Analysis from the Real Estate Information Center

The Real Estate Information Center of the Government Housing Bank has compiled statistics on foreign ownership of condominiums nationwide through transfer statistics from 2018 to the present. It was found that the total area of condominium ownership transfers over three years amounted to 1,408,431 square meters. However, in the first three quarters of 2021, the overall situation of condominium ownership transfers to foreigners continued to decline for the third consecutive quarter.

In the first nine months of 2021, condominiums priced below 3.00 million baht remained popular among foreigners, with the highest number of transfers to Chinese nationals, accounting for 17.8 billion baht or 59.9% of all foreign ownership transfers. When comparing the number of units transferred, the average transfer rate during the COVID-19 pandemic compared to the pre-pandemic average showed a decrease of 37.5%, while the average value dropped by 28.5% in terms of the number of units, value, and area of condominiums transferred to foreigners.

Dr. Vichai Viratakapan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center stated that the overall situation of condominium ownership transfers to foreigners nationwide in Q3 2021 continued to contract for the third consecutive quarter since Q1 2021, in terms of the number of units, value, and area, due to the ongoing COVID-19 pandemic.

In Q3 2021, Thailand faced a surge in Delta variant infections, with daily cases rising into the tens of thousands. The government implemented strict nationwide travel restrictions, including lockdowns in high-risk areas to control the outbreak, leading to a continuous decline in condominium ownership transfers to foreigners. In Q3 2021, there were a total of 1,755 units transferred, a decrease of 13.1% from the previous quarter (QoQ) and a decrease of 6.9% from the same period last year (YoY).

When comparing the average number of units transferred during the COVID-19 pandemic (2020-2021) at 2,059 units/quarter with the average before the pandemic (2018-2019) at 3,296 units/quarter, it was found that the average number of units transferred during the pandemic decreased by 37.5% (see Charts 1 and 2).

For the value of condominium ownership transfers to foreigners in Q3 2021 nationwide, the total value was 9.265 billion baht, a decrease of 2.8% from the previous quarter (QoQ) and a decrease of 1.2% from the same period last year (YoY), which aligns with the number of units (see Charts 3 and 4). When comparing the average during the COVID-19 pandemic (2020-2021) with a value of 9.637 billion baht/quarter and the average before the pandemic (2018-2019) with a value of 13.483 billion baht/quarter, it was found that the average during the pandemic decreased by 28.5%.

Chart 1: Number of Units Transferred to Foreigners Nationwide

 

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

Chart 2: Growth Rate of Units Transferred to Foreigners Nationwide

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

Chart 3: Value of Condominium Transfers to Foreigners Nationwide (Unit: Million Baht)


Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

Chart 4: Growth Rate of Value of Condominium Transfers to Foreigners Nationwide

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

The area of condominium ownership transfers to foreigners in Q3 2021 was 79,233 square meters, a decrease of 7.6% from the previous quarter (QoQ) but a slight increase of 0.2% from the same period last year (YoY). When comparing with the average during the COVID-19 pandemic (2020-2021) at 86,365 square meters/quarter and the average before the pandemic (2018-2019) at 133,394 square meters/quarter, it was found that the area during the pandemic decreased by 35.3%.

Chart 5: Area of Condominium Transfers to Foreigners Nationwide (Unit: Square Meters)

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

Proportion of Condominium Transfers to Foreigners Compared to Total Transfers Nationwide

The number of units transferred to foreigners compared to the total number of condominium transfers nationwide in Q3 2021 had a proportion of 9.3%, while the value of the condominiums had a proportion of 16.7%, and the area of the condominiums had a proportion of 12.0%.

Popular Price Ranges for Foreign Buyers

In Q3 2021, the highest number of condominium ownership transfers to foreigners occurred in the price range of up to 3.00 million baht, with 792 units, accounting for 45.1% of the total 1,755 units. This was followed by the price range of 3.01 – 5.00 million baht with 454 units (25.9%), 5.01 – 7.50 million baht with 277 units (15.8%), over 10.00 million baht with 130 units (7.4%), and the price range of 7.51 - 10.00 million baht with the least number of units at 102 (5.8%). Looking back to 2018, it shows a similar trend, with condominiums priced below 3.00 million baht remaining the most popular among foreigners (see Chart 6).

Chart 6: Proportion of Units Transferred to Foreigners Nationwide by Price Range

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

In Q3 2021, the value of condominium ownership transfers to foreigners was highest in the price range of over 10.00 million baht, totaling 3.445 billion baht, accounting for 37.2%. This was followed by the price range of 3.01 – 5.00 million baht with a value of 1.862 billion baht (20.1%), 5.01 – 7.50 million baht with a value of 1.651 billion baht (17.8%), up to 3.00 million baht with a value of 1.439 billion baht (15.5%), and the price range of 7.51 – 10.00 million baht with the least value at 868 million baht (9.4%) (see Chart 7).

Chart 7: Proportion of Value of Condominium Transfers to Foreigners Nationwide by Price Range

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

Nationalities of Foreigners Transferring Condominium Ownership

Chinese nationals were the largest group transferring condominium ownership nationwide, with 3,760 units transferred in the first nine months of 2021, accounting for a significant 61.4% of the total units. The next four nationalities with the highest transfers were Russia with 228 units (3.7%), the United States with 197 units (3.2%), the United Kingdom with 194 units (3.2%), and France with 172 units (2.8%).

Looking back to 2018, it is evident that Chinese nationals have consistently been the most popular buyers of condominiums in Thailand, with their proportion exceeding 50% of total units each year. The next largest group is predominantly Europeans, with a proportion of less than 7%. The top five nationalities purchasing condominiums in Thailand from 2018 to the first nine months of 2021, based on accumulated units, are China, Russia, the United Kingdom, France, and the United States (see Chart 8).

Chart 8: Units Transferred to Foreigners Nationwide Ranked by Top 10 Nationalities

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

In the first nine months of 2021, the total value of condominium ownership transfers to Chinese nationals was the highest at 17.8 billion baht, accounting for 59.9% of the total value. The next four nationalities with the highest transfer values were Vanuatu at 1.011 billion baht (3.4%), the United States at 864 million baht (2.9%), the United Kingdom at 732 million baht (2.5%), and France at 711 million baht (2.4%). Notably, Vanuatu had the second-highest total value of condominium ownership transfers in the first nine months of 2021, despite only having 23 units, resulting in an average value per unit of 44 million baht.

Average Size and Price of Condominiums

In the first nine months of 2021, the average size of condominiums transferred by foreigners was 43 square meters, with an average value of 4.9 million baht/unit or approximately 114,000 baht per square meter. The United States had the largest average size at 54.8 square meters, while Singapore had the highest average value per unit at 5.1 million baht. Although Vanuatu had an average transfer value of 44 million baht, due to only 23 units, it did not rank among the top 10 countries with the highest number of transfers.

Table 1: Average Size and Value of Condominiums Transferred by the Top 10 Nationalities in the First Nine Months of 2021 (January - September)

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

Provinces with the Highest Condominium Ownership Transfers to Foreigners

In the first nine months of 2021, the top five provinces with the highest number of condominium ownership transfers to foreigners were Bangkok, Chonburi, Phuket, Chiang Mai, and Prachuap Khiri Khan. Most of these were concentrated in the first two provinces: Bangkok with 3,246 units (53.0%) and Chonburi with 1,738 units (28.4%). Together, these two provinces accounted for 81.4% of the total nationwide (see Chart 9).

Chart 9: Units Transferred to Foreigners Nationwide Ranked by Top 5 Provinces

 

Source: Department of Lands, compiled and processed by: Real Estate Information Center, Government Housing Bank

The provinces with the highest value of condominium ownership transfers to foreigners in the first nine months of 2021 were Bangkok, Chonburi, Phuket, Prachuap Khiri Khan, and Nonthaburi. In the first two provinces, Bangkok had a value of 21.764 billion baht (73.2%) and Chonburi had a value of 4.137 billion baht (13.9%). Together, these two provinces accounted for 87.1% of the total nationwide.

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