SUNDAY, February 25, 2024

Chinese people top list of foreign property buyers in Thailand, data shows

Chinese people top list of foreign property buyers in Thailand, data shows

Chinese nationals are still the biggest buyers of property in Thailand, with more than 2,000 units transferred in the second quarter of 2022 alone.

Wichai Wirattaphan, acting director of the Real Estate Information Centre, said recently that 2,326 units were transferred to Chinese buyers in the second quarter of this year, up by 27.6% year on year.

The value of the units was 12.11 billion baht, up by 26.9% compared to the same period last year, while the total area was 109,486 square metres, up by 27.6%.

He added that since the number of new properties available in downtown or business districts is reducing, second-hand units are being snapped up by foreigners, especially those from Europe, the US, Australia, Russia and India.

According to data available, the biggest buyers of condominium units in Thailand are from China, Russia, the US, UK and Germany in that order.

Those who spend the highest on property in Thailand are from China, the US, France, Russia and Cambodia.

Wichai said the average price of condominium units bought by foreigners is about 5 million baht per unit, though the Taiwanese in general spend the most at about 7.1 million baht per unit and Russian and German buyers average at about 3.2 million baht per unit.

He added that on average, units of 60 square metres and less are popular among foreigners, accounting for more than 80% of units transferred in each quarter.

The five provinces most popular among foreign property buyers in the first six months of 2022 were:

  • Bangkok
  • Chonburi
  • Samut Prakan
  • Phuket
  • Chiang Mai

Of the units transferred in the first half of this year, 43.8% were in Bangkok and 31% in Chonburi.

The government recently decided to allow wealthy foreigners who invest at least 40 million baht in Thailand for three years to buy houses and up to 1 rai of land in specific areas.

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