminating in a coup last year - it seems the new government is finally settling in, and has made economic growth its top priority, argues DSR.
The main course of the new administration’s efforts is centred on generating internal and regional investment, with global investment currently slowing following the continued liquidity crisis.
"Continued growth in Asia is excellent news for property investment in Thailand, especially in the emerging markets of Thailand's islands of Koh Samui and Koh Phangan, where growth is primarily fuelled by spiralling regional tourism," said Liam Bailey, head of international research at DSR.
"Property prices in Koh Samui, an island with more five and six star resorts than any other in Asia, grew by 50 per year, in 2006 and 2007."
While purchasing property in the country is difficult – with strict ownership criteria in place – it is possible for overseas citizens to acquire investments through the use of local businesses.
The Institute of International Finance (IIF) also casts a positive light on the future of the Thai economy.
The IIF has said rising inflation caused by the rising cost of basic materials was the biggest challenge facing Asian economies. However, the organisation also confirmed the problem would subside shortly and that worry over the problem had been greatly exaggerated.
Furthermore, the IIF also finds Thailand has the best chance of weathering the global storm, saying: "The leading emerging markets in Asia are well-positioned to weather uncertain and less favourable global conditions."