Chinese buyers are the top foreigners buying condominiums in Thailand. They have invested 15 billion baht in real estate in the first eight months of this year. Suphin Mechuchep, who is the chairperson of Jones Lang LaSalle, thinks there are currently 770,000 condo units for sale in Thailand.
That number will increase by 14% to 876,000 by 2025. In the first eight months of 2022, 58,078 units worth a total of 151 billion baht were transferred to buyers. Foreign buyers made up about 10% of the buyers, booking 5,800 apartments for a total of 30 billion baht. China accounts for about 50% of the overall value.
Top Nationality of Homebuyers in Thailand
Types of Condos Popular for Chinese Buyers
High-rise condominiums near the Chao Phra River in Bangkok City are popular with Chinese buyers. To meet the demand, real estate developers have reduced the price of luxury homes. The Bank of Thailand's new Loan-to-Value policy has also caused real estate developers to focus on small to mid-sized condos outer part of Bangkok City. Check out guide here for on more Bangkok apartment recommendation that is good for rent, as a second home or for investment purposes.
They usually chose three to five-bedroom properties priced between 17 million and 35 million baht. Chinese buyers who made purchases in the same price range came after them. This is a good sign that pool villas in Phuket and Chiang Mai are in demand from Chinese and Russian buyers.
Outlook of Bangkok Condo Market in 2023
Property developers were also worried about an oversupply of condos in Bangkok City due to the pandemic. Many condos were undersold and had to offer promotions. Russian buyers were the main buyers of pool villas at the time.
Over the past three years, high-end and premium condominiums have sold well, but few new projects have been launched.