Foreign demand for Thai property is expected to remain subdued in 2025 due to intensified enforcement against nominee ownership and the global economic downturn. Kamonpop Veerapala, president of the Government Housing Bank and acting director-general of the Real Estate Information Center (REIC), reported that condo transfers to foreign buyers declined year-on-year in four of the last six quarters.
This marked the first year-on-year drop since Thailand reopened after the pandemic, following six quarters of growth. The slowdown began in Q4 2023 with a slight 0.5% decrease compared to the same period in 2022. A 4.3% rebound occurred in Q1 2024, followed by a 6.8% fall in Q2. Growth resumed in Q3 2024 with an 11.6% rise, but was succeeded by two consecutive declines: 5% in Q4 2024 and 0.5% in Q1 2025.
In 2024, foreign condo unit transfers nationwide reached 14,573, a 0.9% increase from 2023, while total value dropped 6.8% to 68.1 billion baht. In Q1 2025, 3,919 units transferred to foreign buyers, valued at 16.4 billion baht, down 0.5% in volume and 9% in value year-on-year.
Despite these declines, the share of foreign ownership rose. By unit count, foreign buyers accounted for 18% in Q1 2025, up from 16.7% in Q1 2024 and 10.7% in Q4 2024. In value terms, the share increased to 29.3% from 28.6% and 19.9%, respectively.
The top three nationalities purchasing condos remained China (38%), Myanmar (11%), and Russia (7%) in Q1 2025, similar to Q4 2024. The fourth to eighth positions shifted, with Taiwan fourth, followed by France, the US, the UK, and Germany. Singapore ranked ninth, followed by Australia, reversing their previous order.
The average price per unit sold to foreigners in Q1 2025 was 4.2 million baht, with an average size of 41.9 square metres.
