The content of the article
- Transactions of foreigners with condominiums in Thailand in 2024
- Russians’ demand for real estate in Thailand in 2024
According to the latest data from the REIC (Real Estate Information Center) regulator, in 2024, a total of 14,573 apartments were purchased by foreign investors in Thailand, which is only 1% more than in 2023. At the same time, the total value of transactions decreased by 8%, amounting to $ 1.94 billion.
Transactions of foreigners with condominiums in Thailand in 2024
There was also a decrease in the average area of purchased properties: in 2024, the average condominium of foreign buyers “accommodated” 44.1 m2 against 45.6 m2 a year earlier, and the total area of all purchased apartments decreased by 2.5%.
As before, the most spacious apartments are preferred by citizens of India (71.6 m2) and Australia (59.9 m2), while the most compact units are chosen by residents of Taiwan (35.5 m2) and China (39.2 m2).
Transactions of foreigners with condominiums in Thailand in 2024
|
№ |
Citizenship |
Apartments purchased |
Total cost (million $) |
Total area (m2) |
The average cost of 1 unit |
Average area of 1 unit (m2) |
|
1 |
China |
5 670 |
754 |
222 400 |
133 403 $ |
39,2 |
|
2 |
Myanmar |
1 388 |
200 |
56 840 |
144 757 $ |
41,0 |
|
3 |
Russia |
1 079 |
104 |
44 010 |
96 504 $ |
40,8 |
|
4 |
Taiwan |
836 |
122 |
29 696 |
144 757 $ |
35,5 |
|
5 |
USA |
609 |
86 |
32 805 |
141 918 $ |
53,9 |
|
6 |
France |
521 |
63 |
27 048 |
122 050 $ |
51,9 |
|
7 |
Germany |
446 |
56 |
21 914 |
124 888 $ |
49,1 |
|
8 |
Great Britain |
414 |
48 |
22 152 |
116 373 $ |
53,5 |
|
9 |
Australia |
293 |
43 |
17 559 |
147 595 $ |
59,9 |
|
10 |
India |
260 |
43 |
18 616 |
166 699 $ |
71,6 |
|
Other countries |
3 057 |
416 |
149 623 |
136 242 $ |
48,9 |
|
|
All countries |
14 573 |
1 935 |
642 664 |
133 403 $ |
44,1 |
Buyers from China, Myanmar and Russia are most active in the Thai market. In 2024, Russians, according to the March REIC report, purchased 1,079 apartments worth about $104 million, or 7.4% of all transactions with foreigners.
According to the REIC regulator, in 2024, the largest year-on-year increase in transactions was registered with citizens of Myanmar (+146%) and Taiwan (+57%). France and Australia also have positive indicators (+8%). There is a general downward trend in activity among citizens from the top 10 countries investing in Thai real estate, which continued throughout 2024: China and Russia (-14%), the United Kingdom (-15%), the United States (-3%).
The growth of foreign transactions with condominiums in Thailand in 2022-2024.
|
№ |
2022 |
2023 |
2024 |
2023/ 2022 |
2024/ 2022 |
2024/ 2023 |
|
|
1 |
China |
5 707 |
6 614 |
5 670 |
16% |
-1% |
-14% |
|
2 |
Myanmar |
349 |
564 |
1 388 |
62% |
298% |
146% |
|
3 |
Russia |
813 |
1 260 |
1 079 |
55% |
33% |
-14% |
|
4 |
Taiwan |
229 |
532 |
836 |
132% |
265% |
57% |
|
5 |
USA |
542 |
631 |
609 |
16% |
12% |
-3% |
|
6 |
France |
351 |
484 |
521 |
38% |
48% |
8% |
|
7 |
Germany |
337 |
474 |
446 |
41% |
32% |
-6% |
|
8 |
Great Britain |
393 |
486 |
414 |
24% |
5% |
-15% |
|
9 |
Australia |
290 |
271 |
293 |
-7% |
1% |
8% |
|
10 |
India |
236 |
260 |
10% |
Russians’ demand for real estate in Thailand in 2024
By the end of 2024, Thailand once again topped the ranking of the most sought-after destinations among Russian investors. According to Tranio, it accounted for 21.1% of all applications from Russians in foreign markets. At the same time, there was also a 38.2% increase in the number of applications compared to 2023. In total demand, the volume of applications for real estate in Thailand in 2024 reached its maximum in the last 4 years.
Russians’ demand for real estate in Thailand in 2021-2024, all goals
|
A share of everything |
Relative growth |
|||||
|
2021 |
2022 |
2023 |
2024 |
2024/2021 |
2024/2022 |
2024/2023 |
|
3,0% |
8,1% |
15,2% |
21,1% |
+595,0% |
+161,2% |
+38,2% |
Over the past seven quarters, according to the REIC regulator, relative stability has remained in the number of apartments purchased by Russian citizens, with characteristic seasonal fluctuations. The volume of transactions varies in the range of 230-300 units per quarter.
The number of apartments purchased by Russians in Thailand in 2022-2024
|
2022 |
2023 |
2024 |
|
|
1st quarter |
134 |
387 |
295 |
|
2nd quarter |
129 |
315 |
272 |
|
3rd quarter |
157 |
260 |
233 |
|
4th quarter |
393 |
298 |
279 |
Over the past year, the geography of interests of Russian-speaking property buyers in Thailand has expanded: in addition to the traditionally popular Phuket, more attention has been paid to other regions of the country. Thus, according to Tranio, the interest of Russian investors in Koh Samui increased by 22.6% year-on-year and by 5.1% in real estate in Pattaya.
Russian demand for real estate in Thailand by popular regions, 2021-2024
|
Region |
Demand share |
Relative growth |
|||||
|
2021 |
2022 |
2023 |
2024 |
2024/ 2021 |
2024/ 2022 |
2024/ 2023 |
|
|
Phuket |
62,7% |
67,9% |
72,4% |
69,8% |
11,3% |
2,7% |
-3,6% |
|
Pattaya |
25,4% |
18,3% |
15,5% |
16,3% |
-35,9% |
-11,3% |
5,1% |
|
Koh Samui |
11,9% |
13,0% |
9,9% |
12,2% |
2,1% |
-6,1% |
22,6% |
|
Bangkok |
0,0% |
0,0% |
1,9% |
0,9% |
-53,3% |
||
|
Prachuap Khiri Khan |
0,0% |
0,8% |
0,0% |
0,7% |
-11,3% |
||
According to Tranio, the expansion of the geography of demand among Russian buyers in Thailand in 2024 was accompanied by a decrease in median budgets — across Thailand, the figure decreased by 5.3% over the year. At the same time, as in 2023, Russians are still investing large sums to buy real estate on Koh Samui and in Bangkok.
Median budgets of Russians in 2021-2024
|
Region |
Median budget |
Absolute growth |
|||||
|
2021 |
2022 |
2023 |
2024 |
2024/2021 |
2024/2022 |
2024/2023 |
|
|
The whole of Thailand |
215 267 € |
195 754 € |
150 000 € |
142 062 € |
-34,0% |
-27,4% |
-5,3% |
|
Phuket |
227 000 € |
200 000 € |
150 000 € |
138 886 € |
-38,8% |
-30,6% |
-7,4% |
|
Pattaya |
150 000 € |
120 000 € |
114 641 € |
111 365 € |
-25,8% |
-7,2% |
-2,9% |
|
Koh Samui |
212 416 € |
250 000 € |
245 000 € |
200 000 € |
-5,8% |
-20,0% |
-18,4% |
|
Bangkok |
276 379 € |
178 672 € |
-35,4% |
||||
|
Prachuap Khiri Khan |
201 648 € |
119 748 € |
-40,6% |
||||
When entering new regions, investors tend to start with smaller investments. This is especially true for investment transactions, which, according to statistics, are accompanied by more modest budgets compared to purchases for relocation.
We see this picture when we look at the median budgets of popular regions such as Phuket (-7.4%) and Pattaya (-2.9%): more and more investors consider these areas as an investment base, immediately buying blocks of apartments for subsequent rental or resale.
According to Tranio, in 2024, vacation and rental investments are definitely the leading goals for buying real estate in Thailand. The share of demand from Russian investors for these purposes in 2024 was 66.1%, which is 22.3% more than in 2023 and 79.9% more than in 2022.
The demand of Russians for the purchase of real estate in Thailand for vacation and rental in 2021-2024.
|
A share of everything |
Relative growth |
||||||
|
2021 |
2022 |
2023 |
2024 |
2024/ 2021 |
2024/ 2022 |
2024/ 2023 |
|
|
For recreation and rental |
37,5% |
36,8% |
54,1% |
66,1% |
76,3% |
79,9% |
22,3% |
|
The median budget |
213 000 € |
165 000 € |
150 000 € |
137 798 € |
-35,3% |
-16,5% |
-8,1% |
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