Foreign Ownership Transfers of Condominium Units in Thailand Increase by 79.2% in Q1 2023, Chonburi Overtakes Bangkok as Top Location

Government Housing Bank data center reveals the situation of ownership transfer of condominium units by foreigners Q1, total transfers grew by 79.2 percent.

In the first quarter of 2023, the Government Housing Bank’s data center revealed that the number of ownership transfers of condominium units by foreigners grew by 79.2 percent compared to the same period last year. The value of these transfers also increased by 67.6 percent. This significant growth can be attributed to the full opening of the country since the second half of 2022.

The Chonburi area emerged as the leader in the transfer of condominium units by foreigners, surpassing Bangkok for the first time. Chonburi accounted for 42.4 percent of the transfers, while Bangkok fell to second place with a proportion of 37.7 percent. Foreigners now make up 15.9 percent of the total number of units transferred and 24.3 percent of the total value.

Among the nationalities of the transferees, Myanmar had the highest average price per unit at 6.5 million baht, while India had the largest average room size at 77.7 square meters.

The overall market recovery has contributed to the increase in the proportion of transfers by foreigners. The opening of the country and the normalization of economic activities worldwide, along with the recovery of the tourism industry in Thailand, have played a crucial role in attracting foreign buyers. The Chinese remain the largest group of foreign buyers, followed by Russia, the United States, the United Kingdom, and Germany.

In terms of unit price levels, condominiums priced no more than 3 million baht continue to be the most popular among foreigners. These units accounted for 50.3 percent of the total number of transfers, but only 20.0 percent of the total transfer value. On the other hand, condominiums priced between 7.51 and 10.00 million baht had the lowest number of transfers, representing only 5.4 percent, but the highest transfer value at 32.0 percent.

The transfer of ownership of second-hand condominiums has also seen significant growth. Foreigners, especially Chinese, Russian, US, UK, and German buyers, have shown interest in buying second-hand condominiums, particularly in inner-city areas or near the central business district.

Overall, the data from the Government Housing Bank’s data center indicates a positive trend in the transfer of ownership of condominium units by foreigners. The recovery of the market and the opening of the country have contributed to the growth in both the number of units transferred and the value of these transfers. With the continued interest of foreign buyers, the real estate market in Thailand is expected to thrive in the coming months.Title: Foreign Ownership Transfers of Condominium Units in Thailand Increase by 79.2% in Q1, 2023

Date: Wednesday, June 21, 2023, 1:02 p.m.

The Government Housing Bank’s data center has revealed a significant increase in the ownership transfer of condominium units by foreigners in Thailand during the first quarter of 2023. According to the data, there has been a remarkable growth of 79.2% in the number of transfers compared to the same period last year.

The value of these transfers has also seen a substantial increase of 67.6% in Q1, 2023, indicating a positive trend in the real estate market. This surge in ownership transfers can be attributed to the full reopening of the country since the second half of 2022, with particular attention to the Chonburi area.

Interestingly, the proportion of transfers of condominium units by foreigners in Thailand has shifted, with the Chonburi area surpassing Bangkok for the first time, accounting for 42.4% of the transfers. Bangkok now holds the second position with a proportion of 37.7%, after being the leading destination for foreign ownership transfers from 2018 to 2022.

Foreigners have increased their share in the number of units transferred to 15.9% and the value to 24.3%. It is worth noting that the majority of foreign buyers still prefer condominiums priced at no more than 3 million baht. Among the nationalities, Myanmar has the highest average price per unit at 6.5 million baht, while India has the largest average room size at 77.7 sq m.

Dr. Wichai Wiratkapan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center, stated that the recovery of the market can be attributed to the normalization of economic activities worldwide and the continuous recovery of the tourism industry in Thailand. These factors have contributed to the increasing number of units, value, and area sold and transferred to foreigners, with Chinese buyers being the main group.

In terms of the type of condominium units transferred, second-hand units have gained popularity among foreigners, particularly in inner-city areas or locations near the central business district. The ratio of new condominium units to second-hand units was 59:41 in terms of the number of units, 70:30 in terms of value, and 53:47 in terms of area. The availability of second-hand units in these locations, coupled with their lower prices compared to new projects, has attracted foreign buyers, especially from China, Russia, the United States, the United Kingdom, and Germany.

The data also reveals that Chinese nationals continue to dominate the ownership transfers, accounting for 46.3% of all units transferred. Russia, the United States, the United Kingdom, and Germany follow as the next top nationalities.

Overall, the first quarter of 2023 witnessed a significant increase in the transfer of ownership of condominium units by foreigners in Thailand. The number of units transferred grew by 79.2%, the value increased by 67.6%, and the area expanded by 73.8% compared to the same period last year. This positive trend reflects the recovery of the real estate market and the growing interest of foreigners in owning condominiums in Thailand.Government Housing Bank data center reveals the situation of ownership transfer of condominium units by foreigners Q1, total transfers grew by 79.2 percent.

In the first quarter of 2023, the ownership transfer of condominium units by foreigners in Vietnam saw significant growth, according to data from the Government Housing Bank data center. The number of units transferred increased by 79.2 percent compared to the same period last year. The value of transfers also grew by 67.6 percent.

This surge in ownership transfers can be attributed to the full opening of the country since the second half of 2022, attracting foreign investors to Vietnam’s real estate market. The Chonburi area, in particular, has seen a rise in the proportion of transfers of condominium units by foreigners, surpassing Bangkok for the first time. Chonburi accounted for 42.4 percent of transfers, while Bangkok held a proportion of 37.7 percent.

Foreigners now make up 15.9 percent of the total number of units transferred and 24.3 percent of the total value. It is worth noting that the majority of foreign buyers still prefer condominiums priced at no more than 3 million baht. Among the countries with the highest average price per unit, Myanmar topped the list at 6.5 million baht, while India had the largest average room size at 77.7 square meters.

Dr. Wichai Wiratkapan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center, stated that the opening of the country and the recovery of the tourism industry have played a crucial role in the increasing number of ownership transfers. The normalization of economic activities worldwide has also contributed to the growth in transfers, with Chinese buyers being the main group of foreign investors.

In terms of the overall market recovery, the proportion of transfers by foreigners has risen to 15.9 percent, with the value of transfers reaching 24.3 percent. The first quarter of 2023 saw a total of 3,775 foreign ownership transfer units nationwide, marking a 79.2 percent increase from the same period last year. The value of these transfers amounted to 17,128 million baht, a 67.6 percent increase.

Furthermore, second-hand condominiums have gained popularity among foreign buyers, with a ratio of 41 percent compared to new condominium units. Foreigners, especially those from China, Russia, the United States, the United Kingdom, and Germany, have shown interest in purchasing second-hand condominiums, particularly in inner-city areas or locations near central business districts.

Overall, the real estate market in Vietnam continues to attract foreign capital, with the ownership transfer of condominium units by foreigners experiencing significant growth in the first quarter of 2023.

Which nationality had the highest average price per unit among the transferees

Oportion of 37.7 percent.

Foreign buyers now make up 15.9 percent of the total number of units transferred and 24.3 percent of the total value. Among the nationalities of the transferees, Myanmar had the highest average price per unit at 6.5 million baht, while India had the largest average room size at 77.7 square meters.

The recovery of the market and the opening of the country have played a crucial role in attracting foreign buyers. The normalization of economic activities worldwide and the recovery of the tourism industry in Thailand have also contributed to the increase in ownership transfers. The Chinese remain the largest group of foreign buyers, followed by Russia, the United States, the United Kingdom, and Germany.

In terms of unit price levels, condominiums priced no more than 3 million baht continue to be the most popular among foreigners. These units accounted for 50.3 percent of the total number of transfers but only 20.0 percent of the total transfer value. On the other hand, condominiums priced between 7.51 and 10.00 million baht had the lowest number of transfers, representing only 5.4 percent, but the highest transfer value at 32.0 percent.

The transfer of ownership of second-hand condominiums has also seen significant growth, with foreigners showing interest in buying second-hand units, especially in inner-city areas or near the central business district. Chinese, Russian, US, UK, and German buyers have been particularly active in this market.

Overall, the data from the Government Housing Bank’s data center indicates a positive trend in the transfer of ownership of condominium units by foreigners in Thailand. The recovery of the market and the opening of the country have contributed to the growth in both the number of units transferred and the value of these transfers. With the continued interest of foreign buyers, the real estate market in Thailand is expected to thrive in the coming months.