In 2024, Thailand's real estate market experienced a nuanced shift, with a modest 0.9% increase in condo transfers to 14,573 units, despite a 6.8% drop in total transaction value to 68.18 billion baht. The average price per unit bought by foreigners also saw a decrease to 4.7 million baht from 5.1 million baht the previous year.

Shift in Market Dynamics: China's Decline and the Rise of Myanmar and Taiwan

The landscape of Thailand's condo market is changing, with Chinese and Russian buyers pulling back. Chinese purchases fell by 14.3% to 5,670 units, with transaction value dropping 22.2% year-on-year, reflecting China's economic slowdown and geopolitical uncertainties. Conversely, buyers from Myanmar and Taiwan have surged, with Myanmar's condo purchases increasing by 146.1% and Taiwanese buyers boosting their purchases by 57.1%, thanks in part to Thailand's visa-free policy.

India: A New Contender in the Condo Market

Indian buyers have made a significant entry into Thailand's condo market, marking their presence with a preference for larger units. Despite a modest 0.4% increase in purchases, their choice of condos over 70 square metres, averaging 5.9 million baht per unit, sets them apart from other foreign investors.

Looking Ahead: 2025 Market Outlook

The foreign condo market in Thailand is poised for stability or slight growth in 2025, with continued interest from Chinese, Myanmar, Russian, and Taiwanese buyers. However, geopolitical tensions remain a wildcard, potentially influencing investment decisions. Emerging interest from India, Australia, and France suggests that Thailand's condos remain a desirable investment for a diverse group of international buyers.