The Real Estate Information Center (REIC) of the Government Housing Bank has reported that the transfer of condominium ownership to foreigners in Q3 2022 increased by 62.9% compared to the same period last year, and by 23.1% compared to the previous quarter. This marks a continuous increase for four consecutive quarters since Q4 2021. The positive factors include the government's easing of COVID-19 measures and the policy to open the country in early December 2021, which positively impacted the return of foreign purchasing power in the housing market.

Dr. Wichai Wiratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center stated that the overall transfer of condominium ownership to foreigners nationwide in Q3 2022 showed that the number of units transferred to foreigners was 2,860, an increase of 62.9% from the same period last year (YoY), marking the highest increase in unit numbers in five quarters since Q3 2021. This figure also exceeds the average quarterly units during the three years of the COVID-19 pandemic (2020-2021) by 36.7%, which averaged 2,092 units per quarter.

The total value of condominium ownership transfers to foreigners nationwide was 14.668 billion baht, an increase of 58.2% from the same period last year (YoY), representing the highest increase in value in seven quarters since Q1 2021. This figure also exceeds the average transfer value during the two years of the COVID-19 pandemic, which was only 9.979 billion baht per quarter.

For the cumulative number of condominium transfers to foreigners in the first nine months of 2022, there were 7,290 units, an increase of 19.0%, with a total value of 36.986 billion baht, up 24.3%. The area of transferred ownership was 337,914 square meters, an increase of 28.3%. This indicates that the situation of condominium ownership transfers to foreigners in 2022 over the past three quarters suggests a recovery in the foreign condominium market. Additionally, there has been a continuous transfer of ownership for previously purchased condominiums, along with new buying interest from foreigners other than Chinese buyers, who have been replaced by buyers from other countries due to travel restrictions.

Regarding the ratio of new and second-hand condominiums transferred to foreigners in Q3 2022, the ratio of new condominiums to second-hand condominiums was 69.3% to 30.7%. It was found that new condominiums had an increase in ownership transfers compared to the previous quarter, while the value of ownership transfers for new condominiums to second-hand condominiums was at a ratio of 77.1% to 22.9%, which is higher than the previous quarter.

This indicates that foreigners may have an increasing demand for new condominiums, particularly in prime locations or areas near the city center, where there is now a greater supply to choose from. Additionally, the prices of new condominiums in these areas have become more varied, making new condominiums an attractive option for foreigners. Besides Chinese nationals, there has also been interest from buyers from Russia, the United States, the United Kingdom, Germany, and France, respectively.

The price range of condominiums that are most popular among foreigners for ownership transfers is below 3.00 million baht, with 1,247 units transferred, accounting for 43.6% of the total 2,860 units. The next price range is 3.01 - 5.00 million baht, with 784 units (27.4%), followed by 5.01 - 7.50 million baht with 395 units (13.8%). Units priced above 10.00 million baht accounted for 9.1% with 260 units, and the price range of 7.51 - 10.00 million baht had the least number of transfers at 174 units (6.1%). It is noted that condominiums priced below 3.00 million baht have been the most popular choice for foreigners since 2018.

Meanwhile, the size of condominiums that are popular among foreigners is in the range of 31 - 60 square meters (1 - 2 bedrooms), with 1,340 units transferred to foreigners, accounting for 46.9%. The next most popular size is condominiums not exceeding 30 square meters (studio or 1 bedroom) with 998 units (34.9%). Following that are condominiums sized 61-100 square meters (2 - 3 bedrooms) with 359 units (12.6%), and those larger than 100 square meters (3 bedrooms and above) with the least number of transfers at 163 units (5.7%). Looking back to 2018, it is evident that condominiums sized not exceeding 30 square meters and 31-60 square meters are the most favored by foreigners, with a combined transfer unit ratio exceeding 80% each quarter.

The top five provinces with the highest number of condominium ownership transfers to foreigners are Bangkok, Chonburi, Samut Prakan, Phuket, and Chiang Mai. Most of these are in the first two provinces, with Bangkok having 3,325 units (45.6%) valued at 25.030 billion baht, and Chonburi with 2,155 units (29.6%) valued at 6.181 billion baht. Together, these two provinces account for 75.2% of the total nationwide.

From the data observed in the first nine months, it is noted that the number of Chinese condominium ownership transfers was 3,562 people, accounting for 48.9%, with a value of 17.943 billion baht (48.5%) of all foreign ownership transfers. It is interesting to note that the proportion of condominium ownership transfers by Chinese buyers has decreased to about 50%, down from approximately 55% - 60% in previous years, likely due to the Zero-COVID policy in China, which restricted travel for Chinese nationals.

However, it has been observed that the proportion of ownership transfers from buyers from Russia, Europe, and the United States has increased compared to the previous year. It is also noteworthy to see numbers from several ASEAN countries, which, although they have a small number of units and purchase value, have significantly increased their proportion of condominium ownership transfers in both unit numbers and value, such as buyers from Myanmar, Cambodia, Laos, Vietnam, and Malaysia, who have been continuously purchasing Thai condominiums in recent times.

Such phenomena can be attributed to the benefits gained from the increased economic activities in Thailand and other countries. Therefore, it can be anticipated that if China opens its borders next year, it would likely help the Thai condominium market for foreigners to grow once again.