Foreign interest in Thailand’s property market remained strong in the first nine months of 2024. Data from the Real Estate Information Center (REIC), revealed a 11.6% (YoY) increase in condominium unit transfers to foreigners in the third quarter of 2024, reaching 3,756 units valued at 18,571 million baht. This represents an 8.9% growth in value. The total transfer area also increased by 8.4% (YoY) to 165,367 square meters. Although the total number of unit transfers showed a slight decline during the nine-month period, the overall transfer value surged by 24.2%.

The top five provinces with the highest number of condominium unit transfers to foreigners were Bangkok, Chonburi, Phuket, Chiang Mai, and Samut Prakan. Bangkok led with 4,269 units, accounting for 38.7% of the total, and a value of 30,528 million baht, representing 59.3% of the total value. Chonburi followed with 3,976 units (36%) and a value of 11,021 million baht (21.4%). Combined, Bangkok and Chonburi accounted for 74.7% of all units transferred and 80.7% of the total value nationwide.

Chinese nationals accounted for the highest number of condominium unit transfers, with a total of 4,386 units, representing 39.7% of all transfers. Myanmarese followed with 1,050 units, Russians with 800 units, Taiwanese with 612 units, and Americans with 436 units.

Notably, Burmese nationals saw a significant increase in condominium unit transfers, with a total of 1,050 units (ranking second), representing a 202.6% increase compared to the same period last year when only 347 units were transferred. In terms of value, Chinese nationals still dominated with a total of 20,201 million baht, accounting for 39.3% of the total value.

Foreign buyers purchased condominium units of 44.5 square meters at a price of 4.7 million baht per unit on average, which translated to 104,890 baht per square meter. Indian buyers stood out with the largest and most expensive units, averaging 76.5 square meters and 6.3 million baht, respectively. Chinese buyers, while having the highest number of unit transfers, purchased units that were slightly smaller (about 39.1 square meters) and slightly less expensive (around 4.6 million baht) on average.