BANGKOK — Acting Director of the Real Estate Information Center, Vichai Viratkaphan, revealed that ongoing observation of condominium ownership transfers by foreigners has shown that the country’s reopening to foreign tourists since 2022 has had a remarkably positive impact on the growth of tourism.
The Thai government considers the tourism industry a key economic growth driver, combined with domestic factors that have greatly increased the demand for foreign condominium purchases. The number and value of ownership transfers exceeded the levels observed before the COVID-19 pandemic in 2018-2019.
In the first quarter of 2024, it was discovered that foreigners had transferred ownership of 3,938 condominium units, marking a 4.3% increase. The total value of the ownership transfers amounted to 18 billion baht (492 million USD), which reflected a 5.2% increase.
This led to a rise in the proportion of condominium ownership transfers by foreigners compared to nationwide ownership transfers, increasing to 16.7% from 15.9% in terms of the number of units and 28.6% from 24.3% in terms of value.
The proportion of condominium space purchased by foreigners increased to 21.1% from 19.1% compared to last year, marking the highest proportion since 2018.
The top five provinces with the highest number of condominium units transferred to foreigners are as follows:
- Chonburi: 1,521 units, accounting for 38.6%, valued at 4,165 million baht. (113 million USD)
- Bangkok: 1,498 units, accounting for 38%, valued at 10,699 million baht. (292 million USD)
These two provinces alone account for 76.6% of the units and 82.5% of the total value. Chonburi has held the top spot for two consecutive years. - Chiang Mai: 249 units valued at 574 million baht. (15.6 million USD)
- Phuket: 242 units valued at 1,353 million baht. (37 million USD)
- Samut Prakan: 140 units valued at 392 million baht. (10.7 million USD)
This data shows that foreigners are most interested in purchasing condominium units in central cities and tourist destinations in Thailand.
Moreover, the top three nationalities with the highest number of condominium ownership transfers are still led by the Chinese, with 1,596 units, accounting for 43.8% and a transfer value of 7,570 million baht.
Following this are the Myanmar with 392 units, accounting for 10%, which marks an increase of 415.8% compared to last year and a transfer value of 2,207 million baht.
Third place is held by the Russians, with 295 units, accounting for 7.5% and having a total value of 924 million baht.
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