Buyers thinking of purchasing a beachfront vacation home in Thailand, Malaysia or Bali have something to rejoice about. Vacation homes for sale in Thailand, Malaysia and Bali now come with a more affordable price tag as the currency in Southeast Asia drops.
The Wall Street Journal claims that although vacation homes for sale in Thailand, Malaysia and Bali are less costly, luxury buyers must think twice if they are planning to invest properties in these locations. With the declining value of Thai Baht, Thailand properties are now 10 percent to 15 percent cheaper than in the earlier months of 2015. Investing could be easier, but the currency fluctuation is becoming a major issue.
Several real estate agencies have said that people interested in inquiring for vacation homes for sale in Thailand, Malaysia and Bali are increasing. However, they conclude that closing a deal is hard. The managing director of Hunter Sotheby's International Realty in Phuket, Andrew Hunter, revealed that more people have inquired on properties priced at more than $2 million, but they only closed a few sales in the end.
The political and the economic volatility in these places are the major factors affecting the buying decision of the buyers. Like for instance, since the May 2014 coup in Thailand, its economy has been suffering a massive loss despite the government's effort to attract foreign investors. According to East Asia Forum, Thailand's economy is shaky, and the political system is also going disorderly for the last two years.
Bali, one of the popular vacation destinations in the Southeast Asia, is also suffering due to a major drop of the Indonesian Rupiah. The currency was down to 11.3 percent, which also affected the real estate industry.
Meanwhile, the Malaysian ringgit fell down to 22.7 percent last year. Just like the two previous vacation destinations, Malaysia saw a 45 percent increase in property inquiries but only closed a few deals.
