Foreign Condo Buying Surges in Thailand: 25% Increase in 2023 with Record 73.16 Billion Baht Spent
In 2023, foreign buyers spent over 73.16 billion baht to purchase 14,449 condominium units in Thailand, marking a 25% increase in number of purchases and a 23.5% rise in total value compared to the previous year, according to the Government Housing Bank’s Real Estate Information Centre (REIC).
Chinese nationals were the largest buyers with 6,614 units (45.8%), followed by Russians (1,260 units, 8.7%), Americans (631 units, 4.4%), Myanmar citizens (564 units, 3.9%), and Taiwanese (532 units, 3.7%).
In 2023, the average price paid by foreigners for a condo was 5.2 million baht with an average size of 39.5 square meters.
The top provinces for foreign condo purchases were Chonburi, Bangkok, Chiang Mai, Phuket, and Samut Prakan, with 80% of units bought in Chonburi or Bangkok.
In Q4 2023, 3,746 units worth 20.9 billion baht were transferred to foreigners, a 0.9% decrease year on year.
The increase in foreign condo sales was attributed to the recovering tourism industry and the government's policy of waiving visa requirements for visitors from China, Kazakhstan, India, and Taiwan.
A visa-free policy for Chinese travelers in Thailand was made permanent in March 2023, as part of an agreement between the Thai and Chinese governments to increase tourism between the two countries.
Additionally, geopolitical conflicts leading to an increase in affluent foreigners purchasing properties in Thailand as vacation or retirement homes have contributed to this decision.
In 2023, the average price paid by foreigners for a condo was 5.2 million baht with an average size of 39.5 square meters.
The top provinces for foreign condo purchases were Chonburi, Bangkok, Chiang Mai, Phuket, and Samut Prakan, with 80% of units bought in Chonburi or Bangkok.
In Q4 2023, 3,746 units worth 20.9 billion baht were transferred to foreigners, a 0.9% decrease year on year.
The increase in foreign condo sales was attributed to the recovering tourism industry and the government's policy of waiving visa requirements for visitors from China, Kazakhstan, India, and Taiwan.
A visa-free policy for Chinese travelers in Thailand was made permanent in March 2023, as part of an agreement between the Thai and Chinese governments to increase tourism between the two countries.
Additionally, geopolitical conflicts leading to an increase in affluent foreigners purchasing properties in Thailand as vacation or retirement homes have contributed to this decision.