Shift in Chinese Condo Purchases in Thailand

For the first time in five years, Chinese buyers' condo transfers in Thailand dropped below 40%, accounting for 39% of total international transfers last year. This marks a significant decline from 61% in 2020, highlighting a shifting trend in the real estate market.

Impact of Reduced Tourism

Patcharaphot Nuntramas, chief economist at Krungthai Compass, links the decrease in condo transfers by Chinese buyers to a reduction in visitors from China. Increased competition from destinations like Japan, Vietnam, and South Korea has diverted Chinese tourists, affecting condo sales.

Earthquake Adds to Challenges

The recent earthquake in Thailand and its effects on some Chinese regions are expected to further dampen condo purchases by Chinese buyers this year. Although the impact is predicted to be short-term, it adds to the current challenges facing the Thai condo market.

Market Trends and Foreign Buyers

Despite a 6.8% year-on-year decrease in total condo transfers by foreign buyers last year, the market had seen consistent growth since 2020. Chinese buyers remain the top group, followed by those from Myanmar, Russia, Taiwan (China), and the U.S., indicating the global appeal of Thai real estate.