REIC reports that in Q4 2023, the number of condominium ownership transfers by foreigners decreased by 0.9%, while the value increased by 6.9% compared to the same period last year. Overall, in 2023, there were 14,449 ownership transfers, an increase of 25.0%, with a total value of 73,161 million baht, up by 23.5%, surpassing pre-COVID-19 levels. Chinese buyers accounted for the largest share in both units and value, with 45.8% of ownership transfers by units and 46.7% by value. Following them were buyers from Russia, the United States, and Myanmar. Condominiums priced under 3 million baht were the most popular, making up 49.4%, with the most sought-after size being 31-60 square meters at 50.3%. The province with the highest number of ownership transfers by foreigners was Chonburi, accounting for 41.1% of all foreign ownership transfers.

The Housing Finance Information Center or REIC reported that in Q4 2023, while the number of ownership transfers decreased, the value increased. Overall, in 2023, the number of ownership transfers increased by 25.0% compared to the same period last year, attributed to policies allowing foreigners to travel to Thailand for tourism. Thailand remains a popular destination for tourists worldwide. The government has implemented a temporary "visa-free" measure for Chinese and Kazakh tourists for five months until February 2024, and has extended this to Indian and Taiwanese tourists for seven months until May 10, 2024. Subsequently, the government will offer visa-free entry for Chinese nationals starting March 1, 2024. This is a significant factor that may increase opportunities for foreigners to purchase condominiums, alongside geopolitical conflicts that have heightened demand for housing in Thailand throughout the past year.

Dr. Vichai Viratakpan, Inspector of the Government Housing Bank and Acting Director of the Housing Finance Information Center stated that the situation of condominium ownership transfers by foreigners in 2023 showed an increase in both units and value compared to the overall residential ownership transfers, rising to 13.4% and 24.0%, respectively, from 10.8% and 20.5% in 2022. The average number of condominium ownership transfers in 2023 was approximately 3,600 units per quarter, close to the pre-COVID-19 average of about 3,300 units per quarter, indicating that the situation is returning to normal.

In 2023 (January - December), there were 14,449 units of ownership transfers by foreigners, valued at 73,161 million baht. Analyzing by province, Chonburi ranked first with 41.1% of ownership transfers, while Bangkok was second with 38.0%. Together, these two provinces accounted for 79.0% of the total units and 85.4% of the total value. Notably, Chonburi moved to the top position in 2023, contrasting with the period from 2018 to 2022 when Bangkok held the top spot for foreign ownership transfers.

Chinese buyers remain the largest group in terms of units and value of foreign condominium ownership transfers, with shares of 45.8% and 46.7%, respectively. Russian buyers ranked second with shares of 8.7% and 6.1%. Buyers from the United States ranked third in units with 4.4%, while Myanmar ranked third in value with 5.1%. Interestingly, in this quarter, buyers from Myanmar had the highest average transfer value at 6.6 million baht per unit, while UK buyers had the largest average unit size at 56.5 square meters.


The average price of condominiums transferred to foreigners in Q4 2023 was 20,901 million baht, an increase of 6.9% from the previous year (YoY). The total area transferred was 171,722 square meters, up by 0.5% YoY.

In Q4 2023, the proportion of condominium ownership transfers to foreigners was 12.8% of total condominium transfers nationwide, up from 11.5% in the previous year. The value of ownership transfers to foreigners accounted for 26.1% of total condominium transfer values, down from 21.1% the previous year. The area of condominiums transferred to foreigners was 17.0% of total condominium transfer areas, an increase from 14.9% the previous year. This proportion in Q4 2023 is higher than the pre-COVID-19 average (2019) of about 10.1% and 15.6%. This data indicates that foreign buyers are increasingly purchasing higher-priced condominiums compared to the previous year.

The ratio of new condominiums to second-hand condominiums transferred to foreigners in Q4 2023 was 59:41, with second-hand condominiums seeing an increase in transfers compared to the previous quarter. The value ratio of new to second-hand condominiums was 70:30, with second-hand condominiums also showing an increase in value compared to the previous quarter. The area ratio was 55:45, indicating that both new and second-hand condominiums have seen increased transfers compared to the previous quarter.

The increase in the proportion of second-hand condominium ownership transfers to foreigners in terms of units, value, and area suggests that foreigners may prefer second-hand condominiums located in central areas or near business districts, where supply is currently limited. Additionally, the prices of second-hand condominiums in these locations are lower than new projects in the same areas, making them an attractive option for foreigners, especially Chinese buyers looking for investment and residence.

Regarding the price levels of condominiums popular among foreigners in Q4 2023, the most transferred condominiums were priced under 3 million baht, with 1,849 units transferred, accounting for 49.4% of total units. This price range has been the most popular among foreigners since 2019. The next price range of 3.01 - 5.00 million baht had 880 units, making up 23.5%. The range of 5.01 - 7.50 million baht had 458 units (12.2%), while units priced over 10.00 million baht totaled 355 (9.5%), and the range of 7.51 - 10.00 million baht had the fewest at 204 units (5.4%).

In terms of the size of condominiums popular among foreigners in Q4 2023, the most favored size was 31 - 60 square meters (1 - 2 bedrooms), with 1,884 units transferred, accounting for 50.3%. The next most popular size was up to 30 square meters (studio or 1 bedroom) with 1,240 units (33.1%). Following that were sizes of 61 - 100 square meters (2 - 3 bedrooms) with 409 units (10.9%), and sizes over 100 square meters (3 bedrooms and above) with the fewest at 213 units (5.7%). Looking back to 2019, condominiums sized up to 30 square meters and 31 - 60 square meters have consistently been the most popular among foreigners, with combined unit transfers exceeding 80% each quarter.

The nationalities of foreigners transferring condominium ownership in 2023 (January - December) showed that Chinese buyers were the largest group, with 6,614 units transferred, accounting for 45.8% of total units. The next four nationalities with the highest transfers were Russia with 1,260 units (8.7%), followed by the United States with 631 units (4.4%), Myanmar with 564 units (3.9%), and Taiwan with 532 units (3.7%). From 2018 to 2022, the top five nationalities by cumulative units were China, Russia, the United States, the United Kingdom, and France. However, in 2023, the top five changed to China, Russia, the United States, Myanmar, and Taiwan.

In terms of the value of condominium ownership transfers nationwide in 2023 (January - December), the highest value was for Chinese buyers at 34,132 million baht, accounting for 46.7% of the total value. The next four nationalities with the highest transfer values were Russia at 4,455 million baht (6.1%), Myanmar at 3,707 million baht (5.1%), the United States at 3,227 million baht (4.4%), and Taiwan at 2,908 million baht (4.0%).

From the data in 2023 (January - December), it is noteworthy that the number of condominium ownership transfers by Chinese nationals was 6,614 units (45.8%) with a value of 34,132 million baht (46.7%) of all foreign transfers. Interestingly, the proportion of ownership transfers by Chinese buyers in 2023 decreased compared to the same period in 2022, as other nationalities increased their purchases significantly, although Chinese buyers also increased their unit purchases.

Regarding the average size and price of condominiums in 2023 (January - December), the average size of condominiums transferred by foreigners was 45.6 square meters, with an average value of 5.1 million baht per unit, or approximately 110,981 baht per square meter. The top ten nationalities with the highest number of ownership transfers in 2023 were Myanmar, which had the highest average transfer value at 6.6 million baht per unit, and the United Kingdom, which had the largest average unit size at 56.5 square meters. Chinese buyers, who had the highest proportion of transfers, had an average transfer value of 5.2 million baht per unit and an average size of 39.5 square meters.

For the provinces with the highest number of condominium ownership transfers by foreigners in 2023 (January - December), the top five were Chonburi, Bangkok, Chiang Mai, Phuket, and Samut Prakan. Chonburi had 5,935 units (41.1%), while Bangkok had 5,484 units (38.0%). Together, these two provinces accounted for 79.0% of the total units nationwide. In 2023, Chonburi surpassed Bangkok in the number of ownership transfers, whereas from 2018 to 2022, Bangkok consistently had more transfers than Chonburi.

In 2023 (January - December), the provinces with the highest value of condominium ownership transfers by foreigners were Bangkok, Chonburi, Phuket, Chiang Mai, and Prachuap Khiri Khan. Bangkok had 5,484 units valued at 44,250 million baht (60.5% of the total), while Chonburi had 5,935 units valued at 18,221 million baht (24.9% of the total). Together, these two provinces accounted for 85.4% of the total value nationwide. Looking back to 2018, Bangkok and Chonburi remained the provinces with the highest value of ownership transfers to foreigners, followed by popular tourist destinations like Phuket and Chiang Mai.

Overall, the data on condominium ownership transfers to foreigners shows that the volume in terms of units, value, and area is starting to recover. It is noteworthy that these transfer figures reflect the majority of transactions that have occurred recently and indicate that foreign condominium purchases have been consistently ongoing.