Condo transfers from Chinese buyers in Thailand are expected to remain at less than 40% of foreign transfers for the second consecutive year, as tourism from the nation softens and the recent earthquake dampens confidence.
Chinese buyers’ condo transfers accounted for 39% of total international transfers last year, marking the first time in five years the figure dropped below 40%. The share of condo transfers from Chinese buyers was 61% in 2020, then fell to 58% in 2021 and 49% in 2022.
Patcharaphot Nuntramas, chief economist at Krungthai Compass, a research center under Krungthai Bank, said the decline in condo transfers by Chinese buyers aligns with a reduction in visitors from that country. The tourism decrease is attributed to increased competition from other countries, particularly Japan, Vietnam and the Republic of Korea.
