2023 saw big jump in foreigner investments in Thai condos
Foreigners invested over 73.16 billion baht in condominiums in Thailand last year, increasing 23.5% year on year (YoY), the Government Housing Bank’s Real Estate Information Centre (REIC) reported on Friday.
A total of 14,449 condominium units worth 73.16 billion baht were transferred to foreigners in 2023, the centre said. The number of units sold increased 25% YoY while the value of condos also increased 23.5% YoY.
Condos bought by foreigners accounted for 13.4% of all condos being transferred in 2023, said the REIC.
Foreign nationals who bought the most condominiums in 2023 were:
Chinese: 6,614 units
Russians: 1,260
US citizens: 631
Myanmar: 564
Taiwanese: 532
Britons: 486
French: 484
German: 474
Australians: 271
Japan: 266
Others: 2,867.
The REIC said one interesting finding is that Myanmar buyers, despite ranking fourth in the number of units bought, had the highest average price per unit at 6.6 million baht. Britons, meanwhile, bought the biggest rooms on average at 56.5 square metres.
REIC director Wichai Viratakaphan said the property market in 2024 still showed a tendency towards recovery amid several risk factors, including the global economic slowdown, increasing cost of living and household debts. He said financial institutions’ stricter criteria could prevent buyers of properties under 3 million baht from getting a loan, resulting in properties in this category having the most unsold units this year.
Wichai predicted that high-end properties costing more than 10 million baht, especially those of a horizonal type, would enjoy higher demand from both affluent Thais and foreigners compared to the previous year.
He said the property market would need support measures from the government to keep demand strong among new buyers and investors, as well as to strengthen buyers’ confidence in getting loans from financial institutions.
