The Thai condominium market saw remarkable growth in the first nine months of 2024, with Myanmar buyers emerging as the second-largest group of foreign purchasers, surpassing Russian buyers and following only Chinese buyers. This shift marks a significant milestone, driven by the resumption of transactions following a brief market disruption caused by the Myanmar government's temporary crackdown on foreign real estate investments in April 2023.
According to Cushman & Wakefield Thailand's research and consultancy division, the market impact of the crackdown was short-lived. Surachet Kongcheep, Head of Research and Consultancy at Cushman & Wakefield Thailand, highlighted that Myanmar buyers swiftly returned to the market, leveraging funds transferred earlier to secure Thai condominium units.
"Thai developers are actively engaging Myanmar buyers by hosting property tours in Thailand. This approach allows for better marketing opportunities, efficient follow-ups, and direct communication with genuine buyers," said Mr. Surachet.
Market Highlights:
- Record-Breaking Sales: Thai condo transfers to Myanmar buyers in 2024 have already surpassed the total for 2023. In the first nine months, 1,050 units worth 5.46 billion baht were sold, compared to 564 units worth 3.7 billion baht for the entire year of 2023.
- Growing Momentum: The first half of 2024 saw 638 units sold to Myanmar buyers, totaling 3.24 billion baht. This represents a significant increase from previous years, where sales were fewer than 50 units worth less than 253 million baht.
- Premium Preferences: The average unit price for condos purchased by Myanmar buyers ranked third among foreign buyers at 5.2 million baht, following Indian and American buyers.
Foreign Buyer Trends in 2024:
Chinese buyers retained their position as the largest group of foreign buyers, accounting for 39.7% of the total units sold (4,386 units) and 39.3% of the total transaction value (20.2 billion baht).
Nationwide, foreign buyers acquired 11,036 units worth 51.5 billion baht in the first nine months of 2024, representing a 3.1% year-on-year increase in volume but a slight 1.5% decrease in value. The proportion of condo transfers to foreigners compared to Thais was 13.3%, with the value proportion rising to 24.2%.
Leading Locations:
Bangkok remained the top destination for foreign condo buyers, followed by Chon Buri, which accounted for 38.7% of the total units and 36% of the transaction value.
Cushman & Wakefield Thailand continues to monitor these dynamic trends, providing insights and guidance to developers and investors navigating the evolving landscape of the Thai real estate market.
