Economy Thailand Sees Slight Rise in Foreign Condo Transfers Despite Value Drop

[snoop1130]

File photo for reference only

 

Condo transfers to foreign buyers in Thailand saw a modest increase of 0.86% over the past year, though the total transaction value dipped by 6.8%. This trend reflects ongoing concerns about the global economy, particularly as US tariff policies add further pressure.

 

The Real Estate Information Center (REIC) has noted steady foreign interest in Thai condominiums, even amidst economic uncertainties sparked by tariff hikes. However, the purchasing power of buyers from key markets, like China and Russia, faced challenges. China, the largest group of foreign buyers, transferred 5,670 condo units in 2024, representing 38.9% of the total units and valued at 26.6 billion baht. This is a decline from the previous year's 6,614 units worth 34.1 billion baht.

 

Myanmar buyers ascended to second place by acquiring 1,388 units, overtaking Russian buyers, whose purchasing power has weakened. Russians fell to third in unit count and fourth in value, as political and economic challenges continue to affect their buying capacity.

 

 

 

In 2024, foreigners acquired 14,573 condo units across Thailand. While this reflects a slight increase, the value share decreased compared to 2023, representing 23% of the total. Bangkok reclaimed the top spot for foreign condo transfers at 39%, overtaking Chon Buri, which stood at 35.1%. Both Phuket and Chiang Mai also shifted rankings, with Samut Prakan solidifying its fifth place.

 

The average size and value of condo units purchased by foreigners were notable, with units averaging 44.1 square metres and valued at approximately 4.7 million baht each. Indian buyers topped the list for the highest average price and size, with units costing 5.9 million baht and measuring 71.6 square metres on average.

 

Looking ahead, the REIC anticipates that condo transfers to foreign buyers may remain flat or rise slightly, with steady interest expected from Chinese, Myanmar, Russian, and Taiwanese buyers. Despite the economic headwinds, Thailand's real estate market remains an attractive option for international investors seeking property in the region.

 

Adapted by ASEAN Now from Bangkok Post

 

-- 2025-04-22

 

 

[gargamon]

Maybe it's that they're overpriced and the market is stabilizing.

[Bangkok Alex]

So... they are comparing 2024 with 2023 and the main argument for the overall market concern is the US tariffs that have been first discussed in February 2025? 🤷‍♂️

[J Branche]

14 hours ago, Bangkok Alex said:

So... they are comparing 2024 with 2023 and the main argument for the overall market concern is the US tariffs that have been first discussed in February 2025? 🤷‍♂️

Shhh, we need to blame someone or something.  Not the Foreign Sourced Income Tax, changes in Visa policy, Digital Arrival Card, and decline in Chinese tourists.

[Grusa]

Yes  but....... that was all before the State Auditors Office collapsed.  Let's look at next years figures.......

[hotchilli]

High rises in Bkk now seem out of vogue.... I wonder why

[thesetat]

17 hours ago, snoop1130 said:

Condo transfers to foreign buyers in Thailand saw a modest increase of 0.86% over the past year,

They use stats for the whole year and value dropped after the quake hit. Very misleading. 

[Hardcastle P]

18 hours ago, gargamon said:

Maybe it's that they're overpriced and the market is stabilizing.

And after the earthquake?

[CallumWK]

49 minutes ago, thesetat said:

They use stats for the whole year and value dropped after the quake hit. Very misleading. 

 

Was there a quake in 2024 or 2023, because that is the year the values are about?

[Toby1947]

Wow, better up my latest offer from 4 pork sausages to 4 beef sausages and chance being robbed. 😅🤣 

[Toby1947]

14,573, big deal there's more than that for sale in Pattaya & Jomtien alone. Jerry built rubbish falling apart after 5 years 

[CanadaSam]

"Thailand Sees Slight Rise in Foreign Condo Transfers despite Value Drop"?

 

I'm no financial expert, but shouldn't this read:

 

"Thailand Sees Slight Rise in Foreign Condo Transfers BECAUSE OF Value Drop"?

[Will B Good]

5 minutes ago, CanadaSam said:

"Thailand Sees Slight Rise in Foreign Condo Transfers despite Value Drop"?

 

I'm no financial expert, but shouldn't this read:

 

"Thailand Sees Slight Rise in Foreign Condo Transfers BECAUSE OF Value Drop"?

 

Beat me to it....yes!!!

[Patong2021]

How many were sold? That's the missing number. If more are being disposed off, rather than purchased, that says something.

The Myanmar purchases  tell me that some of the corrupt military junta supporters are looking for  a safe bolt hole as the end is getting close

[Peterw42]

12 hours ago, Patong2021 said:

How many were sold? That's the missing number. If more are being disposed off, rather than purchased, that says something.

The Myanmar purchases  tell me that some of the corrupt military junta supporters are looking for  a safe bolt hole as the end is getting close

 

from the article

"In 2024, foreigners acquired 14,573 condo units across Thailand"

[quake]

Better get in quick and buy before there all gone. 

[Patong2021]

4 hours ago, Peterw42 said:

 

from the article

"In 2024, foreigners acquired 14,573 condo units across Thailand"

And the question is how many of the condos owned by  foreigners were sold.

If 10,000 were sold, then  the net difference of 4,573 is what counts and that would not be as wonderful an indication.

[Peterw42]

43 minutes ago, Patong2021 said:

And the question is how many of the condos owned by  foreigners were sold.

If 10,000 were sold, then  the net difference of 4,573 is what counts and that would not be as wonderful an indication.

A condo has to be sold  to be acquired, The number sold equals the number acquired.

How else do you acquire or dispose of a condo ?

[Patong2021]

10 hours ago, Peterw42 said:

A condo has to be sold  to be acquired, The number sold equals the number acquired.

How else do you acquire or dispose of a condo ?

 

You assume that the condos owned by a foreigner are sold to other foreigners.

The change in total  foreign ownership is impacted if  the foreign owned condos are being sold to Thais or Thai investors.

One of the biggest real estate trends in North America is the presence of large real estate investment groups who have purchased residential condo units and homes. This is a concept that  is coming to Thailand  can deliver  significant profit. 

[Celsius]

27 minutes ago, Patong2021 said:

 

This is a concept that  is coming to Thailand  can deliver  significant profit. 

 

No its not coming to Thailand because.....

 

No investment firm is stupid enough to purchase large scale projects that can't withstand a tremor from earthquake 1000km away.

 

And then there is famous Cambodian building standards and thai maintenance 

[Patong2021]

9 hours ago, Celsius said:

 

No its not coming to Thailand because.....

 

No investment firm is stupid enough to purchase large scale projects that can't withstand a tremor from earthquake 1000km away.

 

And then there is famous Cambodian building standards and thai maintenance 

 

Perhaps your hatred for Thailand has blinded you.

Apparently, Quality Houses Hotel and Residence Freehold and Leasehold Property Fund,  and  Land and Houses Freehold and Leasehold Property Fund didn't get your directive. 

Despite your assessment of Thai  building standards and maintenance, many properties built 25 years ago are still standing with no significant problems. The collapse of one property is not an indictment of the entire   Thai  residential property sector.

 

 

 

[Celsius]

6 hours ago, Patong2021 said:

 

Perhaps your hatred for Thailand has blinded you.

Apparently, Quality Houses Hotel and Residence Freehold and Leasehold Property Fund,  and  Land and Houses Freehold and Leasehold Property Fund didn't get your directive. 

Despite your assessment of Thai  building standards and maintenance, many properties built 25 years ago are still standing with no significant problems. The collapse of one property is not an indictment of the entire   Thai  residential property sector.

 

 

 

 

nothing to do with hatred you dolt

 

paywalled Bloomberg article:

 

A condominium glut in Bangkok is set to worsen after a deadly earthquake in neighboring Myanmar damaged thousands of skyscrapers in the Thai capital, spooking prospective buyers.

The 7.7 magnitude earthquake, which killed more than 2,700 people in Myanmar, led to the collapse of an under-construction office tower in Bangkok. Authorities have also reported varying degrees of damages to about 13,000 buildings, leading to mass evacuations and safety checks.

The quake, the strongest to hit Myanmar in a century, has shaken the confidence of prospective home buyers, especially those weighing condominiums, according to real estate consultants including Colliers Thailand. That will hurt condo sales in the short term, exacerbating an oversupply in the segment in Bangkok and its suburbs, they said.

“The earthquake presents a serious challenge to Bangkok’s condominium sector, particularly as the market is already burdened by high unsold inventory,” said Phattarachai Taweewong, the Research and Communication Director at Colliers Thailand.

 

Property developers in the greater Bangkok area were saddled with about 235,000 unsold residential units at the end of last year, the most since data dating back to 2018. Sales slumped 37% to about 53,000 units in 2024, according to the Thai Condominium Association.

“We’ve seen some condo buyers temporarily pause their search,” said Pierre Leung, sales director at real estate platform PropertyScout. “A number of buyers are now more hesitant when it comes to high-rise buildings, especially new projects.”

Thailand’s real estate sector was hit hard during the Covid pandemic, and a raft of government incentives and tax breaks to support the sector in Southeast Asia’s second-biggest economy have failed to revive its fortunes. Bank of Thailand last month relaxed the loan-to-value ratio for mortgages to allow banks to lend more to the buyers, who are battling one of the highest household debt levels in Asia.

[Patong2021]

One article does not make a trend. It will soon be forgotten. The Indian Sea tsunami  of Christmas Day 2004  was  catastrophic. The Phuket tourist strip was washed away in some places and Patong's tourist economy knocked out.   A year later, the time share and vacation unit owners were back for high season.  2 years later the tourist economy was up and running again, and 3 years later, tourist numbers had recovered.  Khao Lak which was  wiped out took about 4 years, and that was because a large part of the local population  died. (4,000+ people including tourists). 

 

Yes, a building under construction collapsed. It may not have been because of the  earthquake, but rather poor design or construction. The investigation is not even completed and you are making assumptions. No other buildings collapsed did they? Yes, there were some cracks and  cosmetic damage, but there are no buildings collapsing now are there?   Japan has weekly earthquake and tsunami scares  and yet it is experiencing its biggest tourist season yet. The Chinese  are used to powerful earthquakes, and the Bangkok damage was nothing compared to what they  can have. 

 

Bangkok's risk of a catastrophic earthquake is much less than other nearby regions. The big pool of purchasers now is from Myanmar and still from China.  Bangkok's quake risk is no worse and  is usually much less than what they have at home. And, the consumer reality is that many prospective purchasers may not be aware of the earthquake or just do not care. People looking for a bolt hole or a place to park some questionable wealth don't care. The overall number of foreign condo unit purchasers is still relatively small  and a minor quake in Thailand will not have a longstanding impact. What matters most will be currency exchange rates, and whether or not the purchasers will feel safe.  They will still  be purchasing condo units in seaside  tourist destinations like Cha Am, Hua Hin, Surat Thani, Krabi, Phuket  and Pattaya.

[TexasCowboy]

On 4/24/2025 at 2:01 PM, Patong2021 said:

 

You assume that the condos owned by a foreigner are sold to other foreigners.

The change in total  foreign ownership is impacted if  the foreign owned condos are being sold to Thais or Thai investors.

One of the biggest real estate trends in North America is the presence of large real estate investment groups who have purchased residential condo units and homes. This is a concept that  is coming to Thailand  can deliver  significant profit. 

Large groups buying condos is not a trend in North America.  Condo market is in the basement.  There are groups buying single family homes.  Most of the apartment investment craze is over with higher interest rates that don't pencil out for investors.  I can't imagine any of those groups buying in Thailand.  Lose money on the exchange rate alone that can never catch up in rents or better operations.  Lots of issues investing in Thai condos.  One is there is plenty of land to build more.  Fill one up, make a little money and build another next door or down the street.  Thais like new, making resales difficult.  Rents are super low so ROI is terrible.  
Are they good to buy and live in for long term stability.  Maybe.  Its a place to stay while studying.  Maybe in a developing economy a good place to park money to protect it from inflation.  Maybe better than gold which can be easily stolen.   One huge issues is lack of maintenance as the buildings move forward in age.  Go in almost any 20-30 year old Thai condo building and few feel like they've been well maintained....floors cracked, old elevators, nothing repaired or upgraded.  That doesn't increase the value.

 

[rabas]

On 4/25/2025 at 11:53 AM, Patong2021 said:

Despite your assessment of Thai  building standards and maintenance, many properties built 25 years ago are still standing with no significant problems. The collapse of one property is not an indictment of the entire   Thai  residential property sector.

 

Few condos were built  exactly 25 years ago just after the 1997 financial crisis, which froze Thailand's construction industry. Skeletons of frozen construction projects dotted Bangkok's skyline for many years.

 

However, some of the strongest condos were built before 1997 during Thailand's great financial boom, which also saw a flood of foreigners. Money, steel, and concrete were cheap as developers focused on strong Western designs like the Sukhumvit Classics, and my own 20 story condo along Chaengwattana near the government complex. 

 

My top floor penthouse shook like hell for 3 minutes, getting worse as subsequent waves hit. At one point I had my doubts, but our building suffered no damage. In addition to lots of concrete and steel, many of these older buildings were braced with steel reinforced beams often lacking in newer buildings.  

 

We just had an engineering team do a full inspection. The senior engineer was a retired associate professor with a PhD in engineering. He told me that Bangkok buildings were built to survive (not fall down) a 7.3 earthquake. He also said these older building were built much better. Most damage he had seen was in new ones. He also agreed there's no reasonable geological model whereby Bangkok would experience a significantly stronger quake. 

 

In Bangkok,  "mass evacuations and safety checks"  above translates to just two new government non-condo buildings evacuated, The new revenue department building and, wait for it, the immigration dept tower in Muang Thong Thani. Much of the concern in Bangkok may be due to the novelty of a real earthquake. A Japanese fellow in my building shrugged it off. 

[Patong2021]

10 hours ago, TexasCowboy said:

Large groups buying condos is not a trend in North America.  Condo market is in the basement.  There are groups buying single family homes.  Most of the apartment investment craze is over with higher interest rates that don't pencil out for investors.  I can't imagine any of those groups buying in Thailand.  Lose money on the exchange rate alone that can never catch up in rents or better operations.  Lots of issues investing in Thai condos.  One is there is plenty of land to build more.  Fill one up, make a little money and build another next door or down the street.  Thais like new, making resales difficult.  Rents are super low so ROI is terrible.  
Are they good to buy and live in for long term stability.  Maybe.  Its a place to stay while studying.  Maybe in a developing economy a good place to park money to protect it from inflation.  Maybe better than gold which can be easily stolen.   One huge issues is lack of maintenance as the buildings move forward in age.  Go in almost any 20-30 year old Thai condo building and few feel like they've been well maintained....floors cracked, old elevators, nothing repaired or upgraded.  That doesn't increase the value.

 

 

The lack of maintenance is a reflection of the condominium owners, not the country.  It is a problem everywhere. It took a few building collapses in the USA and Canada to force mandatory inspection requirements and  reserve fund parameters. The harsh reality is that most condominium owners do not want to pay into a reserve fund, nor fund expensive  upkeep projects. 

France has its law requiring a reserve fund for condominium syndicates  and  a requirement to hold a reserve fund study every five years to determine the amount of money that needs to be in the reserve fund to cover future costs of major renovations and replacements in the common property. 

[NoMoonLogistics]

Foriegners come to Thailand to live in condos?

 

Lol.

 

 

[DonniePeverley]

I welcomed the news that they were hitting hard on short term rentals. It was getting out of control. 

 

You cannot invest in a property to live if you believe it will just be over taken by airbnb and become a short term rental hotel - and the problems that come with that. 

[Celsius]

1 hour ago, NoMoonLogistics said:

Foriegners come to Thailand to live in condos?

 

Lol.

 

 

 

No, they come to Thailand to build a house on your wife brothers land