BANGKOK – The Real Estate Information Center (REIC) has published an overview of the condominium transfer situation in Thailand for the year 2023. The report shows that foreign buyers represent an increasingly important market segment, with the average price per unit purchased by foreigners being the highest.
The number of condominiums transferred to foreign ownership in 2023 rose by 13.4 percent to 14,449 units. The total value of condominiums transferred to foreign ownership in 2023 increased by 24 percent to 7.31 billion baht.
The most popular locations for foreign buyers were Chonburi (41.1 percent) and Bangkok (38 percent). The top 10 nationalities by number of condominium units transferred to foreign ownership were:
- Chinese (6,614 units)
- Russian (1,260 units)
- American (631 units)
- Myanmar (564 units)
- Taiwanese (532 units)
Between 2018 and 2022, the first 5 nationalities to buy the most units were Chinese, Russian, American, British and French.
The average size of a condominium unit transferred to foreign ownership in 2023 was 45.6 square meters. The average price per unit was 5.1 million baht. British buyers purchased the largest units, with an average size of 56.5 square meters.
Over the past six years (2018-2023), Chinese buyers have been the most active in the Thai condo market. They have purchased a total of 37,987 units, with a total value of over 169 billion baht.
Chinese buyers have the highest share of condominium transfers, with an average price per unit of 5.2 million baht and an average unit size of 39.5 square meters. Interestingly, Myanmar buyers have the highest average price per unit, at 6.6 million baht.
REIC Director Vichai Viratkapan said that the number of Myanmar buyers has been increasing steadily since 2021. This is likely due to the political instability in Myanmar, which has led many people to seek a safe haven in Thailand.
In 2021, the year of the coup, Myanmar buyers purchased a total of 30 condominium units in Thailand, with a total value of 274 million baht. The average price per unit was 9.1 million baht.
It is worth noting that Myanmar buyers tend to purchase larger, more expensive properties. The average size of a condominium unit purchased by a Myanmar buyer is 50 square meters or more.
