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Thais gobble up London real estate

By on Oct 30, 2012 in Property News

Property in London is continuing to attract Thai investors, reaching nearly 10 billion baht in investments year-to-date.

Kongkiat Opaswongkarn, the chief executive of Asia Plus Securities (ASP), said mergers and acquisitions (M&As) have been active in many sectors.

Property prices in London remain high, as it is the prime location for foreign investors, unlike continental European countries, which have experienced a sharp drop in asset values due to the deep impact of the EU financial crisis.

The UK kept the pound and so has not been much affected, said Mr Kongkiat, adding that London property has a distinctive quality that attracts investors from all over the world.

“Even with asset prices in Britain remaining high, buyers are willing to pay. Asian businessmen, especially from the Middle East, are buying London assets mainly and not those in the rest of Europe,” said Dr Kongkiat.

He said buyers are afraid of uncertainty, currency fluctuations and property laws in continental Europe.

Investors from all over Asean are taking the opportunity to acquire foreign assets, and cross-border trading and listing activities are increasing.

Apart from real estate, Thai investors are also buying assets in hotels, health care, media, processed foods, construction and materials, and automobiles.

The Thai auto parts sector has benefited from the economic slowdowns in China and Japan, with production bases transferring here, likely leading to more M&A activities in the automotive sector.

The Asean Economic Community slated for 2015 should also open up the healthcare industry, as Thailand and Malaysia offer similar quality to Singapore at much lower prices, said Mr Kongkiat.

For the full article, please visit http://www.bangkokpost.com/business/economics/318430/thais-gobble-up-london-real-estate

Source : Bangkok Post 27 October 12

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