The Real Estate Information Center of the Government Housing Bank (REIC) reported that in the first half of 2024, the government recognized opportunities and strategies to attract purchasing power from foreigners to compensate for the weak purchasing power of Thais. This initiative aims to stimulate the real estate market and the macroeconomic level of the country, as well as attract large investors to invest in Thailand. Currently, a feasibility study is underway for measures to promote the employment of capable foreigners, particularly regarding condominiums, with a focus on increasing the foreign ownership ratio to 75% of the ownership area, as well as the possibility of allowing foreigners to lease properties in Thailand for up to 99 years.

Dr. Vichai Wiratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center revealed that the situation of condominium ownership transfers by foreigners nationwide in Q2 of 2024 showed a total of 3,342 units, a decrease of -6.2%, with a value of 14,874 million baht, down -17.7%. The area of condominium ownership transfers amounted to 152,219 square meters, a decrease of -8.5% compared to the same period last year. Additionally, the proportion of units and the value of ownership transfers by foreigners relative to the overall market decreased to 11.8% and 21.1%, respectively, down from 13.6% and 24.6% in Q2 of 2023. When examining individual provinces, Chonburi had the highest proportion of ownership transfers by foreigners at 38.4%, followed by Bangkok at 36.4%. Together, these two provinces accounted for 74.8% of the total units and 80.3% of the total value of condominium ownership transfers by foreigners nationwide. Notably, Chonburi has risen to the top position since 2023, contrasting with 2022 when Bangkok held the top spot for foreign ownership transfers.

In the first six months of 2024 (January - June), Chinese buyers remained the largest group in terms of units and value of foreign condominium ownership transfers, accounting for 39.5% and 40.1%, respectively. The second largest group was from Myanmar, with 8.8% and 9.9%, and the third was from Russia, with 7.8% and 5.7%. Additionally, Indian buyers had the highest average transfer value per unit and the largest average unit size, with an average transfer value of 6.0 million baht per unit and an average size of 71.3 square meters. Chinese buyers, who had the highest proportion of condominium transfers, had an average transfer value of 4.6 million baht per unit and an average unit size of 39.4 square meters.

Units, Value, and Area of Condominiums Transferred to Foreigners

Overall, the situation of condominium ownership transfers to foreigners nationwide in Q2 of 2024 showed a total of 3,342 units, a decrease of -6.2% from the same period last year (YoY). The total value of condominium ownership transfers to foreigners nationwide was 14,874 million baht, down -17.7% from the same period last year (YoY). In terms of area, the total area of condominium ownership transfers to foreigners nationwide was 152,219 square meters, a decrease of -8.5% from the same period last year (YoY).

Proportion of Condominium Ownership Transfers to Foreigners

In Q2 of 2024, the proportion of condominium ownership transfers to foreigners was 11.8%, down from 13.6% in the same period last year. The value of ownership transfers to foreigners was 21.1%, down from 24.6% in the same period last year. The area of condominiums transferred to foreigners had a proportion of 15.7%, down from 18.3% in the same period last year.

Proportion of New and Second-Hand Condominiums Transferred to Foreigners

In Q2 of 2024, the ratio of new condominiums to second-hand condominiums transferred to foreigners was approximately 50:50 and 60:40, respectively. It was found that second-hand condominiums had an increased proportion of units and value transferred compared to the previous quarter, which had a ratio of approximately 45:55 and 34:66, respectively. The increase in the proportion of second-hand condominium ownership transfers to foreigners in terms of units, value, and area indicates that foreigners may prefer second-hand condominiums, which are often located in prime areas or near city business centers, where the supply has decreased. Additionally, the prices of second-hand condominiums in these locations are lower than those of new projects, making them an attractive option for foreigners.

Popular Condominium Price Ranges Among Foreigners

In Q2 of 2024, the most transferred condominiums to foreigners were in the price range of up to 3.00 million baht, with 1,737 units transferred, accounting for 52.0% of the total units. This price range has been the most popular among foreigners for ownership transfers since 2020. The next price range was 3.01 - 5.00 million baht, with 810 units transferred, accounting for 24.2%. The price range of 5.01 - 7.50 million baht had 395 units transferred, accounting for 11.8%. The price range of over 10.00 million baht had 244 units transferred, accounting for 7.3%, and the price range of 7.51 - 10.00 million baht had the fewest units, with 156 units transferred, accounting for 4.7%.

Popular Condominium Sizes Among Foreigners

In Q2 of 2024, the most popular condominium size among foreigners was 31 - 60 square meters (1 - 2 bedrooms), with 1,667 units transferred, accounting for 49.9%. The next size was condominiums of up to 30 square meters (studio or 1 bedroom), with 1,103 units transferred, accounting for 33.0%. Following that were condominiums sized 61 - 100 square meters (2 - 3 bedrooms and above), with 380 units transferred, accounting for 11.4%. The least common size was condominiums over 100 square meters (3 bedrooms and above), with 192 units transferred, accounting for 5.7%. When looking back to 2020, it was found that condominiums sized up to 30 square meters and 31 - 60 square meters were the most popular among foreigners, with a combined proportion of ownership transfers exceeding 80% in each quarter.

Nationalities of Foreigners Receiving Condominium Ownership Transfers

In the first six months of 2024 (January - June), it was found that Chinese nationals had the highest number of condominium ownership transfers nationwide, with a total of 2,872 units transferred, accounting for 39.5% of all units. The next four nationalities with the highest ownership transfers were Myanmar, with 638 units (8.8%); Russia, with 567 units (7.8%); Taiwan, with 326 units (4.5%); and the United States, with 292 units (4.0%).

In the first six months of 2024 (January - June), it was noted that the number of ownership transfers by buyers from Myanmar increased significantly, with 638 units (ranked 2nd), an increase of 250.5% from the same period last year, which had 182 units.

Regarding the value of condominium ownership transfers nationwide to foreigners in the first six months of 2024 (January - June), it was found that the highest value of ownership transfers was to Chinese buyers, totaling 13,203 million baht, accounting for 40.1% of the total value. The next four nationalities with the highest transfer values were Myanmar, with 3,240 million baht (9.9%); Russia, with 1,874 million baht (5.7%); Taiwan, with 1,592 million baht (4.84%); and the United States, with 1,580 million baht (4.81%).

In the first six months of 2024 (January - June), it was noted that the value of ownership transfers by Myanmar nationals increased significantly, totaling 3,240 million baht (ranked 2nd), an increase of 154.3% from the same period last year, which had a value of 1,274 million baht.

From the data observed in the first six months of 2024 (January - June), it was noted that the number of condominium ownership transfers by Chinese nationals was 2,872, accounting for 39.5%, with a value of 13,203 million baht, accounting for 40.1% of all foreign ownership transfers. It is interesting to note that the proportion of condominium ownership transfers by Chinese buyers in the first six months of 2024 (January - June) decreased compared to the same period last year.

Average Size and Price of Condominiums

In the first six months of 2024 (January - June), it was found that the average size of condominiums transferred by foreigners was 44.7 square meters, with an average value of 4.5 million baht per unit, or approximately 101,123 baht per square meter. Among the top ten nationalities with the highest number of ownership transfers in the first six months of 2024 (January - June), it was found that Indian nationals had the highest average transfer value per unit and the largest average unit size, with an average transfer value of 6.0 million baht per unit and an average size of 71.3 square meters. Chinese buyers, who had the highest proportion of condominium transfers, had an average transfer value of 4.6 million baht per unit and an average unit size of 39.4 square meters.

Provinces with the Highest Condominium Ownership Transfers by Foreigners

In the first six months of 2024 (January - June), the provinces with the highest number of condominium ownership transfers by foreigners were Chonburi, Bangkok, Phuket, Chiang Mai, and Samut Prakan, in that order. Most of the transfers occurred in the first two provinces: Chonburi had 2,792 units, accounting for 38.4%, and Bangkok had 2,651 units, accounting for 36.4%. Together, these two provinces accounted for 74.8% of the total nationwide.

When considering the data, it is evident that in the first six months of 2024 (January - June), Chonburi had more condominium ownership transfers to foreigners than Bangkok. However, looking back from 2018 to 2022, Bangkok had more ownership transfers to foreigners than Chonburi.

In the first six months of 2024 (January – June), the provinces with the highest value of condominium ownership transfers by foreigners were Bangkok, Chonburi, Phuket, Chiang Mai, and Samut Prakan. Most of the value was in the first two provinces: Bangkok had a value of 18,737 million baht, accounting for 57.0%, and Chonburi had a value of 7,670 million baht, accounting for 23.3%. Together, these two provinces accounted for 80.3% of the total nationwide.

When looking back to 2022, it was found that Bangkok and Chonburi remained the provinces with the highest value of condominium ownership transfers to foreigners. The next provinces with significant transfers were major tourist destinations, including Phuket, Chiang Mai, Samut Prakan, and Prachuap Khiri Khan.

From the overall picture of condominium ownership transfers to foreigners, it is evident that in the first six months of 2024 (January – June), the volume in terms of units, value, and area decreased compared to the same period last year. It is noteworthy that these ownership transfer figures reflect the majority of transactions that occurred in the past and indicate a decline in condominium ownership transfers by foreigners in recent times.

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