Thailand condo market improved slightly in 2021, despite cautious expat buyers — CBRE
Thailand’s condominium market saw a modest improvement in 2021, despite the overall “sentiment” remaining low with a lack of foreign buying power. That’s according to a report by CBRE, which measured the pandemic’s effect on the country’s economy, customer confidence, spending power and an oversupply of options.
The report found that fewer international investors has compounded the situation. Foreign buyers, who make up a significant portion of the downtown market, were reportedly unable to travel to buy units, or lacked the confidence to buy off plans digitally as they had done previously.
Notably, in 2021 there were a total of 137,710 expatriates in Thailand, a 3.7% decrease year on year, while the number of expats living in Bangkok decreased by 4.3% year on year…
“…which we believe [is] due to repatriation and cost-saving measures.”
Meanwhile…
“The drop in Japanese and Chinese expatriates working in the Thai automotive industry continues with a drop of 6.3% Y-o-Y and 8.4% Y-o-Y, respectively, especially for Chinese nationals where there was a 9.7% decrease Q-o-Q.”
GRAPHIC: CBRE
Meanwhile, the ongoing pandemic, with no noticeable improvement throughout the year, pushed companies to send their foreign staff back to their home countries with lower accommodation costs.
Newly-announced properties in both the city and suburban areas signaled minor improvement in the condo market in Q4 of 2021. Regardless, the general outlook remained subpar, with various developments delayed or stopped due to factors such as financial viability, project positioning and waiting for market improvement.
AP Thailand, Sansiri, Noble Development, Origin Property, Sena Development, Major Development, Supalai and AssetWise are among the major developers who unveiled new projects last year.
In Bangkok, developers launches more than 9,000 new apartment units in the downtown area, with another nearly 8,000 units in surrounding suburban areas. Developers focussed on new apartment buildings in the suburban sector, while the market continues to be dominated by low-end projects with average values of 1-3 million baht.
According to the report, 3-bedroom units were the most popular and in-demand apartment unit size, accounting for 42% of total apartment sales. It was followed by 2-bedroom units, which captured 32% of total sales.
GRAPHICS: CBRE
SOURCE: CBRE
Thailand Property FAQ
Can foreigners buy property in Thailand?
Yes. Foreigners can own condominium units freehold, as long as foreign buyers hold no more than 49% of the building's saleable area. Land cannot be owned directly by foreigners; houses are usually held through a 30-year lease — and since a March 2025 Supreme Court ruling, automatic “30+30+30” renewal structures are not enforceable beyond the first 30 years. Read the full foreign-ownership guide.
What is Thailand's 49% foreign quota?
In any condominium project, no more than 49% of the total saleable floor area can be foreign-owned. The quota applies only to condos — not houses, land or leaseholds — and popular buildings in Bangkok, Phuket and Pattaya can hit the cap. How the quota works in practice.
How much are property transfer fees in 2026?
The transfer registration fee is cut to 0.01% (from the standard 2%) and the mortgage registration fee to 0.01% (from 1%) for purchases where both the price and assessed value are 7 million baht or less — extended by the Cabinet on June 30, 2026. On a 6-million-baht home that saves around 120,000 baht. Who qualifies for the cut · Standard fees & who pays what.
Is it better to rent or buy in Thailand as an expat?
It mostly depends on your time horizon: for stays under roughly five years renting usually wins once transfer costs and resale friction are counted, while longer stays can favour buying — especially with 2026's reduced fees. The rent-vs-buy maths for expats.
How much does property cost in Thailand?
A little over 2 million baht buys a freehold one-bedroom condo in central Chiang Mai — the same budget covers only a studio in Bangkok's CBD. Prices vary sharply by region and city. Average prices by region, and what they buy you.
What taxes do property owners pay in Thailand?
Owners pay the annual land and building tax, and rental income is taxable; buyers and sellers split one-off costs like transfer fees, stamp duty or specific business tax depending on the deal. The go-to guide to Thai property taxes.
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