In the context of the global health crisis, each country is trying to slow down the spread of the virus to its citizens within its territory.
Even if each country seems to have its own vision of the strategy to adopt (total containment, collective immunity, compulsory wearing of masks, closure of public services…), it appears that some countries are doing better than others.
Thailand in particular serves as a model. Indeed, its exemplary crisis management allows the country to post, at the beginning of August 2020, “only” 3,240 cases for 58 deaths, well below the figures of other Western countries and the US.
Several factors tend to explain why Thailand has been relatively spared by this pandemic, making it an even more attractive country for foreign investors considering a Thailand property investment.
SOCIAL DISTANCING ROOTED IN THAI CULTURE
According to international observers such as the New York Times and the Thai Minister of Health himself, Thai culture has played a key role in the low rate of spread of the virus in Thailand.
Indeed, the notion of personal space is more pronounced in Thailand than in many other countries, especially Latin countries.
Also, Thai people do not have physical contact with each other when greeting each other with Wai, the traditional Thai way of greeting and thanking each other.
The basic gesture is to join the two palms of the hands in front of the chest, fingers outstretched, sketching a slight bending of the bust or head. This innate social and cultural distancing is likely to help stop the spread of the virus in Thailand.
Moreover, the Thais are very respectful and thus obey with a lot of good will when sanitary measures, often restrictive, are imposed on them.
Indeed, when travel restrictions were imposed or the wearing of masks became strongly advised, virtually all Thai people were masked and kept at a safe distance from each other when they had to make their essential journeys.
A well PERFORMING HEALTH SYSTEM
Another key factor was the country’s highly efficient health system.
Indeed, Thailand is internationally recognized, and has been for years, for the quality of its hospitals and clinics.
They have been able to efficiently handle the influx of intensive care patients without overloading the hospitals, thus avoiding the need to rush to build hospitals or to move frail patients to other medical centres.
This exemplary efficiency not only made it possible to treat and care for sick patients but also to limit the development of new outbreaks of contamination thanks to particularly effective screening systems.
This specific point brings us to the third decisive element of this particularly effective crisis management: the responsiveness with which the country reacted to this exceptional and unpredictable situation.
A RESPONSIVE AND ACCOUNTABLE management
Indeed, it was in January that Thailand detected and officially announced the first case of COVID-19 outside China.
This was possible thanks to the research that the country had already undertaken on coronaviruses, proving that Thailand has very quickly developed laboratory diagnostic capabilities, an essential element in the early detection of cases, their isolation and the tracing of people in contact with infected persons.
In addition, Thailand has been very quick to implement controls at airports and entry points into the country, which has drastically reduced the number of infected individuals entering the country.
This, combined with the enforcement of distancing measures and the wearing of masks and the closure of public places, has allowed Thailand to observe no local transmission of the virus for more than 80 days, as of mid-August 2020.
Thus, thanks to this very good organization and the discipline of the population, Thailand has already adopted the “New Normal” and COVID-19 is no longer circulating on Thai territory.
The government has itself invited Elite Visa holders to return to Thailand (read here for more information on the Elite Visa), proof that the country is ready to enter the world according to COVID-19.
NEW MARKET OPPORTUNITIES
It is precisely this point that TPG, as an expert on the real estate sector in Thailand, wanted to emphasize since the residential real estate supply is paradoxically benefiting from this crisis context.
The inevitable economic impact offers good opportunities for buyers, as sellers are prepared to make significant discounts, especially in areas that depend on tourism (such as Phuket or Koh Samui and even Hua Hin…).
Thus, the current context is particularly favourable for residential investment in Thailand, you will be able to benefit from interesting opportunities for villas with swimming pool and sea view at extremely attractive prices, mechanically increasing the profitability of your investment.