Chinese top condo buyers in Thailand by a high margin

After a steep fall in the number of condominium buyers in Thailand during the various peaks of the Covid-19 pandemic in the country and also a substantial decline in condo prices, things are somehow slowly getting better and interest from buyers seems to return, first and foremost from Chinese.

Recent research by Thailand’s Real Estate Information Center (REIC) strongly suggests that the condominium building activities in Bangkok and other popular destinations such as Chiang Mai and Pattaya are kept going in preparation for heavy Chinese investment once the COVID-19 pandemic subsides, starting with an anticipated influx of bargain hunters.

According to Thai condominium ownership data covering the past three years, at the top of the list – and by a long shot – were Chinese buyers who represent 51.8 per cent of all foreign condo owners in Thailand with 729,972 properties.

Behind the booming demand for Thai properties from Chinese is a growing wealthy middle class in Chinese cities who is looking for a safe place to park their assets which are easily convertible and distant enough from the financial clasp of the Chinese government.

Second, with a significant gap, were Russians with 76,624 condominiums, or 5.4 per cent, French with 57,541, or 4.1 per cent, UK citizens with 56,337, or four per cent, and US citizens 41,767 condominiums, or about three per cent.

Russian condo buyers come second

The rest of the top ten with ownership in the 30,000-range were Germany, Japan, India, Taiwan and Australia. All these nations held between two and three per cent of foreign-owned condos.

The list was put together by the REIC in reference to a proposal by the Thai government to entice high-spending foreigners to come to invest their money in Thailand in exchange for a 10-year visa. One of the investment options is property investment, including the purchase of a condominium.

The REIC research also shows that around 80 per cent of condominium transaction involving foreigners are made in Bangkok or Chonburi (which includes Pattaya), and most of the others in Chiang Mai and Phuket.

Boom expected when Chinese and Thai borders open

REIC executive director Vichai Viratkapan anticipates a boom in property buying in Thailand when international travels resumes and the Chinese government allows their people to travel overseas.

The REIC also suggests that the ceiling on foreign property ownership in a condominium is getting raised to 75 per cent from currently 49 per cent and also proposes that foreigners would be allowed to buy new houses with a price tag of over ten million baht in selected estates directly from the developer and get a land title. Currently, foreigners can only lease the land a house is built on.



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After a steep fall in the number of condominium buyers in Thailand during the various peaks of the Covid-19 pandemic in the country and also a substantial decline in condo prices, things are somehow slowly getting better and interest from buyers seems to return, first and foremost from Chinese. Recent research by Thailand’s Real Estate Information Center (REIC) strongly suggests that the condominium building activities in Bangkok and other popular destinations such as Chiang Mai and Pattaya are kept going in preparation for heavy Chinese investment once the COVID-19 pandemic subsides, starting with an anticipated influx of bargain hunters. According...

After a steep fall in the number of condominium buyers in Thailand during the various peaks of the Covid-19 pandemic in the country and also a substantial decline in condo prices, things are somehow slowly getting better and interest from buyers seems to return, first and foremost from Chinese.

Recent research by Thailand’s Real Estate Information Center (REIC) strongly suggests that the condominium building activities in Bangkok and other popular destinations such as Chiang Mai and Pattaya are kept going in preparation for heavy Chinese investment once the COVID-19 pandemic subsides, starting with an anticipated influx of bargain hunters.

According to Thai condominium ownership data covering the past three years, at the top of the list – and by a long shot – were Chinese buyers who represent 51.8 per cent of all foreign condo owners in Thailand with 729,972 properties.

Behind the booming demand for Thai properties from Chinese is a growing wealthy middle class in Chinese cities who is looking for a safe place to park their assets which are easily convertible and distant enough from the financial clasp of the Chinese government.

Second, with a significant gap, were Russians with 76,624 condominiums, or 5.4 per cent, French with 57,541, or 4.1 per cent, UK citizens with 56,337, or four per cent, and US citizens 41,767 condominiums, or about three per cent.

Russian condo buyers come second

The rest of the top ten with ownership in the 30,000-range were Germany, Japan, India, Taiwan and Australia. All these nations held between two and three per cent of foreign-owned condos.

The list was put together by the REIC in reference to a proposal by the Thai government to entice high-spending foreigners to come to invest their money in Thailand in exchange for a 10-year visa. One of the investment options is property investment, including the purchase of a condominium.

The REIC research also shows that around 80 per cent of condominium transaction involving foreigners are made in Bangkok or Chonburi (which includes Pattaya), and most of the others in Chiang Mai and Phuket.

Boom expected when Chinese and Thai borders open

REIC executive director Vichai Viratkapan anticipates a boom in property buying in Thailand when international travels resumes and the Chinese government allows their people to travel overseas.

The REIC also suggests that the ceiling on foreign property ownership in a condominium is getting raised to 75 per cent from currently 49 per cent and also proposes that foreigners would be allowed to buy new houses with a price tag of over ten million baht in selected estates directly from the developer and get a land title. Currently, foreigners can only lease the land a house is built on.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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