Top 10 nationalities buying condos in Thailand
Thailand’s Real Estate Information Centre (REIC) revealed the top 10 nationalities buying condos in Thailand in the first six months of 2022, with Chinese and Russian investors leading the way. In Thailand, foreigners are permitted to own 49% of the units in any condominium building. The remaining 51% must have Thai ownership.
The Inspector-General of the Government Housing Bank and Acting Director of the Real Estate Information Centre Wichai Wiratakaphan said more and more foreigners are buying condominiums in Thailand in recent years.
In the first half of 2022, 4,433 condominiums in Thailand were transferred to foreign ownership.
Foreigners buying the most condos in Thailand this year come from…
- China (25.3% or 2,072 units)
- Russia (3.2% or 263 units)
- USA (2.8% or 228 units)
- UK (2% or 167 units)
- Germany (1.2% or 160 units)
- France (1.8% or 151 units)
- India (1.6% or 130 units)
- Taiwan (1.2% or 95 units)
- Australia (1.1% or 89 units)
- Canada (0.9% or 72 units)
- Other (13.1% or 1006 units)
Chinese nationals are buying the most condominiums in Thailand by a mile, taking up more than a quarter of all condos sold to foreigners in the first six months of the year.
The most popular locations where foreigners like to purchase condos include Bangkok, Chon Buri (Pattaya), Samut Prakan, Chiang Mai, Phuket, Prachuap Khiri Khan (Hua Hin), Rayong, Trat and Phetchaburi.
The 4,433 condominiums on the list were sold for a collective value of 22,331 million baht, a 9.1% increase from condos sold to foreigners in the same period in 2021, which amounted to 20,472 million baht.
Thailand’s Cabinet recently agreed to let wealthy foreigners from four target groups buy property in Thailand and/or up to one rai of land. The measure will be effective upon its publication in the Royal Gazette.
While the Pheu Thai Party accused the government of “selling off” the country with foreign land ownership laws, the strict conditions and high investment fees might be off-putting to foreigners considering purchasing a rai of land in the kingdom.
Luckily, the same rules and conditions do not apply to condos, which can be bought freely and easily by foreigners so long as 51% of units in the building are owned by Thais.
If you’re looking for a condo or property to buy or rent in Thailand, the best place to search is www.fazwaz.com.
