According to 2023 results, buyers from Russia continue to hold second place in the number of condominium transactions in Thailand, traditionally behind buyers from China.
The Real Estate Information Centre has published a report on the condominium market in Thailand in 2023. The report shows that foreign buyers represent an increasingly important market segment, and the average price per unit of property foreigners purchase remains the highest.
The number of condominiums transferred to foreign ownership in 2023 increased by 13.4 per cent to 14,449 units, and the total value of these condominiums rose 24 per cent to 7,31 billion baht.
The most popular locations for foreign buyers were Chonburi (41.1 per cent) and Bangkok (38 per cent). The top ten nationalities in terms of the number of condominium units transferred to foreign ownership were:
Chinese (6,614 units)
Russians (1,260 units)
Americans (631 units)
Burmese (564 units)
Taiwanese (532 units)
From 2018 to 2022, the top five nationalities buying the most units were the Chinese, Russians, Americans, British, and French.
The average condominium area transferred to foreign ownership in 2023 was 45.6 square metres, and the average price per condominium was 5.1 million baht. British buyers purchased the largest condominiums, with an average size of 56.5 square metres.
Over the past six years, from 2018 to 2023, Chinese buyers have remained the most active in the Thai condominium market. The Chinese have purchased 37,987 units worth more than 169 billion baht.
Chinese buyers make up the majority of condominium sales transactions. The average price per unit is 5.2 million baht. The average size of a condo is 39.5 square metres. Interestingly, Myanmar buyers pay the highest average price per unit at 6.6 million baht.
Vichai Viratkapan, director of the Real Estate Information Centre, said the number of buyers from Myanmar has been steadily increasing since 2021. This is probably due to the political instability in Myanmar, which has caused people to seek refuge in Thailand.
In 2021, the year of the coup, Myanmar buyers purchased 30 condominiums in Thailand worth 274 million baht. The average cost of a condominium was 9.1 million baht.
It is noteworthy that Myanmar buyers tend to purchase more expensive properties. The average size of a condominium purchased by a Myanmar buyer is 50 square metres or more.
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