Thailand Sees Surge in Condo Purchases Among Foreign Buyers

[snoop1130]

 

BANGKOK (NNT) - Reports have indicated that the Thai real estate market in 2023 witnessed a significant increase in condominium transactions by foreigners, with a total of 49,250 units sold from developers' projects. 

 

Data notably showed that foreign nationals accounted for 5,036 units or 10.2% of all condo sales, totaling a value of 31.601 billion baht, or 17.9% of the total sales value, marking a new high for the market. 

 

According to Sopon Pornchokchai, a property valuer and real estate researcher in the ASEAN Region, Africa, and South America, the activity of foreign condo purchases reflects the stability and attractiveness of the Thai real estate market. 

 

It also indicates the desire of foreigners to reside and invest in Thailand, with the average price of condos sold in 2023 reaching 6.27 million baht per unit, showing a preference for high-priced units among foreigners.

 

Bangkok and its vicinity have been particularly popular among foreign buyers, with a preference for units priced between 10 and 20 million baht. This price range accounted for 28.2% of the units and 40.7% of the total sales value. Sopon said Central Business District areas received the highest interest from foreign nationals.

 

The trend of foreign condo purchases in Thailand has evolved following the COVID-19 situation. The market slowed during the outbreak but recovered and grew significantly afterward, reflecting the returning confidence of foreign investors in the Thai real estate market.

 

Sopon also opined that encouraging more property purchases by foreigners could be a policy to stimulate the Thai economy. He suggested the government define areas where foreigners are allowed to buy to mitigate security concerns and potential conflicts between Thai citizens and foreign property owners.

 

He further stated that the administration should consider new policies and approaches to regulate and promote real estate transactions by foreigners in Thailand. This would help the market grow sustainably and benefit the Thai economy while preventing potential issues arising from such liberalization.

 

By Krajangwit Johjit

 

Full story: NNT 2024-02-22

 

- 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

 

[Mavideol]

and who are the buyers???, Russians & Chinese

[hotchilli]

12 hours ago, Mavideol said:

and who are the buyers???, Russians & Chinese

 

12 hours ago, snoop1130 said:

Data notably showed that foreign nationals accounted for 5,036 units or 10.2% of all condo sales,

So 10.2% of sales to foreigners is now known as a surge?

[Henryford]

12 minutes ago, hotchilli said:

 

So 10.2% of sales to foreigners is now known as a surge?

 

I am surprised that 90% are sold to Thais, when they can so easily buy houses for the same, or less, money.

[hotchilli]

5 minutes ago, Henryford said:

 

I am surprised that 90% are sold to Thais, when they can so easily buy houses for the same, or less, money.

Maybe the convenience of a condo in an inner city location?

[zhounan]

13 minutes ago, Henryford said:

 

I am surprised that 90% are sold to Thais, when they can so easily buy houses for the same, or less, money.

 

They feel safe under surveillance cameras and security guards.

Edited February 23 by zhounan

[IAMHERE]

1 hour ago, Henryford said:

 

I am surprised that 90% are sold to Thais, when they can so easily buy houses for the same, or less, money.

For the Mia Noi ?  Many of the farang sales were for Chinese and Russians to get some money out of their homeland.

[bradiston]

12 hours ago, hotchilli said:

 

So 10.2% of sales to foreigners is now known as a surge?

Seems a very meagre proportion. 90% Thai then? That's a lot of money slushing around out here. How many were nominee buyers for Chinese and Russians? 50%? It's the only way Chinese can do business here, and it's very iffy. Maybe crypto? No links to data.

Edited February 23 by bradiston

[Mavideol]

let's hope he will be gone soon

Vladimir Putin has ‘something fundamentally wrong’ with his health, ex-MI6 boss suggests

https://au.yahoo.com/news/vladimir-putin-something-fundamentally-wrong-114111090.html

[Mavideol]

Biden calls Putin a ‘crazy SOB’ and blasts Trump’s Navalny comments as he campaigns in California

https://au.yahoo.com/finance/video/us-imposes-500-sanctions-against-181410934.html

[Mavideol]

Ex-CIA operative explains why Putin is ‘scared’ after Navalny’s death

https://au.yahoo.com/news/ex-cia-operative-explains-why-130743021.html

[Mavideol]

and some positive news for Ukrainians to bring back their fighting determination

Ukraine says it has downed second Russian A-50 spy plane in weeks

https://au.yahoo.com/news/ukraine-says-downed-second-russian-224604746.html

[lordgrinz]

On 2/23/2024 at 6:59 AM, Henryford said:

 

I am surprised that 90% are sold to Thais, when they can so easily buy houses for the same, or less, money.

 

Maybe they're like my wife, she just bought another condo, mainly for renting out (up to 4 now). 

[Dogmatix]

The surge may come to an end when Chinese buyers realise they will have pay 35% tax on the money remitted to buy the condos, if they are in Thailand for more than 180 days in a year.

[Dogmatix]

The trend of foreign condo purchases in Thailand has evolved following the COVID-19 situation. The market slowed during the outbreak but recovered and grew significantly afterward, reflecting the returning confidence of foreign investors in the Thai real estate market.

 

Sopon also opined that encouraging more property purchases by foreigners could be a policy to stimulate the Thai economy. He suggested the government define areas where foreigners are allowed to buy to mitigate security concerns and potential conflicts between Thai citizens and foreign property owners.

 

He further stated that the administration should consider new policies and approaches to regulate and promote real estate transactions by foreigners in Thailand. This would help the market grow sustainably and benefit the Thai economy while preventing potential issues arising from such liberalization.

 

Why does he want to restrict the areas foreigners, who are already restricted to 49% of usable space, can buy as a way to increase sales?  Crazy. 

[Chelseafan]

On 2/23/2024 at 12:31 PM, bradiston said:

Seems a very meagre proportion. 90% Thai then? That's a lot of money slushing around out here. How many were nominee buyers for Chinese and Russians? 50%? It's the only way Chinese can do business here, and it's very iffy. Maybe crypto? No links to data.

 

Totally agree. If you look at any market around the world, I would guess the stats are pretty much the same. 90% local, 10% foreign.

Non story!

 

[DonniePeverley]

Russians in Phuket. 

 

What happens when the war is over. Will they go back ? What happens to the market then.