Foreign buyers flock to Thailand’s tropical condos: Chinese and Russians lead

[webfact]

Foreign buyers such as the Chinese and Russian are dominating the condominium scene, turning Bangkok, Pattaya, and Phuket into international real estate playgrounds.

 

A staggering 10,703 units, raking in a jaw-dropping 52.3 billion baht, exchanged hands in the nine months leading up to September, marking a whopping 38% surge from the previous year, according to the Real Estate Information Center, a body overseen by the state-owned Government Housing Bank (GHB).

 

Leading the charge, Chinese buyers seized a lion’s share, snapping up 4,991 units valued at an eye-watering 24.7 billion baht, accounting for a staggering 47% of the total transactions, as reported by the centre using property registration data. Not far behind, Russians clinched a distant second with 962 units, while the United States and Taiwanese buyers claimed the third and fourth spots.

 

The coastal haven of Chon Buri province emerged as the hottest spot, with almost 42% of condos finding new owners. Meanwhile, Bangkok, the bustling gateway to Thailand, notched up 37.5% of foreign apartment sales, solidifying its status as a prime destination for international investors.

 

According to Wichai Wiratkaphan, acting director at the information centre, the allure of Thai condominiums remains irresistible to foreign buyers.

 

by Mitch Connor

Photo courtesy of Bangkok Post

 

Full story: The Thaiger 2023-12-18

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

[Burma Bill]

1 hour ago, webfact said:

such as the Chinese and Russian are dominating the condominium scene

 

I wonder if they will develope their own Tianamen and Red Squares away from home?

[ezzra]

Rubbish BS post, used to be a year or so ago, not now though, and unless you're in the real estate business don't put

out misleading nonsense articles...

[hotchilli]

2 hours ago, webfact said:

Foreign buyers such as the Chinese and Russian are dominating the condominium scene, turning Bangkok, Pattaya, and Phuket into international real estate playgrounds.

Playgrounds for the Chinese and Russians... you won't be able to walk that back when it all goes south.

[hotchilli]

2 hours ago, webfact said:

According to Wichai Wiratkaphan, acting director at the information centre, the allure of Thai condominiums remains irresistible to foreign buyers.

Delusional in the extreme.

[Toby1947]

Can't give em away. 😂🤣🏖️

[bradiston]

Laundominiums

[JimTripper]

I wonder how many of these people really want to live in Thailand, or if they are just seduced by the low prices.

 

There must be some reason most units just sit empty.

[shackleton]

Well no surprises there considering the Thai government are Pro Chinese and Russian business and Tourist wise 

Encouraging them visa wise to enter Thailand hassle free

90 days ect 🥳

[CartagenaWarlock]

Just now, JimTripper said:

I wonder how many of these people really want to live in Thailand, or if they are just seduced by the low prices.

 

There must be some reason most units just sit empty.

Maybe it's good for the rental market. Lots of rental units will be available in Chonburi, driving rental prices down. I believe that when a person with money does not have access (or difficulty) to US stock and real estate markets, Thai real estate becomes attractive. Real estate is for generational wealth building. Many retired Chinese (I see many in Jomtien) I see moving to Thailand also (no data, just personal observation) due to Xi Jinping's policies, maybe. 

[lexxy]

Bought in 2014, the best purchase of my life. Waking up to the view is better than anything ive experienced.

 

 

Find a good one and you will be happy for a long time.

[John Drake]

Purple prose squared.

[CartagenaWarlock]

14 minutes ago, ezzra said:

Rubbish BS post, used to be a year or so ago, not now though, and unless you're in the real estate business don't put

out misleading nonsense articles...

Who do I believe? A person who had to travel 10,000 miles to live like a refugee in a foreign land, possibly using a "wify" visa, because he could not get a decent living in his home country, or a person who has a great standing in his own society and whose opinions are printed in the news papers? In contrast, desperate foreigners' opinions are only available in this forum. In the condo complex I am in, 50% are Chinese and Russian, and definitely they don't live here on "wify" visas because they could find women to marry from their own country. 

[Phuket Pete]

Gotta keep the Real Estate sponsors happy ! 

[JimTripper]

14 minutes ago, CartagenaWarlock said:

Maybe it's good for the rental market. Lots of rental units will be available in Chonburi, driving rental prices down. I believe that when a person with money does not have access (or difficulty) to US stock and real estate markets, Thai real estate becomes attractive. Real estate is for generational wealth building. Many retired Chinese (I see many in Jomtien) I see moving to Thailand also (no data, just personal observation) due to Xi Jinping's policies, maybe. 

I think you're right that it's more of an investment and money oriented. Feels like they just buy anything, like Americans would do with the stock market.

 

Reminds me of the seafood buffet, just grabbing whatever you can as fast as possible 🤣.

 

I saw a few families on the news that bought some of those Evergrande units to live in, but I think the vast majority were just investors. Even it it just sits there empty as a shell it's viewed as an investment.

[d4dang]

35 minutes ago, bradiston said:

Laundominiums

right arm brother

[spidermike007]

This is a completely ridiculous post, because if you're comparing anything to a year ago, of course the numbers are going to go up.

 

It doesn't really mean anything, and it's very misleading. 

[Celsius]

3 hours ago, webfact said:

staggering

 

3 hours ago, webfact said:

jaw-dropping

 

3 hours ago, webfact said:

whopping

 

3 hours ago, webfact said:

lion’s share

 

3 hours ago, webfact said:

staggering

 

3 hours ago, webfact said:

eye-watering

 

 

Mitch bought a condo he can not off load

[jaygino]

10,703 units sold in the first 9 months of 2023, when compared to the amount of new condos built does not sound like very many at all :-)

According to statista.com, there were 7,148 new condos built in Bangkok in Q1 alone, which would suggest 20,000+ for the 9 months to September.  Add to that Pattaya/Phuket/Hua Hin and the rest of the hotspots where development continues unabated and it is clear that new supply is outstripping new demand by many fold.  This is of course not taking into consideration that many condos 'exchanging hands' will also come from old stock.

How  the Real Estate Information Center can spin this into a positive article is laughable.  Perhaps the writing is on the wall and we will see another late 90's style big property crash in Thailand.

[BigStar]

6 minutes ago, spidermike007 said:

This is a completely ridiculous post, because if you're comparing anything to a year ago, of course the numbers are going to go up.

 

It doesn't really mean anything, and it's very misleading. 

 

10,703 units for 52.3 billion baht does indeed mean something. Nor were more sales guaranteed this year as opposed to last. So part of what it means, besides some good money for Thailand, is that your post doesn't really mean anything.

[TroubleandGrumpy]

It has always been my experience that when any 'real estate' person or organisations is talking, they are lying and/or are talking up the business because things are slow. This and a few other recent statements, means that the real estate business is down - they are trying to push people into buying - quick, buy now, only few left. When they say nothing, it means things are good and they can just sit back and take the money. 

[BigStar]

1 minute ago, jaygino said:

it is clear that new supply is outstripping new demand by many fold

 

ANF Condo Glutters have for decades wisely affirmed this as a matter of principle. The Lights On At Night Indicator proves it. Now it IS true that plenty of condos are always for sale, but not so much the really choice ones.

 

5 minutes ago, jaygino said:

How  the Real Estate Information Center can spin this into a positive article is laughable.

 

What's amusing is how the ANF Real Estate Information Center can spin 10,703 units for 52.3 billion baht, 38% more than last year, into the usual satisfying sneer.

 

10 minutes ago, jaygino said:

Perhaps the writing is on the wall and we will see another late 90's style big property crash in Thailand.

 

Our Real Estate Experts, all renters, have predicted the great CONDO CRASH for decades, waiting, waiting, waiting. The 90s baht crash didn't hurt the condo market as foreign investors with stronger currencies quickly stepped in. Now we were assured that countless bargains would be had during COVID, which meant the end of tourism. WOT? Meanwhile, one of our most cherished beliefs is that all foreign condo owners are perpetually desperate to sell and heading for the exits. LOL.

 

 

Condo sales threads always bring our GLUTTERS, CONDO CRASH IMMINENT, and FOOLS BUY REAL ESTATE doomsters out of their rented rooms.

 

 

[Hanuman2547]

I own a condo in Jomtien.  I don't have it up for sale but I also haven't seen a lot of people trying to buy condos there either.  A lot of them are for sale and have been for many months, maybe years.

[Xonax]

They all hurry to buy before 1. January 2024, where money sent to Thailand will be taxed. The real estate market will be stone dead after 1. January 2024.

[newnative]

     Pattaya has some big, highrise condo projects on the way.   Contrary to some of the comments on this thread, developers do find buyers for their projects, which allows them to go on and plan new projects.  Some examples:

     Arom Wong Amat was started right at the beginning of covid and topped out not too long ago.  Apparently, buyers were found for this pricey project and the developers are beginning another highrise project, Arom Jomtien.  

     Also in Jomtien, the next Copacabana project is getting started.  Copacabana Coral Reef will be 56 floors with 1872 units.  I believe this project has had a name change from Copacabana Golf.

      Following previous successful projects such as Riviera Wong Amat, Jomtien, Monaco, and Ocean Drive, the next Riviera project will be a highrise in Pratumnak, Riviera Malibu.

      Back in Wong Amat, Habitat Group, which has built a number of Pattaya projects, has announced Wyndham Grand, another highrise project which boasts a location just 250 meters to the beach and 900 meters to Terminal 21.

      Across from Axis condo, the massive 67-story Grand Solaire is under construction.  When finished, it will have over 2,400 units and, supposedly, will be the tallest building in Pattaya.

      Another massive, new project under construction is Marina Golden Bay, two 51-story towers with 1800 units, located off of Thepprasit Road.   

      And, finally, Skypark Lucean, which seems to be on the building site where, long ago, I believe Ocean One condo was slated for.  Phase 1 is planned as two towers of 60 and 31 stories, with 900 units. 

     Pattaya's skyline continues to change dramatically from when my spouse and I arrived in 2010.   At that time, with highrise condos, there were the View Talays, Jomtien Complex towers, Metro, Jomtien Plaza, Royal Cliff, Northshore, and the three sisters in Wong Amat--Sky Beach, Park Beach, and Silver Beach.  PKCP.  Saranchol.  Pattaya Hill.  Plus, some others scattered around.

     Now, I couldn't begin to count all the new condo projects that have been built since 2010--which does not seem that long ago.  You really get a sense of how big Pattaya has become when you are driving in on the Motorway and see the skyline in the distance.  It's definitely a city now, with an ever-changing city skyline.

[Dave0206]

The numbers given equate to approximately 5 million per condo in bkk if in good area are they buying a shoe box ?

[newnative]

1 hour ago, lexxy said:

Bought in 2014, the best purchase of my life. Waking up to the view is better than anything ive experienced.

 

 

IMG_2192 2.MOV 19.81 MB · 17 downloads

 

Find a good one and you will be happy for a long time.

Beautiful view  Thanks for sharing.

[Khun Loong]

Sad news for Thailand.

[Tanlic]

This is nothing unusual and often not what it seems.

 

The Chinese have been buying 100"s of condos in one go as they come on the market or from plan in come cases.

 

This is why at night hardly any lights can be seen in Condos where the owner says ther'e none left for sale,

The Chinese sit on them EMPTY until completion date or longer then resell them to you at the new market price.

 

This has been going on since I started a Real Estate company 25 years ago on Sukhumvit

[madmitch]

It must be an old article as they are talking up the tourist numbers when all recent articles from more official sources have been much more pessimistic.

 

Or perhaps it's total bull!