Real Estate Information Center (REIC) of the Government Housing Bank (GHB) reports “The Situation of Foreign Ownership Transfers of Condominiums Nationwide in Q3 2024” shows that in the third quarter of this year, there were 3,756 units of foreign condominium ownership transfers nationwide, an increase of 11.6%, with a total value of 18,571 million baht, up 8.9%. This accounts for a total transfer area of 165,367 square meters, an increase of 8.4% compared to the same period last year (YoY). The proportion of the number of units and the value of foreign ownership transfers overall increased by 12.0% and 23.4%, respectively, compared to the same period last year (YoY), where the proportions were 11.6% and 21.1%, respectively.

Units, Value, and Area of Condominiums Transferred to Foreigners

The overall situation of condominium ownership transfers to foreigners nationwide in Q3 2024 shows that there were 3,756 units transferred to foreigners nationwide, an increase of 11.6% from the same period last year (YoY), with a total transfer value of 18,571 million baht, up 8.9% from the same period last year (YoY). The total area of condominium ownership transfers to foreigners nationwide was 165,367 square meters, an increase of 8.4% from the same period last year (YoY).

Proportion of Condominium Ownership Transfers to Foreigners

In Q3 2024, the proportion of units transferred to foreigners was 12.0%, an increase from the same period last year, which was 11.6%. The value of condominium ownership transfers to foreigners had a proportion of 23.4%, up from the previous year's proportion of 21.1%. The area of condominiums transferred to foreigners had a proportion of 15.5%, an increase from the previous year's proportion of 15.2%. The ratio of new condominiums to second-hand condominiums transferred to foreigners was approximately 62:38 and 69:31, respectively, indicating that new condominiums had a higher proportion of ownership transfers compared to the previous quarter, which was approximately 50:50, while the value of new condominiums decreased compared to the previous quarter to 60:40, respectively.

Popular Condominium Price Levels Among Foreigners

In Q3 2024, the most transferred condominiums to foreigners were priced at no more than 3.00 million baht, with 1,882 units transferred, accounting for 50.1% of the total units. This price level has been the most popular among foreigners for ownership transfers since 2019 to the present.

Following this, the price range of 3.01 – 5.00 million baht had 868 units, accounting for 23.1%. The price range of 5.01 - 7.50 million baht had 486 units, accounting for 12.9%. The price range of over 10.00 million baht had 319 units, accounting for 8.5%, and the price range of 7.51 – 10.00 million baht had the least number of units at 201, accounting for 5.4%, respectively.

In terms of value, the highest ownership transfers to foreigners were in the price range of over 10.00 million baht, with a value of 6,984 million baht, accounting for 37.6%. Following this, the price range of no more than 3.00 million baht had a value of 3,537 million baht, accounting for 19.0%. The price range of 3.01 – 5.00 million baht had a value of 3,416 million baht, accounting for 18.4%. The price range of 5.01 – 7.50 million baht had a value of 2,909 million baht, accounting for 15.7%, and the price range of 7.51 – 10.00 million baht had the least value at 1,724 million baht, accounting for 9.3%, respectively.

Popular Condominium Sizes Among Foreigners

In Q3 2024, the most popular condominium size among foreigners was 31 - 60 square meters (1 - 2 bedrooms), with 1,712 units transferred to foreigners, accounting for 45.6%. Following this, condominiums sized no more than 30 square meters (studio or 1 bedroom) had 1,436 units, accounting for 38.2%. Next was the size of 61 - 100 square meters (2 - 3 bedrooms and above) with 421 units, accounting for 11.2%, and the size of over 100 square meters (3 bedrooms and above) had the least number of units at 187, accounting for 5.0%, respectively. Looking back to 2019, it was found that condominiums sized no more than 30 square meters and 31 - 60 square meters were the most popular types among foreigners, with a combined proportion of ownership transfers exceeding 80% in each quarter.

In terms of value, in Q3 2024, the most popular condominium size among foreigners was 31 - 60 square meters (1 - 2 bedrooms), with a total transfer value of 6,854 million baht, accounting for 36.9%. Following this, the size of over 100 square meters (3 bedrooms and above) had a value of 4,318 million baht, accounting for 23.2%. Next, the size of 61 – 100 square meters (2 - 3 bedrooms and above) had a value of 3,935 million baht, accounting for 21.2%, and the size of no more than 30 square meters (studio or 1 bedroom) had the least value at 3,464 million baht, accounting for 18.7%, respectively. Since 2019, it was found that condominiums sized 31 - 60 square meters were the most popular type among foreigners.

Chart Showing the Proportion of Units Transferred to Foreigners Nationwide

Source: Department of Lands

Compiled and processed by: Real Estate Information Center, Government Housing Bank

Foreign Condominium Ownership Transfers Nationwide in the First 9 Months of 2024 (January - September) showed that there were 11,036 units, an increase of 3.1%, with a total value of 51,458 million baht, a decrease of -1.5% compared to the same period last year (YoY). Additionally, it was found that the proportion of the number of units transferred in total was 13.3%, slightly down from the same period last year, which was 13.6%. However, the value of condominium ownership transfers to foreigners overall increased by 24.2% from the same period last year, which had a proportion of 23.3%.

The number of condominium ownership transfers to foreigners in Bangkok accounted for the highest proportion at 38.7%, followed by Chonburi at 36.0%. When combined, these two provinces accounted for 74.7% of the total units and a total value of 80.7% of the foreign condominium ownership transfers nationwide.

Nationalities of Buyers in the First 9 Months of 2024 (January - September) showed that Chinese nationals remained the largest group in terms of the number of units and value of condominium ownership transfers, accounting for 39.7% and 39.3%, respectively. The second largest group was Myanmar nationals, with a proportion of 9.5% and 10.6%. The third largest group was Russian nationals, accounting for 7.2% and 5.3%, respectively. Additionally, 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 6.3 million baht per unit and an average size of 76.5 square meters. Meanwhile, Chinese nationals, who had the highest proportion of condominium transfers, had an average transfer value of 4.6 million baht per unit and an average size of 39.1 square meters.

Nationalities of Foreigners Receiving Condominium Ownership Transfers in the first 9 months of 2024 (January - September) showed that Chinese nationals had the highest number of condominium ownership transfers nationwide, with a total of 4,386 units, accounting for 39.7% of the total units. The next four nationalities with the highest transfers were Myanmar with 1,050 units (9.5%), Russia with 800 units (7.2%), Taiwan with 612 units (5.5%), and the United States with 436 units (4.0%), respectively.

In the first 9 months of 2024 (January - September), it was found that the number of ownership transfers by Myanmar nationals increased significantly, with 1,050 units (ranked 2nd), an increase of 202.6% from the same period last year, which had 347 units. The total value of condominium ownership transfers nationwide to foreigners in the first 9 months of 2024 (January - September) showed that the highest value was for Chinese nationals, amounting to 20,201 million baht, accounting for 39.3% of the total value.

The next four nationalities with the highest transfer values were Myanmar with 5,463 million baht (10.6%), Taiwan with 3,166 million baht (6.2%), Russia with 2,750 million baht (5.3%), and the United States with 2,297 million baht (4.5%), respectively. In the first 9 months of 2024 (January - September), it was found that Myanmar nationals had a significant increase in transfer value, amounting to 5,463 million baht (ranked 2nd), an increase of 142.9% from the same period last year, which had a value of 2,250 million baht.

Average Size and Price of Condominiums in the first 9 months of 2024 (January - September) showed that the average size of condominiums transferred by foreigners was 44.5 square meters, with an average value of 4.7 million baht per unit, or approximately 104,890 baht per square meter. The top 10 nationalities with the highest number of ownership transfers in the first 9 months of 2024 (January - September) showed that Indian nationals had the highest average transfer value per unit and the largest average unit size, with an average transfer value of 6.3 million baht and an average size of 76.5 square meters. Meanwhile, Chinese nationals had the highest proportion of condominium transfers, with an average transfer value of 4.6 million baht per unit and an average size of 39.1 square meters.

Table Showing the Average Size and Value of Units Transferred by the Top 10 Nationalities with the Highest Number of Ownership Transfers Nationwide in the first 9 months of 2024 (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 9 months of 2024 (January - September), the provinces with the highest number of condominium ownership transfers to foreigners were Bangkok, Chonburi, Phuket, Chiang Mai, and Samut Prakan, respectively. The majority were in the first two provinces, with Bangkok having 4,269 units, accounting for 38.7%, and Chonburi with 3,976 units, accounting for 36.0%. Together, these two provinces accounted for 74.7% of the total nationwide. In the first 9 months of 2024 (January - September), Bangkok had more condominium ownership transfers to foreigners than Chonburi.

The provinces with the highest total value of condominium ownership transfers to foreigners were Bangkok, Chonburi, Phuket, Chiang Mai, and Samut Prakan. The majority were in the first two provinces, with Bangkok having a value of 30,528 million baht, accounting for 59.3%, and Chonburi with a value of 11,021 million baht, accounting for 21.4%. Together, these two provinces accounted for 80.7% of the total nationwide. Since 2022, Bangkok and Chonburi have remained the provinces with the highest total value of condominium ownership transfers to foreigners, while the next ranks were tourist cities such as Phuket, Chiang Mai, Samut Prakan, and Prachuap Khiri Khan.