Chinese and Russian buyers are leading the way in buying real estate in condominiums

Published: December 15, 2023 at 3:48 p.m.

Chinese and Russians topped the list of foreign apartment buyers in Thailand this year

Sales have surged in tourist areas such as Bangkok, Pattaya and Phuket. In the nine months to September, 10,703 units worth 52.3 billion baht (US$1.5 billion) were sold, up from a year earlier, the Real Estate Information Center said. The increase is 38%, said the center run by the state-owned mortgage bank.

Chinese buyers bought 4,491 units, or nearly 47 percent of total transactions

worth 24.7 billion baht, the center said, citing property registration data. Second place went to Russians with 962 units, followed by buyers from the US and Taiwan. Almost 42% of apartments were sold in Chonburi province, where several beaches and industrial zones are located. Bangkok, Thailand's capital and an entry point for millions of tourists, made 37.5 percent of apartment sales to foreigners, the center said.

"Thai apartments still in demand among foreign buyers "

said Vichai Weerakthapan, acting director of the information center. "The purchase is for both investment and a second home in Thailand." Apartments under construction along Rama IX Road in Bangkok.

The Tourism Association of Thailand (TAT) expects the number of visitors to recover to 35 million next year.

including 8.2 million Chinese. However, this is still below the record foreign tourist numbers of nearly 40 million in 2019, the year before the Covid-19 pandemic.

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