Sharp fall in condo sales to foreigners in the second quarter of 2024

August 19, 2024

Thailand’s property market has seen a sharp fall in foreign condominium purchases during the second quarter of 2024, according to the Government Housing Bank’s Real Estate Information Centre (REIC).

A report released on Friday revealed a sharp drop in foreign condo transfers, totalling 14 billion baht, primarily attributed to challenges faced by Chinese buyers. Despite this, Chinese nationals remain the largest group of foreign property owners in the Thai market.

Wichai Wiratkapan, acting director of the REIC, noted a 6.2% decrease in the number of foreign-owned condo units transferred and a 17.7% decline in value compared to the same period last year. While the overall picture for the first half of 2024 shows 7,280 units transferred to foreign owners, valued at 32.888 billion baht, the second quarter figures highlight a cause for concern.

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Chinese buyers continue to lead in condominium ownership transfers with 2,872 units valued at 13.203 billion baht. Myanmar nationals follow in second place with 638 units worth 3.240 billion baht, while Russian buyers rank third with 567 units valued at 1.874 billion baht. Taiwanese and American nationals complete the top five, with 326 and 292 units respectively.

However, the report indicates a notable decline in purchases by Chinese, Russian and Myanmar nationals during the second quarter.

Interestingly, while Chinese buyers dominate in volume, Indian nationals are purchasing the highest-value condominiums, with an average purchase price of 6 million baht. Indian buyers are also acquiring the largest units, with an average size of 71.3 square metres.

Source: The Nation