Chinese, Russian buyers eye Thailand condos as tourists return to Bangkok, Pattaya and Phuket

A total of 10,703 units worth 52.3 billion baht (US$1.5 billion) were sold in the nine months through September from a year earlier, according to the Real Estate Information Center. That’s a 38 per cent jump from a year ago, the centre, managed by state-owned Government Housing Bank, said.

Chinese buyers snapped up 4,991 units, or almost 47 per cent of the total transactions, valued at 24.7 billion baht, the centre said, citing property registration data.

China tourists inject US$4 billion into Thailand after visa waivers

Almost 42 per cent of the condos were sold in Chonburi province, that is home to a number of beaches and industrial estates. Bangkok, Thailand’s capital city and a gateway for millions of tourists, accounted for 37.5 per cent of flat sales to foreigners, the centre said.

“Thai condominiums are still in demand among foreign buyers,” Wichai Wiratkaphan, acting director at the information centre, said in a statement.

“The purchase is for both investment and as a second home in Thailand.”

The visa waivers may further fuel demand for Thai condos, Wachai said, adding that foreign ownership was way below the legal limit set by authorities. The forecast for an increase in tourist arrivals next year will drive demand, he said.

The Tourism Authority of Thailand expects a further recovery to 35 million visitors next year, including 8.2 million from China. That’s still below the record foreign tourist arrival of almost 40 million in 2019, the year before the pandemic.