15-12-2023 (BANGKOK) Ownership transfers of condominiums in Thailand to foreign clients experienced a remarkable surge, rising by 37.6 percent year on year to reach 10,703 units in the first nine months of this year. This surge indicates a resurgence in demand from overseas buyers, as revealed by data released on Friday.
According to the Government Housing Bank’s Real Estate Information Centre (REIC), the value of condominium ownership transfers to foreigners amounted to 52.25 billion baht (approximately 1.50 billion U.S. dollars) during the January-September period. This represents a substantial increase of 31.6 percent compared to the previous year and accounts for 23.3 percent of the overall transaction value.
The province of Chonburi, situated on Thailand’s eastern coast, along with the national capital of Bangkok, recorded the highest number of condominium units transferred to foreign nationals at 41.7 percent and 37.5 percent, respectively, in the first three quarters of the year, as stated by the REIC in a press statement.
Vichai Viratkapan, the acting director-general of the REIC, highlighted that the rise in foreign purchases of condominiums indicates a return to normalcy in the market. During the third quarter of 2023, the average number of transfers reached 3,500 units per quarter, surpassing the pre-pandemic levels of 3,300 units per quarter in 2019. Vichai emphasized that the Thai condominium market remains an attractive option for foreign buyers, both as an investment and as a second home.
In addition, Vichai expressed the REIC’s anticipation of continued growth in foreign purchases next year as the tourism sector recovers. This growth is expected to offset the ongoing weakening of domestic demand and act as a key driver in the real estate market.
