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Chinese buyers remain top foreign purchasers of condominiums in Thailand
Chinese and Russian buyers have been the top foreign purchasers of condominiums in Thailand this year, with sales experiencing a significant increase in popular tourist destinations such as Bangkok, Pattaya, and Phuket.
The number of condominiums in Thailand transferred to foreigners in the third quarter of 2023 increased by 0.4 percent, totaling 3,365 units. The value of these transfers amounted to 17,048 million baht, a 2 percent decrease compared to the previous period.
Key Takeaways
The number of condominiums transferred to foreigners in Thailand increased slightly in the third quarter of 2023, indicating a gradual return of foreign buyers.
Chinese nationals remain the leading nationality in terms of purchasing condominiums in Thailand, followed by Russians and Americans.
Chinese buyers accounted for nearly 47% of the total transactions
Chinese buyers accounted for 4,991 units, which is nearly 47% of the total transactions, with a total value of 24.7 billion baht, according to the Real Estate Information Center. Following behind were Russian buyers with 962 units, and United States and Taiwanese buyers in the third and fourth positions, respectively.
Chonburi surpasses Bangkok as the top sales location.
Chonburi Province has surpassed Bangkok as the location with the highest number of condominium ownership transfers by foreigners.
Approximately 42% of the condos were sold in Chon Buri province, which is home to several beaches and industrial estates. Bangkok, Thailand’s capital city and a gateway for millions of tourists, accounted for 37.5% of the apartment sales to foreigners, the center reported.
Overall, for the first nine months of the year, there was a 37.6 percent increase in the number of units purchased by foreigners, totaling 10,703 units worth 52,259 million baht.
The demand for condominiums in Thailand remains strong, particularly in major provinces and tourist destinations. If tourism continues to expand, it is expected to lead to an increase in foreign buyers of housing.
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