The Real Estate Information Center (REIC) has identified the top 10 foreign nationalities with the highest condominium transfers in 2024, highlighting notable growth from Myanmar and Taiwan. Meanwhile, purchases by Chinese and Russian buyers have declined, reflecting geopolitical and economic factors shaping investment decisions.
Market Overview: Modest Growth Amid Declining Transaction Value
A recent REIC survey indicates a slight deceleration in foreign condominium acquisitions compared to the previous two years, which had experienced a surge in ownership transfers. In 2024, foreign buyers completed 14,573 condo transfers, marking a marginal 0.9% increase. However, the total transaction value declined by 6.8% to 68.18 billion baht. Additionally, the average purchase price per unit dropped from 5.1 million baht in the previous year to 4.7 million baht, suggesting a shift towards more cost-conscious investments.
Changing Buyer Demographics: Myanmar and Taiwan Gain Ground as China Declines
Despite sustained foreign interest in Thailand’s condominium market, demand from Chinese and Russian investors has noticeably weakened. Chinese purchases declined by 14.3% to 5,670 units, with transaction value contracting by 22.2% year-on-year. This downward trend is largely attributed to China’s economic slowdown and geopolitical uncertainties, which have influenced investment sentiment.
Conversely, Myanmar and Taiwanese buyers have emerged as the fastest-growing segments. Myanmar’s condo acquisitions surged by an impressive 146.1% to 1,388 units, with transaction value climbing 89.8% to 7.04 billion baht. This trend aligns with broader regional investment shifts driven by geopolitical factors. Similarly, Taiwanese investors, benefiting from Thailand’s visa-free policy, increased their purchases by 57.1% to 836 units, with transaction value rising 47.8% to 4.3 billion baht.
These evolving dynamics indicate a redistribution of market share, as traditional dominant buyers—such as China and Russia—cede ground to emerging investors from Myanmar and Taiwan, creating new opportunities in Thailand’s condominium sector.
India: A Rising Market Player
A key development in 2024 is the entry of Indian investors into the top 10 foreign condo buyers. Although their total purchases saw only a modest 0.4% increase to 260 units, valued at 1.53 billion baht, Indian buyers stand out for their preference for larger condominium units. Unlike many foreign investors who opt for compact spaces, Indian buyers tend to acquire condos exceeding 70 square meters, with an average price of 5.9 million baht per unit.
2025 Market Outlook: Stability Amid Geopolitical Uncertainty
Looking ahead, Thailand’s foreign condominium market is projected to remain stable in 2025, with a potential growth rate of approximately 1%. Chinese, Myanmar, Russian, and Taiwanese buyers are expected to remain key players. However, geopolitical tensions—particularly those affecting China and Russia—will continue to shape investment trends.
Additionally, interest from investors in India, Australia, and France has been on the rise, reaffirming Thailand’s enduring appeal as a real estate investment destination. While 2024 witnessed a slowdown in acquisitions from China and Russia, increasing demand from Myanmar, Taiwan, and India has helped sustain overall market momentum.
Source: The Nation
Yours sincerely,
The editorial team at Invest Bangkok Property