Foreign buyers gain ground in Bangkok condos as Thai demand fades

Amid a property market facing volatility from both overseas and domestic economic conditions, and with Thai purchasing power having faded from the market, foreigners are now playing an increasingly larger role in condominium purchases.

It is therefore believed that Thailand should introduce measures to protect the interests of the nation and the Thai people before it is too late.

Sopon Pornchokchai, President of the Thai Real Estate Research and Valuation Information Centre at Agency for Real Estate Affairs Co., Ltd. (www.area.co.th), disclosed the results of a survey on condominium sales in all condominium projects currently on the market in Bangkok and its surrounding areas, covering nearly 2,000 projects, and found data that can be used to support policy and planning by the public sector, private sector and civil society, as follows.

By the end of 2025, foreigners had purchased 6,160 condominium units in Bangkok and its surrounding areas, all of them primary-market homes bought from property developers.

This was the highest level since the Covid-19 outbreak in 2020.

These purchases accounted for as much as 23.5% of the total number of condominium units sold from developers’ inventories in 2025, with a combined sales value of THB29.793 billion, or around 26.6% of the total value of all condominium units still held by developers and sold in 2025.

However, before the Covid-19 outbreak, foreigners bought more condominium units than at present.

In 2019, foreigners purchased as many as 6,558 units, more than the number bought in 2025, but this represented only 12.1% of all condominium units held by property developers and sold in that year.

In value terms, foreign purchases totalled 30,516 units, higher than the figure in 2025, but accounting for only 14.6% of the value of condominium units held by developers and sold in that year.

The proportion of units sold to foreigners in 2019 was not particularly high, as there were still many Thai buyers at the time because the national economy had not yet declined as it has at present.

Since the Covid-19 outbreak in 2020, foreigners purchased only 1,017 condominium units, a dramatic drop from 6,558 units in 2019, leaving purchases at just 16% of the 2019 level.

In 2021, the situation remained weak, with foreigners purchasing only 1,243 units.

The situation began to improve in 2022, when foreign purchases rose to 4,203 units, and in 2023-2025 they increased further to 5,036 units, 5,748 units and 6,160 units respectively.

Likewise, the value of condominium purchases by foreigners also increased.

The value of condominium purchases in 2025, at THB29.793 billion, was nevertheless lower than in 2024, when purchases reached THB39.640 billion.

A key reason was that the economies of other countries had also weakened, including those in Europe, Russia, the former Soviet states and China.

China, in particular, had imposed especially strict controls on capital outflows.

Moreover, another major factor may have been the earthquake on March 26, 2025.

It can be observed that foreigners buy condominium units at a higher average price than Thais.

In the latest year, 2025, foreigners paid an average of THB4.836 million, while Thai buyers paid an average of THB4.087 million, or 18% less.

Even so, this difference was not very large.

In principle, foreigners should be required to buy condominium units at higher prices than Thais in order to prevent them from competing directly with Thai buyers.

Such competition pushes prices higher because demand increases, making it more difficult for Thais to buy homes.

In Malaysia, for example, foreigners are allowed to buy residential property in Kuala Lumpur only at prices of around THB16 million or above, while in Indonesia, foreigners are allowed to buy residential property only at prices of no less than THB10 million.

The location in Bangkok and its surrounding areas that attracted the highest foreign purchasing value was the city centre, or Central Business District (CBD), where total purchases reached 2,015 units.

Foreigners bought as many as 44.2% of all condominium units sold in that location in 2025.

The total value purchased by foreigners there came to THB16.596 billion (US$526.9 million), or around 32.7% of the total value of all condominium transactions in that location.

The average price paid by foreigners in the CBD was THB8.236 million, or US$261,460.

Of the total value of foreign condominium purchases in Bangkok and its surrounding areas, amounting to THB29.793 billion (US$945.8 million), as much as 55.7% was spent in the CBD.

This shows that foreigners most prefer condominium units in the city centre, presumably because they come to do business and live in areas with complete infrastructure, especially expressways and urban rail lines.

In addition, the city centre is a major shopping and entertainment hub, making life there more convenient.

The Ratchada-Lad Phrao area ranked first in terms of unit volume, with foreigners buying as many as 2,089 units out of 2,603 units, or 80.3%. This suggests purchases above the 49% quota.

Part of this may have involved nominee companies or purchases made through Thai nationals.

In this area, Chinese buyers were likely the largest group because there are Chinese communities nearby, such as Huai Khwang and Ratchadaphisek.

It may therefore be said that condominium units in this area were being marketed primarily to foreign investors.

As for the total value of foreign condominium purchases in the Ratchada-Lad Phrao area, it reached THB7.144 billion, or US$226.8 million, or about 72.2% of the total value of condominium units in that area.

However, the units purchased there had an average price of only THB3.42 million.

In one sense, this means they were bought at prices even lower than the average paid by Thai buyers.

This could therefore be seen as direct competition with Thai consumers.

Another prominent location that attracted foreign condominium buyers in Bangkok and its surrounding areas was the On Nut-Suvarnabhumi area, where foreigners bought 778 units, or 26.2% of all condominium units in that area, with a total value of THB2.919 billion (US$92.7 million), or 32.8% of the total value of condominium units in that area. The average purchase price was THB3.752 million per unit (US$119,111).

Another nearby location was the Bang Na-Thepharak area, where foreigners bought a total of 689 units, or 20.7% of all units in that area, with a total purchase value of THB1.498 billion (US$47.6 million).

The purchase price there was relatively low, at just THB2.174 million per unit, or US$69,016.

Both the On Nut-Suvarnabhumi area and the Bang Na-Thepharak area extend from Sukhumvit Road in Watthana and Khlong Toei districts, which are quality residential locations.

They are also easily connected to the city by urban rail and provide convenient access to Suvarnabhumi International Airport, which is why both locations attract large numbers of foreign buyers.

There were also other locations with a fair number of foreign buyers, such as Phahon Yothin-Ram Inthra (107 units), Bang Kapi-Min Buri (105 units) and Krung Thon-Bang Phlat (27 units).

All three locations are served by mass transit but are situated some distance from the city centre, which is why the number of buyers was not particularly high.

Areas with no or almost no buyers included Rangsit-Pathum Thani, Chaeng Watthana, Bang Sue-Tiwanon, Suksawat-Pracha Uthit, Pinklao-Phutthamonthon and Nonthaburi-Bang Bua Thong.

This suggests that the authorities may designate specific zones for foreign buyers, particularly in the city centre or intermediate areas.

At present, by the end of 2025, if foreigners had not accounted for 23.5% of purchased units, or 26.6% of purchase value, the residential condominium development business would likely have fallen into even deeper decline.

However, for the benefit of the country and the public as a whole, Thailand should introduce certain requirements, such as the following.