According to the Real Estate Information Centre (REIC) of the Government Housing Bank, Bangkok and Chonburi were the two provinces where foreigners purchased condominiums the most during the first nine months of 2022.
According to a data released by the center on Wednesday, the capital and the eastern resort province together accounted for 75.2% of all condominium ownership transfers from January to September of this year to foreign people.
In comparison to Chonburi, where 2,155 units were sold, Bangkok witnessed 3,325 units sold to foreigners, or 45.6% of all condo units sold to foreigners.
Top locations for foreign buyers of real estate include Bangkok and Chonburi
Samut Prakan, Phuket, and Chiang Mai are other provinces on the list, albeit at substantially lower rankings than the top two.
Over 30% of condo units sold to foreign buyers, according to the REIC, are pre-owned.
The center reported that although condo sales to foreign buyers have gradually increased over the last two years, they are still below their pre-pandemic levels. “Factors that have increased property sales to foreigners” include the reopening of borders, the easing of COVID limitations, the resurgence of the tourism industry, and the local economy.
The REIC also noted that Chinese people have always made up the majority of the market’s overseas customers. Thai property dealers must seek out purchasers from other markets, such as Europe, the US, Australia, Russia, and India, while China has not yet resumed its full economic activity.
Top locations for foreign buyers of real estate include Bangkok and Chonburi
According to the center, the recent announcement by the Chinese health authorities that the nation will end quarantine measures for foreign arrivals beginning January 8 could be a game-changer for Thailand’s tourism industry right away, but the impact on the real estate market won’t be felt until the latter half of 2023.
Chinese purchasers may not have the same purchasing power as before because to the damage the Chinese economy has sustained for almost two years as a result of the tight zero-Covid policy, the REIC noted. “The property market trend for foreigners next year remains to be observed,” it added.
Also, the Chinese government could enact policies that encourage domestic spending rather than imports in order to strengthen its economy.
