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The Thai housing market continues to attract foreign investors. In Q3 2023, there was a notable increase in condominium purchase and sale transactions, according to a report published by the Real Estate Information Center.
The report showed an 11.6% year-on-year increase in the number of condominiums transferred to foreigners, reaching 3,756 units. The total value of these transactions also grew by 8.9% year-on-year to 18.571 billion THB ($536,516).
This indicates a significant rise in demand for Thai condominiums among foreign buyers. The most popular price range for them remained below 3 million THB ($86,670), with over 50% of all transactions involving properties in this segment. The most sought-after properties among foreign buyers were units ranging from 31 to 60 square meters with one or two bedrooms.
In terms of nationality, Chinese citizens continue to dominate among foreign buyers, followed by buyers from Myanmar and Russia. Bangkok, Chonburi, and Phuket remain the primary destinations for foreigners, accounting for more than 74% of all transactions in these locations.
According to analysts, the growing trend of foreign investment in Thai condominiums may be driven by several factors, including the kingdom's political stability, strong economy, and high quality of life. Additionally, the increase in wealthy individuals from Asia and Europe looking for second homes abroad or investment opportunities has contributed to this growth.
While the market overall demonstrated resilience, the report also highlighted some regional differences and shifts in buyer preferences. For example, the average size of properties purchased by foreign buyers has slightly increased, indicating growing demand for larger and more spacious real estate.
Experts predict that demand from foreign investors for Thai condominiums will continue to rise in the coming years, supported by factors such as the country's ongoing infrastructure development, favorable tax policies, and the increasing popularity of remote work. However, potential challenges such as global economic uncertainty and currency exchange fluctuations may impact market sentiment.
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