Condo buildings under contruction in Bangkok (Source: Pattanapong Hirunard)

Bangkok – While the number of Thai nationals buying domestic condominiums has slowed down, the demand from foreign buyers continues to surge, accounting for 24.6 per cent of the total property transfer value nationwide in the first half of this year, up from 20.5 per cent the previous year.

Leading the way among foreign buyers are customers from China with 3,488 units, followed by Russia, the US, France and the UK.

Vichai Viratkapan, Acting Director General of the Real Estate Information Centre (REIC), said the increase in the transfer value of condominiums to foreign buyers is due to Thailand fully reopening in the second half of the previous year. This allowed foreign buyers of pre-sale condominiums to return and complete their transactions. Furthermore, the number of foreign buyers of completed condominiums, ready for transfer from developers, has also increased, he added.

According to the REIC, the number of condominium transfers to foreign buyers in the first half of this year reached 7,338 units, with a total value of 35.2 billion THB (979 million USD), representing increases of 65.6 per cent and 57.8 per cent, respectively.

Chon Buri province has taken the lead in the number of condominium transfers to foreign buyers, surpassing the capital city of Bangkok for the first time.