Chinese, Russian, and Myanmar nationals lead in buying condominium units in Thailand, acquiring 14,500 units worth about 73 billion baht last year. Pre-pandemic in 2019, they bought 13,000 units worth about 57 billion baht. Proposals to allow foreigners to own more than 49% of condo units or small land plots have faced resistance and were dropped.
According to Interior Minister Anutin Charnvirakul, Chinese, Russian, and Myanmar nationals were the leading foreign buyers of condominium units in Thailand last year, acquiring a total of 14,500 units worth about 73 billion baht.
Pre-pandemic in 2019, they bought 13,000 units worth about 57 billion baht.
Purchases dropped to 8,000 units during the 2020 pandemic but increased to 11,500 units by post-COVID 2022.
There is growing foreign demand for condos, especially in Phuket.
Wichai Virattakaphan from the Government Housing Bank explained that while foreigners can only own up to 49% of the units in a condominium project, proposals to increase this percentage and to allow foreigners to own small land plots have faced resistance and were dropped.