March 3, 2025
BANGKOK – A 2024 survey by the Real Estate Information Center (REIC) revealed a slight slowdown in foreign condo purchases compared to the previous two years, which had seen a surge in ownership transfers. In 2024, the number of condo transfers reached 14,573 units, marking a modest 0.9% increase, while the total transaction value dropped by 6.8% to 68.18 billion baht. The average price per unit purchased by foreigners fell to 4.7 million baht from 5.1 million baht in the previous year.
China’s Decline, Myanmar and Taiwan on the Rise
Despite continued foreign interest in Thailand’s condo market, Chinese and Russian buyers have notably slowed their purchases. Chinese acquisitions dropped by 14.3% to 5,670 units, with transaction value plunging 22.2% year-on-year. This decline reflects China’s economic slowdown and geopolitical uncertainties affecting Chinese investment decisions. Meanwhile, buyers from Myanmar and Taiwan have emerged as the strongest-growing segments in the market.
In contrast, buyers from Myanmar and Taiwan have gained momentum. Myanmar’s condo purchases skyrocketed by 146.1%, adding 1,388 units, with transaction value rising 89.8% to 7.04 billion baht, aligning with shifts in regional investment due to geopolitical factors. Meanwhile, Taiwanese buyers—benefiting from Thailand’s visa-free policy—boosted their purchases by 57.1% to 836 units, with transaction value increasing 47.8% to 4.3 billion baht.
This shift highlights changing investment patterns, as traditional dominant buyers like China and Russia give way to emerging players from Myanmar and Taiwan, signaling new opportunities for Thailand’s condo market.
India: An Emerging Condo Investor to Watch
A noteworthy trend in this year’s condo market is the rise of Indian buyers, who made their debut in the top 10 foreign investors. Despite a modest 0.4% increase in purchases, totaling 260 units worth 1.53 billion baht, Indian investors stand out for their preference for larger condos. Unlike most foreign buyers who opt for smaller units, Indian buyers typically seek condos over 70 square metres, with an average price of 5.9 million baht per unit.
2025 Outlook: Stability with Geopolitical Uncertainty
Looking ahead to 2025, Thailand’s foreign condo market is expected to remain stable or see slight growth of around 1%. Chinese, Myanmar, Russian, and Taiwanese buyers will likely continue leading the market. However, geopolitical tensions, particularly affecting Chinese and Russian investors, remain a key factor influencing foreign investment decisions.
Meanwhile, countries such as India, Australia, and France have also shown increased interest, reflecting that Thai condos remain attractive to foreign buyers. Although 2024 saw a slowdown in purchases from China and Russia, the growing demand from Myanmar, Taiwan, and India has helped sustain market momentum.