The CEO of China’s largest international property website has predicted huge growth in the interest in Phuket property from Chinese buyers in the upcoming “Golden Week”, which this year starting from Oct 1 will be eight-days long as the National Day Golden Week coincides with the Mid-Autumn Festival.
“Overseas travel numbers will set a new record this Golden Week. About six million Chinese will go abroad during the holiday, according to Ctrip, China’s top travel company,” said Carrie Law, CEO of Juwai.com, which as the largest source for global property in Chinese language boasts more than 2.5 million property listings spanning 89 countries.
“The top travel destinations this Golden Week according to Ctrip bookings are Thailand, Japan, the United States, Singapore, Australia, Canada, Vietnam, Italy, Russia, and Malaysia,” Ms Law noted
“We expect Southeast Asian countries like Thailand, Malaysia and Vietnam to see a significant increase in Chinese buyer activity during Golden Week. Enquiries and traffic on Juwai.com could be up by one-third over a typical week-long period,” she added.
“It’s common for real estate agencies and developers to run advertisements in China just before Golden Week. That gets potential buyers excited about the homes in the destination countries. When the buyers get there, they already have those projects in mind,” she explained.
“Many stores in popular Asian Golden Week destination countries run special promotions to attract Chinese customers during the holiday. This is one reason Thailand, Japan, and Korea are so popular with Chinese tourists during the holiday.
“Overall, we estimate that sellers and agents appealing to Chinese buyers in Southeast Asia this year could see a 30% increase in activity during the holiday. Estimates very widely by market and even sub-market.
“Some buyers will use the opportunity to sweep in and snap up listings in markets they have researched online from home. Most have been researching for months. To the vendor and agent, it’s as if they dropped in from the moon and snatched up a property. Usually that’s just the final step in a months-long process,” Ms Law said.
Golden Week is important for real estate because it brings large numbers of Chinese to markets in which some of them are interested in buying, the Juwai CEO explained.
“Many combine tourism with property hunting. They might spend the a couple of days as tourists, then spend the next few days looking at real estate,” she said.
“For property marketers, it’s an important time to build relationships and connect with buyers,” Ms Law added.