In a sign of a rebound in Thailand’s real estate market, foreigners have secured ownership of a staggering 10,703 condominium units in the Land of Smiles during the first nine months of this year. This surge marks a notable increase of 37.6 percent compared to the same period in 2022, highlighting a robust revival of interest in the Thai property sector.
Vichai Wiratkapan, acting director of the Real Estate Information Center (REIC), reported that the third quarter of 2023 saw a transfer of 3,365 condominiums to foreigners, reflecting a 0.4 percent uptick. Although the total value reached 17,048 million baht, a marginal 2 percent decline from the previous period, the cumulative worth for the year reached an impressive 52,259 million baht.
The surge in foreign condo ownership also witnessed a shift in geographical preferences. Chonburi Province emerged as the frontrunner with 41.7 percent of total condominium ownership transfers by foreigners, surpassing the long-standing leader, Bangkok, which slipped to second place at 37.5 percent. Phuket secured third place with a 6.4 percent share.
Chinese nationals maintained their dominance in the market, securing the top position with 4,991 units transferred, constituting 46.6 percent of the total. Russians followed closely, claiming second place with 962 units (9 percent), while Americans secured third place with 422 units (3.9 percent). Taiwan and France rounded out the top five nationalities with 3.5 percent each.
The average quarterly transfer of around 3,500 units to foreigners exceeds pre-COVID levels, signifying a robust return of expatriates and tourists to Thailand. The sustained demand for condominiums in major provinces and key tourist destinations is especially driven by Chinese and Russian buyers.
Wiratkapan expressed optimism about the future, stating that if tourism continues to expand into 2024, it is likely to further boost foreign buyers’ interest in Thai real estate. This trend could potentially offset the still-fragile recovery in Thai purchasing power, providing a much-needed economic stimulus.
As Thailand positions itself as a global expat oasis, the real estate market continues to be a beacon of optimism, drawing in foreign investors and residents alike. With a diverse range of nationalities contributing to this surge, the Kingdom looks set to maintain its allure as a premier destination for both lifestyle and investment opportunities.