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Chinese Remain Top Buyers of Thai Condos

The Real Estate Information Center (REIC) has released a comprehensive report on condominium transfers in Thailand for the year 2023, highlighting the growing significance of foreign buyers in the market, with Chinese nationals maintaining their position as the most active purchasers for six consecutive years.

In 2023, the number of condominiums transferred to foreign ownership increased by 13.4% to 14,449 units, with a total value of 7.31 billion baht, representing a 24% increase from the previous year. Chonburi and Bangkok emerged as the preferred locations for foreign buyers, accounting for 41.1% and 38% of purchases, respectively.

The top nationalities by number of units transferred to foreign ownership in 2023 were Chinese (6,614 units), followed by Russians (1,260 units), Americans (631 units), Myanmar nationals (564 units), and Taiwanese (532 units). Notably, Chinese buyers have consistently dominated the market from 2018 to 2023, acquiring a total of 37,987 units valued at over 169 billion baht during this period.

The average size of a condominium unit purchased by foreigners in 2023 was 45.6 square meters, with an average price per unit of 5.1 million baht. British buyers, in particular, favored larger units, with an average size of 56.5 square meters.

Interestingly, Myanmar buyers recorded the highest average price per unit at 6.6 million baht, signaling a preference for larger and more luxurious properties. REIC Director Vichai Viratkapan attributed the increasing presence of Myanmar buyers since 2021 to political instability in Myanmar, prompting individuals to seek refuge in Thailand.

During the coup year of 2021, Myanmar buyers purchased 30 condominium units in Thailand, totaling 274 million baht, with an average price per unit of 9.1 million baht. These buyers tend to invest in larger units, averaging 50 square meters or more in size.


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