Russian buyers rank second by value in Thailand’s foreign condo market
Russian and Indian demand grows as Chinese buying weakens, while the value of condominium transfers to foreigners rises in Chon Buri and Phuket.
- Russian buyers have become the second-largest group by value in Thailand's foreign condo market, with their transfer value increasing by 49.6% in the third quarter of 2026.
- This rise to second place occurred as demand from China, the traditional top market, experienced a significant decline of 36.1%.
- The growth in Russian investment is a key driver for the property markets in Chon Buri and Phuket, where the value of their purchases grew by 57.3% and 80.3% respectively.
- The trend is part of a broader shift in Thailand's foreign buyer base, which is becoming more diverse with growing demand from India and Western countries, offsetting some of the decline from China.
Foreign demand for condominiums in Thailand remains under pressure, with ownership transfers down 12.7% in the first nine months of 2026.
Yet the slowdown masks a shift in the buyer base: demand from China, long the dominant market, has fallen sharply, while Russian, Indian and Western buyers are expanding their presence, bringing Chon Buri and Phuket to prominence.
Weaker Chinese demand weighs on market as Russian buying grows
Weaker foreign demand is challenging Thailand’s condominium market, but the decline is uneven and points to a significant structural change in its buyer base.
Figures from the Real Estate Information Center (REIC) show that ownership of 3,085 condominium units was transferred to foreign buyers across the country in the third quarter of 2026, down 19.7%.
The combined value fell 7.6% to THB14.206 billion.
Transfers over the first nine months totalled 9,618 units, a fall of 12.7%, while their value declined 3.7% to THB42.473 billion.
Although the drop in value was smaller than the reduction in unit numbers, the figures indicate that foreign demand has yet to recover fully.
Beneath the declining totals, however, shifts in buying patterns across nationalities point to a market that does not rely solely on demand from any one country.
Russia rises to second place
China remained the largest source of foreign buyers by transfer value in the third quarter, although demand fell 36.1%, underlining continued pressure on the traditional leading market.
Russian buyers moved in the opposite direction, with transfer value up 49.6%, taking them into second place behind China and making them a key driver of the foreign-buyer segment.
Demand from Myanmar fell 35.1%, showing that the changing pattern of buying extended beyond China to several nationalities.
Continued growth from India and Western markets reflects a new buyer base
Growth was not confined to Russia.
Transfer values for buyers from India rose 66.6%, followed by the United Kingdom at 34.6%, the United States at 30.4% and Germany at 2.9%.
In contrast, the value for buyers from Taiwan fell 50.5%.
The figures show a more diverse foreign buyer base.
Although the overall market remains subdued, buyers from some countries still have the capacity and are ready to make up for weaker demand elsewhere.
Bangkok declines as Chon Buri and Phuket gain ground
Regional performance was similarly uneven.
Bangkok retained the highest value of condominium ownership transfers to foreigners, at THB7.572 billion, despite a 19.8% decline.
The major tourist destinations of Chon Buri and Phuket, however, recorded growth against the wider downturn.
Transfer values for foreign buyers in Chon Buri rose 14.3% to THB2.713 billion, while Phuket recorded growth of 60.4% to THB2.436 billion.
This reflects the strength of housing markets in locations supported by demand from particular groups of foreign buyers.
Russian demand played an important role in the growth of both provinces, with the value of Russian purchases rising 57.3% in Chon Buri and 80.3% in Phuket.
The figures indicate that property market growth depends not only on broader economic conditions or national purchasing power, but also on each location’s ability to attract buyers with specific needs.
Opportunities extend beyond the largest markets
Thailand’s foreign condominium market in 2026 therefore presents an important challenge for the property sector: a “slowdown” in foreign demand does not mean that all business opportunities have disappeared.
Weaker demand from China, alongside growth from Russia and India and gains in Chon Buri and Phuket, signals a shift in demand that developers need to watch closely.
Future competition may depend not on who has projects in major locations or the most units, but on who has a deeper understanding of buyers of each nationality and can develop properties precisely suited to the needs of specific market segments.
While the market remains short of a full recovery, developers who spot shifts in demand early have an “opportunity” to capture spending from growing markets ahead of their competitors.
