China retreats — Russians reshape Thai condo demand
Foreign condo transfers in Thailand fell nearly 18% in Q1 2026 as Chinese demand weakened and Russian buyers moved into second place
- Purchases of Thai condominiums by Chinese buyers, historically the largest foreign group, have dropped sharply by 38.8% in units year-on-year.
- Russian buyers have surged to become the second-largest group, with a 33% increase in units and a 68.7% jump in purchase value, indicating a focus on luxury properties.
- This shift is reshaping the market, with rising Russian demand supporting the high-end condo segment in tourist destinations like Phuket and Pattaya.
- The trend marks a diversification of Thailand's foreign property market, reducing its heavy reliance on Chinese investment.
Thailand’s foreign condominium market is entering a new phase, with Chinese buyers pulling back sharply while Russian demand rises and keeps the luxury segment in key tourism destinations alive.
Transfers of condominium ownership to foreign buyers fell steeply in the first quarter of 2026, even as the wider Thai housing market began to show signs of recovery. The Real Estate Information Centre (REIC) said nationwide housing transfers rose 11.2% year on year to 72,583 units in the quarter, with total value up 3.1% to 187.18 billion baht. Foreign condo transfers, however, moved in the opposite direction.
In the first three months of the year, foreigners took ownership of 3,241 condominium units in Thailand, down 17.3% from the same period last year. The combined transfer value fell 17.9% to 13.46 billion baht.
The fall does not mean foreign buyers have lost importance. REIC said they still accounted for 13.6% of all condominium units transferred nationwide and 23.9% of total condo transfer value, showing that overseas demand remains concentrated in higher-priced projects rather than the mass market.
China still leads, but momentum weakens
Chinese buyers remained the largest foreign group, but the numbers point to a clear loss of momentum. In the first quarter, Chinese nationals took ownership of 906 condominium units, a drop of 38.8% year on year. Transfer value plunged 42.9% to 3.49 billion baht.
The decline signals a slowdown in the purchasing power of a group that has long acted as a core engine of Thailand’s foreign condominium market. The weakness has been linked to China’s uneven economic recovery, pressure in its domestic property sector and tighter controls on moving capital overseas.
That shift is especially striking when compared with the post-pandemic rebound. In the first quarter of 2023, foreigners transferred 3,775 condominium units worth 17.12 billion baht, with Chinese buyers alone accounting for 1,747 units.
Russians move into second place
As Chinese buyers slowed, Russian buyers moved in the opposite direction. Russians became the second-largest foreign buyer group in the first quarter of 2026, with 383 condominium units transferred, up 33% year on year. Their transfer value jumped 68.7% to 1.67 billion baht.
The sharper rise in value than in unit numbers suggests Russian buyers are moving into higher-end properties, especially in tourism-led markets such as Phuket and Pattaya. Since the Russia-Ukraine war began, a growing number of Russian investors and wealthy buyers have looked overseas for second homes, with Thailand benefiting from its cost of living, climate and lifestyle appeal for long-stay foreigners.
Phuket stands out in the luxury market
By location, Bangkok remained the largest market by transfer value, with 6.14 billion baht, or 45.63% of total foreign condo transfer value. Chonburi led in terms of units, with 1,167 condominium transfers, representing 36% of all foreign-buyer transactions, driven mainly by demand in Pattaya.
Phuket, however, showed the strongest growth in value. REIC said the province’s transfer value rose 34.9% year on year, supported by demand for high-priced and luxury housing. The trend underlines the continued appeal of resort destinations among European and Russian buyers, even as the broader foreign market softens.
A new balance in foreign demand
For years, Thailand’s condominium market relied heavily on Chinese purchasing power. The latest figures suggest that structure is beginning to change.
Chinese buyers are still the largest group, but they are no longer expanding at the same pace. At the same time, Russians, Europeans and other emerging buyer groups are helping fill part of the gap, particularly in upper-end projects in tourism provinces.
The key question now is how quickly Thailand’s property sector can diversify its foreign buyer base. If developers and policymakers can reduce reliance on a single market, the foreign condominium segment may remain resilient. If not, the slowdown in Chinese demand could continue to weigh on transfers, especially in projects built around assumptions of sustained Chinese growth.
