Foreign buyers have returned to Thailand's real estate market - Business in Thailand

Foreign buyers are expected to drive growth in Thailand's real estate market in the second half of this year. They are driving growth in the industry, while local buyers continue to face unfavorable factors. The number of ownership transfers to foreigners in Thailand has increased significantly, reflecting a positive trend in the recovery of the real estate market.

Property values in Thailand are expected to increase by 2023, and foreign buyers will play a significant role in overall sales. Thanks to the purchasing power of foreign buyers and the opening up of China, the country is seeing an improving economy, but local buyers have not yet fully recovered their purchasing power due to factors such as rising interest rates, inflation and political uncertainty.

In the first quarter of 2023, the number of ownership transfers to foreigners increased by 79.2% compared to the same period last year.

Predictions and statistics

The Real EstateAgency (AREA) predicts that foreign buyers will account for 15% of the total property value or 10% of the total number of title transfers, and their share of purchases will increase to about 18% of the total number of units sold in the next two years. According to data from the Real Estate Information Center (REIC) of the State Housing Bank, the number of ownership transfers to foreigners nationwide increased 79.2% to 3,775 units in the first quarter of 2023 compared to the same period last year, and the value of these transfers rose 67.6%. Overall, there were transitions totaling 17.1 billion baht in the first quarter.