The situation regarding the transfer of condominium ownership by foreigners in the first quarter of 2022 <\/strong><\/span>remains sluggish compared to the same quarter in 2021. Although the government has eased travel restrictions for foreigners coming to Thailand since the beginning of this year, the situation is still affected by China's ongoing border closures, which is a key purchasing group for condominiums. China continues to implement a 'zero-COVID' policy, restricting international travel and prohibiting its citizens from traveling abroad unless absolutely necessary. As a result, the transfer of condominium ownership by foreigners has not yet recovered in this quarter. Furthermore, it is anticipated that China will continue to keep its borders closed to its citizens until the end of 2022.<\/strong><\/span>

However, the Thai government has been gradually relaxing entry measures for foreigners to fully welcome international tourists starting on <\/span>June 1, 2022. In the first five months of 2022, over 1 million foreign tourists have entered the country, a significant increase from less than 100,000 during the same period last year. Additionally, the government has declared this year as the “Visit Thailand Year 2022-2023,” with plans to encourage foreign tourists to visit Thailand at least 300,000 to 1,000,000 per month. It is expected that this could attract up to 6 million tourists this year and 19 million in 2023. If the situation for foreign tourism improves, it is anticipated to create opportunities for the condominium market to replace the Chinese clientele who are still unable to travel to Thailand.<\/span>

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Dr. Vichai Viratakapan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center,<\/strong><\/span> stated that the overall situation of condominium ownership transfers to foreigners nationwide in the first quarter of 2022 totaled 2,107 units, a decrease of -10.3% compared to the same period last year (YoY). However, this number is higher than the average of 2,061 units per quarter during the COVID-19 period (2020-2021).<\/p>

The total value of condominium transfers amounted to 10.262 billion baht, a decrease of -6.1% from the same period last year (YoY). The value of transfers in this quarter is higher than the average of 9.683 billion baht per quarter during the COVID-19 period (2020-2021).<\/p>

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Chart 1: Number of Condominium Ownership Transfers to Foreigners Nationwide<\/strong><\/span>

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Source: Department of Lands<\/p>

Compiled and processed by: Real Estate Information Center, Government Housing Bank<\/p>

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Chart 2: Growth Rate of Condominium Ownership Transfers to Foreigners Nationwide<\/span><\/p>

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Chart 3: Total Value of Condominium Ownership Transfers to Foreigners Nationwide (Units: Million Baht)<\/span><\/p>

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Chart 4: Growth Rate of the Value of Condominium Ownership Transfers to Foreigners Nationwide<\/span><\/p>

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Proportion of Condominium Ownership Transfers to Foreigners<\/strong><\/span>

In the first quarter of 2022, the total number of condominium ownership transfers was 19,886 units, of which 10.6% were to foreigners and 89.4% to Thais. The proportion of units transferred to foreigners slightly decreased from the same period last year (YoY), which was 10.7%. Meanwhile, the total value of condominium ownership transfers in the first quarter of 2022 was 52.291 billion baht, with 19.6% transferred to foreigners, a slight increase from 17.2% in the same period last year (YoY).<\/span>

New and Second-Hand Condominiums<\/strong><\/span>

In the first quarter of 2022, the transfer of condominium ownership to foreigners totaled 2,107 units, of which 65.1% were new condominiums, a decrease from 80.3% in the same period last year (YoY). Second-hand condominiums accounted for 34.9%, an increase from 19.7% in the same period last year.<\/p>

In terms of the value of condominium ownership transfers to foreigners in the first quarter of 2022, totaling 10.262 billion baht, 71.8% was for new condominiums, a decrease from 86.1% in the same period last year (YoY), while second-hand condominiums accounted for 28.2%, an increase from 13.9% in the same period last year. This indicates that the foreign condominium market still prefers new condominiums over second-hand ones, but the share of second-hand condominiums is gradually increasing.<\/p>

Popular Condominium Price Ranges Among Foreign Buyers<\/strong><\/span>

In the first quarter of 2022, the most transferred condominiums to foreigners were priced at no more than 3.00 million baht, with 1,109 units transferred, accounting for 52.6% of the total 2,107 units. The next price range was 3.01 – 5.00 million baht, with 504 units (23.9%), followed by 5.01 – 10.00 million baht with 304 units (14.4%), and over 10.00 million baht with 190 units (9.0%).<\/p>

Popular Condominium Sizes Among Foreign Buyers<\/strong><\/span>

In the first quarter of 2022, the most popular condominium size among foreigners was between 30 - 60 square meters (1 - 2 bedrooms), with 970 units transferred, accounting for 46.0%. The next popular size was up to 30 square meters (studio or 1 bedroom) with 796 units (37.8%), followed by sizes between 61-100 square meters (2-3 bedrooms) with 202 units (9.6%), and sizes over 100 square meters (3 bedrooms and above) with the least number of units at 139 (6.6%).<\/p>

Condominiums sized up to 30 square meters and between 30 – 60 square meters are the most popular among foreigners, with a combined transfer share of 83.8%.<\/p>

Nationalities of Foreigners Transferring Condominium Ownership<\/strong><\/span>

The nationality with the highest number of condominium ownership transfers nationwide in the first quarter of 2022 was Chinese, with 949 units transferred, accounting for 45.0% (down from 53.7% in the fourth quarter of 2021), with a transfer value of 4.57 billion baht, representing 44.5% (down from 51.2% in the fourth quarter of 2021). This indicates that the proportion of Chinese transferring condominium ownership has dropped below 50% for the first time, due to their inability to travel abroad.<\/span>

In terms of the number of units, the next highest nationality was Russian, with 134 units (6.4%), followed by the United States with 114 units (5.4%), the United Kingdom with 91 units (4.3%), and Germany with 81 units (3.8%).<\/span>

In terms of value, the nationality with the highest condominium ownership transfers nationwide was also Chinese, with a transfer value of 4.57 billion baht. The next highest was Russian, with a transfer value of 435 million baht (4.2%), followed by Cambodia with 401 million baht (3.9%), Taiwan with 391 million baht (3.8%), and France with 390 million baht (3.8%).<\/span>

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Table 1: Units of Condominium Ownership Transfers to Foreigners Nationwide Ranked by Top 10 Nationalities<\/span><\/p>

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Table 2: Value of Condominium Ownership Transfers to Foreigners Nationwide Ranked by Top 10 Nationalities<\/span><\/p>

(Units: Million Baht)<\/span>

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Average Size and Price<\/strong><\/span>

In the first quarter of 2022, the average size of condominiums transferred by foreigners nationwide was 46.18 square meters/unit, with an average value of 4.87 million baht/unit, or approximately 105,470 baht per square meter. Among the top 10 nationalities with the highest transfer values in the first quarter of 2022, Cambodia had the highest average transfer value per unit at 18.22 million baht/unit, or an average of 315,825 baht/square meter, with an average room size of 57.70 square meters/unit. The United States had the lowest average transfer value per unit at 3.02 million baht/unit, or an average of 60,314 baht/square meter, with an average room size of 50.04 square meters/unit.<\/p>

Provinces with the Highest Condominium Ownership Transfers by Foreigners<\/strong><\/span>

In the first quarter of 2022, the provinces with the highest number of condominium ownership transfers to foreigners were Bangkok, Chonburi, Samut Prakan, Phuket, and Chiang Mai. Most of these were concentrated in the first two provinces: Bangkok had 829 units (39.3%), and Chonburi had 677 units (32.1%). Together, these two provinces accounted for 71.5% of the total nationwide.<\/p>

The provinces with the third to fifth highest condominium ownership transfers to foreigners were Samut Prakan with 230 units (10.9%), Phuket with 164 units (7.8%), and Chiang Mai with 97 units (4.6%). Together, these five provinces accounted for 94.8% of the total nationwide, while the remaining 72 provinces accounted for only 5.2% of the total condominium ownership transfers to foreigners.

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