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17.12.2023

Russians Outpace Americans in Thailand's Condo Market

In the first nine months of 2023, foreign investors demonstrated a growing interest in Thailand's real estate, particularly condominiums. The total number of condos purchased by foreigners during this period reached 10.7 thousand, marking a significant 38% increase compared to the same period the previous year.

 


Chinese and Russian investors emerged as the dominant players in the Thai condo market:


  - Chinese buyers secured the top spot, acquiring 4.9 thousand units, representing nearly 47% of the total volume.
  - Russians claimed the second position with 962 condo transactions.
  - The list of top foreign buyers also included residents from the United States, Taiwan, and the United Kingdom.

 


Preferred Locations for Condo Purchases:


  - Chonburi province, home to the popular resort destination Pattaya, witnessed the highest demand, accounting for almost 42% of all condo sales to foreigners.
  - The capital city, Bangkok, secured 37.5% of condo purchases by foreign investors.
  - Phuket, the renowned island destination, rounded out the top three preferred locations among foreigners.

 


Anticipated Trends in the Near Future:


The Thai government sees tourism as a pivotal driver of the country's economic growth, contributing approximately 12% to the GDP. To further encourage investment, Thailand recently extended the visa-free period for Russian citizens from 30 to 90 days, making property acquisition even more accessible for potential buyers. As Thailand continues to attract a diverse range of foreign investors, particularly from China and Russia, the real estate market remains a dynamic and promising sector for both economic growth and international partnerships.

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