Foreigners purchased a significant number of condominium units in 2023, with Chinese buyers leading the pack.

In 2023, foreign nationals purchased 14,449 condominium units in Thailand, totaling 73.16 billion baht, marking a 25% increase in units sold and a 23.5% increase in condo value compared to the previous year.

Key Takeaways

• Foreigners purchased a significant number of condominium units in 2023, with Chinese buyers leading the pack.
• Myanmar buyers had the highest average price per unit, while Britons bought the largest rooms on average.
• The property market in 2024 is expected to lean towards recovery, especially for high-end properties, but may face challenges due to stricter loan criteria and economic factors.

The top buyers were Chinese, followed by Russians, US citizens, and Myanmar nationals, with Myanmar buyers having the highest average unit price, the Government Housing Bank’s Real Estate Information Centre (REIC) reported.

The property market in 2024 is expected to show signs of recovery, but there are concerns about global economic slowdown and stricter loan criteria for properties priced under 3 million baht.

The director of the Real Estate Information Center (REIC) predicted increased demand for high-end properties priced over 10 million baht and emphasized the need for government support to maintain strong demand and buyer confidence.