Chinese top foreigners who purchased condos in Thailand: REIC

REIC acting director-general Wichai Viratakaphan said 2,107 condominium units worth THB10.26 billion were transferred to foreigners in the first quarter of 2022.

In the same quarter last year, foreigners that bought the most condominiums were:

1. Chinese: 949 units
2. Russians: 134 units
3. US citizens: 114 units
4. Britons: 91 units
5. Germans: 81 units
6. French: 77 units
7. Taiwanese: 53 units
8. Indians: 51 units
9. Canadians: 40 units
10. Australians: 34 units.

As for value, the foreigners that spent the most by nationality in quarter one of 2021 were:

1. Chinese: THB4.57 billion
2. Russians: THB435 million
3. Cambodians: THB401 million
4. Taiwanese: THB391 million
5. French: THB390 million
6. US citizens: THB344 million
7. Britons: THB325 million
8. Australians: THB318 million
9. Indians: THB271 million
10. Germans: THB255 million.

In the first quarter last year, 45 per cent of condominiums sold to foreigners were bought up by Chinese citizens.

However, Wichai said it was surprising that Cambodians spent the third highest amount among foreign buyers with 4 per cent, and was listed in the top ten ranking for the first time.

He added that India was also significant in condominium purchases and value as the country had not been listed among the top ten for the past four years.

Wichai said the number of condominium sales in the first quarter of 2021 was close to the number before the Covid-19 pandemic.

He expected foreign purchasing power to increase with the government easing entry restrictions on international arrivals.

Moreover, if China keeps its lockdown measures and the Ukraine-Russia conflict continues, real estate sales will be limited and property owners might have to rely on domestic purchasing power in the second half of this year, Wichai added.