National—
On April 27th, 2024, Mr. Prasert Taedullayasatit, a chief executive of a property business, publicly revealed an overview of the booming real estate market for foreigners in 2024, especially in the Myanmar market that had sales growth of 240% compared to the same period last year.
It was reported that the Chinese market still held the majority in the foreign real estate market at 50% while the growth of overall real estate trading decreased by 11% compared to the previous year.
The primary reason for the booming real estate in the Myanmar market was the civil war, as a result, middle to high classes invested in the Thailand real estate market increasingly in the past few years.
According to Prasert, the middle to high classes tended to invest in suburban condominiums, however, the upper high class tended to invest in urban condominiums, ranging from 40 to 50 million baht, and penthouses, closed to public electric trains.
Furthermore, Prasert stated that Ananda, the luxury private real estate company in Bangkok City, had a total sale in foreign markets in the first 3 months of 2024 of 2 billion baht, growing 14% compared to the 4th quarter of 2023, with the majority of those being Chinese investors.
Comparing the Myanmar to Chinese markets, it could be considered a small proportion, but the Myanmar market had the potential to grow further, remarked Prasert.
Meanwhile, the Myanmar investors sought an opportunity to invest 100 million baht in real estate for rent among themselves which was a change as previously they only purchased for living, stated Prasert.
Mr. Krit Techasumma, a leading developer of condominiums in major cities across the country, publicly revealed that the current domestic economy and purchasing power were delicate, causing the foreign market to expand in real estate, especially in urban areas that had high land values like in Phuket, Pattaya, and Bangkok.
