Condominium transfers to buyers from Myanmar during the first half of 2024 exceeded the total transfers recorded in 2023, which had set a previous record.

 

According to the Real Estate Information Center (REIC), 638 condo units valued at 3.24 billion baht were transferred to Myanmar nationals across Thailand in the first half of 2024.

 

This surpasses the 564 units worth 3.7 billion baht transferred throughout 2023, marking the highest level of transactions to date.

 

The surge in condo transfers to Myanmar nationals began in 2022, with 349 units valued at 2.55 billion baht, a significant jump from just 30 units worth 274 million baht in 2021.

 

“For the first time in 2022, Myanmar nationals ranked among the top 10 foreign buyers receiving condo transfers, compared to only 20-50 units annually in previous years,” said Vichai Viratkapan, Acting Director-General of REIC.

 

In 2022, Myanmar nationals ranked sixth in terms of the number of condo transfers, following buyers from China, Russia, the U.S., the U.K., and France, respectively.

 

In terms of condo transfer value, Myanmar nationals ranked third, trailing only Chinese and Russian buyers.

 

In 2023, Myanmar buyers moved up to fourth place in the number of condo transfers, behind Chinese, Russian, and American nationals, while maintaining their third-place ranking in transaction value.

 

In the first half of 2024, Myanmar buyers rose to second place in both the number and value of condo transfers, surpassing Russian buyers who had held the second spot for several years, with Chinese nationals continuing to lead.

 

However, a significant decline was noted in the second quarter of 2024, following a crackdown by Myanmar’s government in April 2024 on Thai condo purchases by Myanmar nationals.

 

Condo transfers to Myanmar buyers dropped to 246 units valued at 1 billion baht in Q2, compared to 392 units worth 2.2 billion baht in Q1.

 

A property industry source cited not only stricter money transfer regulations in Myanmar but also more stringent measures by Thailand’s Lands Department, which has tightened foreign exchange transaction (FET) controls.

 

“If an FET is not clearly documented, the transaction will be frozen,” the source explained, adding that this policy impacts not only Myanmar buyers but also Chinese buyers.

 

Overall, the REIC reported that total condo transfers to foreign buyers in Thailand during Q2 2024 declined by 6.2% year-on-year, with 3,342 units transferred valued at 14.8 billion baht, a 17.7% drop.

 

As a result, the proportion of condo transfers to foreigners fell to 11.8% by unit volume and 21.1% by value, compared to 13.6% and 24.6%, respectively, during the same period last year.

 

Source: Bangkok Post

 

Yours sincerely,

The editorial team at Invest Bangkok Property