Investors in the real estate market are often discouraged by the fees related to buying a property in Thailand. With many investors’ money remaining offshore, there has been little chance in reducing the fee appropriated with buying real estate – until now. Opportunities are soon to open up to buy properties with crypto currencies.
Crypto and Real Estate
Cryptocurrency and the digital era are a perfect partnership. All around the world, people maintain portfolios with a total value of over two trillion dollars. That is no insignificant amount by anyone’s standards.
Crypto and Thailand
In day to day life, Thailand has been slow to adopt to digital currency. Using crypto has become the norm in many countries around the world. Whilst digital nomads have been building their wallets for many years, spending those cryptos directly is the next challenge.
Digital nomads are looking for relaxed laws in terms of immigration in the coming years. Thailand is opting to support the digital lifestyle following suit to countries including Singapore and Vietnam. Making visa requirements easier and the possibility of working online with a work permit accessible to all will open Thailand up to becoming a hub for digital nomads.
Crypto and Residences
The luxury property market has been becoming more and more open to crypto currency purchases. It has also begun to open up in Thailand also. With huge, branded residences names residing in Thailand including Four Seasons Private Residences Chao Phraya River, The Residences at Sindhorn Kempinski and The Residences at Mandarin Oriental are all state of the art, latest and greatest brands in the world. However, it is not the branded residences leading the way but the developers.
Real Estate Coins
Real estate firms Sansiri and Ananda Development may be among the first to develop a digital coin bringing the digital and real world a step closer together. The coin is expected to launch in quarter 2 of 2021. This coin will allow people to invest from very low levels to high levels as per their personal circumstances.
Ananda and Origin Property have already accepted currency as payment for properties. As belief and trust and stability grows within the crypto currency world, the use and the acceptance will develop throughout Thailand. It will become a part of everyday life with the current trend of people making purchases, bookings and other aspects of our lives that are already planned by our online lives. The future is bright, the future in online.