Chonburi pips Bangkok for most number of condos bought by foreigners
Chonburi province was the top choice of most foreigners who bought condominiums in the first nine months of 2023, with Bangkok, the former No. 1 choice, relegated to second place, according to data provided by the Government Housing Bank’s Real Estate Information Centre (REIC).
The centre reported on Friday that the ownership of 4,468 units (41.7%) of condominiums had been transferred to foreign nationals from January to September this year in the eastern resort city, while the number was 4,018 units (37.5%) in Bangkok.
Phuket was third with 686 units (6.4%), followed by Chiang Mai - 677 units (6.3%) and Samut Prakan - 288 units (2.7%).
Last year Bangkok held the top place with 5,260 units transferred (45.5%), while Chonburi was in second place at 3,567 units transferred (30.9%).
In nine months of this year, ownership of 10,703 units of condominium has been transferred to foreigners with total value of 52.25 billion baht, the REIC said, adding that the number of units sold had risen by 37.6% and their value had increased by 31.6% year on year.
The centre added that biggest foreign buyers of condos were Chinese, who bought 4,991 units — 46.6% — of total units sold to foreigners in the first nine months of 2023. They were followed by Russian buyers at 962 units (9%), Americans at 422 units (3.9%), Taiwanese 378 units (3.5%), and French at 372 units (3.5%)
“Sales of condominiums to foreign buyers have been gradually rising in the past years and is higher now than during the pre-pandemic period” REIC director Wichai Viratakaphan said.
“The recovery of the tourism industry and the local economy are factors that have driven up property sales among foreigners.”
Wichai explained that sales of condo to foreigners before 2019 averaged 3,300 units per quarter, while this year the number had risen to 3,500 units per quarter.
