Bangkok, February 25th, 2025 – Following the global recovery from COVID-19, foreign buyers have returned to the Bangkok condominium market, accounting for 18% of new unit sales in 2024, up from 12% in 2019.
Foreign purchases peaked at 6,557 units in 2019 before plunging to just 1,017 in 2020. The market rebounded, with 5,748 units bought by foreigners in 2024. However, overall condo sales dropped sharply from 51,093 units in 2022 to 31,897 in 2024, reflecting a decline in Thai purchasing power, according to President of the Thai Real Estate Research and Valuation Information Center (AREA) Sopon Pornchokchai.
Total condo sales value in 2024 fell 30% from 2019 to THB 146.78 billion, yet foreign buyers increased their spending to THB 39.64 billion—up 30% from pre-pandemic levels. On average, foreigners paid THB 6.9 million per unit, compared to the overall market average of THB 4.6 million.
The most popular areas for foreign buyers were central Bangkok (31.3% of sales), Ratchada-Ladprao (67.9%), Onnut-Suvarnabhumi (29%), and Bangna-Theparak (13.4%), with Chinese and Myanmar buyers dominating some locations.
Sopon suggested Thailand set price minimums for foreign purchases, as seen in Malaysia and Indonesia, to prevent competition with lower-income Thais. He also proposed limiting foreign condo ownership to designated areas and using a lottery system to integrate buyers, similar to Singapore’s housing policies.
Foreign investment motivations vary: some seek economic influence, while Russians and Ukrainians flee war, and Myanmar nationals escape political turmoil. The total value of foreign real estate purchases in Thailand, including houses and regional properties, is estimated at THB 51.53 billion, remarked Sopon.
