China's economic growth and the preference among Chinese for Thai properties should make it a key driver for the Thai economy and property market, according to economic and property analysts.
Kobsak Pootrakool, director and senior executive vice-president of Bangkok Bank, said the collapse of three American banks was just the beginning of a new crisis caused by the Federal Reserve's interest rate hikes.
"This crisis will take a few years to end, likely by 2025," he said. "While the US and Europe will enter a recession, Asia has the potential to thrive during the crisis, particularly Southeast Asia, which is drawing investors from around the globe. Thailand can rely on China's economic growth."
Paichit Wiboonthanasarn, vice-president and secretary-general of the Thai Chamber of Commerce in China, said Thailand should benefit from China's reopening as it is one of the 20 countries where China is allowing group tours for the initial stage.
"China's economy, which represents 18% of the world's GDP, will have a better recovery than expected, with target growth of 5%. We expect 7-8% GDP growth because China has turned around many things that other countries were worried about in the past," he said.
Boon Yongsakul, chairman of Phuket-based Boat Development, said China is among the top 10 source markets for tourists visiting Phuket after the country reopened.
"A new airline arriving in Phuket recently is West Air flying from Henan, a city unfamiliar to us," he said. "This suggests there remain potential tourists that have never visited Thailand."
Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said tourists have the potential to become property buyers if they visit a destination and are impressed with their experience.
Last year Phuket's economy grew 1,000%, with the tourism sector as a key driver, said Mr Vichai.
The number of condo units transferred to foreign buyers grew by 84%, along with an increase of 182% in residential sales, according to REIC.
"Chinese remained the top nationality for condo transfers to foreigners in 2022, accounting for nearly 50% both in unit numbers and value. Their purchases are meant as investments as they required the smallest unit sizes," he said.
Chinese were also the No.1 foreign buyers in seven out of 10 major tourism destinations: Bangkok, Chon Buri, Chiang Mai, Samut Prakan, Nonthaburi, Pathum Thani and Rayong.
In Phuket and Prachuap Khiri Khan, the top buyers were Russians, while Americans topped the list in Phetchaburi.
