Foreign Condo Market Trends in 2024

The Real Estate Information Center (REIC) has released its latest report on foreign condominium ownership transfers in Thailand for 2024. The data reveals shifting trends in foreign investment, with Myanmar and Taiwan emerging as strong players while China and Russia experience a slowdown. These changes highlight the geopolitical and economic factors influencing property
investment decisions.

Foreign Condo Transfers: A Slight Slowdown

According to REIC’s survey, foreign condo transfers in Thailand reached 14,573 units in 2024, marking a modest 0.9% year-on-year increase. However, the total transaction value declined by 6.8% to 68.18 billion baht. The average price per unit purchased by foreign buyers also decreased from 5.1 million baht in 2023 to 4.7 million baht in 2024, indicating a shift in investment preferences.

China’s Decline, Myanmar and Taiwan on the Rise

While Thailand continues to attract foreign real estate buyers, the Chinese and Russian markets have seen a significant downturn. Chinese condo purchases dropped by 14.3% to 5,670 units, with transaction value plummeting by 22.2%. This decline is largely attributed to China’s economic slowdown and increasing geopolitical uncertainties that have affected investor confidence. Similarly, Russian investors have pulled back due to ongoing global tensions and financial constraints.

On the other hand, Myanmar and Taiwan have seen a sharp rise in condo investments:

Myanmar buyers: Condo acquisitions skyrocketed by 146.1%, with 1,388 units transferred. The transaction value surged 89.8% to 7.04 billion baht. This increase is linked to regional geopolitical shifts, leading investors to look at Thailand as a stable investment hub.

Taiwanese buyers: Benefiting from Thailand’s visa-free policy, Taiwanese purchases rose by 57.1% to 836 units, with a total transaction value of 4.3 billion baht, reflecting a 47.8% increase year-on-year.

These trends indicate a changing investment landscape, where emerging markets are taking a stronger foothold in Thailand’s real estate sector.

India: A Rising Investor Group

Another notable trend is the increasing interest from Indian investors. India has entered the top 10 list of foreign condo buyers in Thailand. Indian buyers acquired 260 units in 2024, reflecting a 0.4% increase, with a total investment value of 1.53 billion baht. Unlike many other foreign investors who opt for smaller condos, Indian buyers prefer larger units over 70 sqm, with an average price of 5.9 million baht per unit.

2025 Outlook: Stability Amid Geopolitical Uncertainty

Looking ahead, Thailand’s foreign condo market is expected to remain stable, with potential growth of around 1% in 2025. While China, Myanmar, Russia, and Taiwan are likely to continue dominating the market, geopolitical uncertainties will play a crucial role in shaping future investments.

Additionally, rising interest from India, Australia, and France signals continued international confidence in Thailand’s property sector. Despite the decline in Chinese and Russian investments, growing demand from Myanmar, Taiwan, and India is helping to sustain market momentum.

The 2024 condo market trends highlight Thailand’s evolving foreign investment landscape. As traditional investors like China and Russia scale back, new opportunities arise from emerging markets such as Myanmar, Taiwan, and India. For real estate investors and developers, understanding these shifts can help tailor strategies to attract new buyer segments and maximize market potential.

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SOURCE: The Real Estate Information Center (REIC)

Top 10 Foreign Condo Buyers in Thailand: Myanmar and Taiwan Surge, China and Russia Decline