BANGKOK: Thailand's real estate market continues to attract foreign investors, with a notable increase in condominium unit transfers during the third quarter of 2023, according to a report released by the Real Estate Information Centre (REIC) on Wednesday.
The report revealed a 11.6 per cent year-on-year surge in the number of condominium units transferred to foreigners, reaching 3,756 units. The total value of these transactions also climbed by 8.9 per cent year-on-year to 18.571 billion baht (US$0.54 billion).
This represents a substantial increase in both the quantity and value of foreign property investments in Thai condominiums.
The most popular price range for foreign buyers remained below 3 million baht (US$0.087 million), accounting for over 50 per cent of all transactions. Units ranging between 31 and 60 square metres (1-2 bedrooms) were the most sought-after by foreign buyers.
Chinese nationals continued to dominate foreign purchases, followed by Myanmar and Russia.
Bangkok, Chonburi and Phuket remained the top destinations for foreign condominium buyers, accounting for over 74 per cent of all transactions.
According to analysts, the rising trend in foreign investment in Thai condominiums can be attributed to several factors, including Thailand's political stability, robust economy, and attractive lifestyle.
The increasing number of high-net-worth individuals from Asia and Europe seeking second homes or investment opportunities has also contributed to this growth.
While the overall market has shown resilience, the report also highlighted some regional variations and changes in buyer preferences. For instance, the average unit size purchased by foreign buyers has slightly increased, suggesting a growing demand for larger and more spacious properties.
Looking ahead, experts anticipate that foreign investment in Thai condominiums will continue to grow in the coming years, driven by factors such as the country's ongoing infrastructure development, favourable tax incentives, and the increasing popularity of remote work. However, potential challenges such as global economic uncertainties and fluctuations in exchange rates could impact market sentiment. – The Nation/ANN
