According to data from the Thailand Real Estate Information Center, for the first nine months of 2023, the ratio of new condos to resale condos among ownerships sold to foreign buyers was approximately 60:40, showing an increase compared to the same period last year. This indicates a new growth in Thailand's resale property market, especially as many developers have not launched new projects post-pandemic, resulting in a reduction in the number of existing project offerings. Therefore, buyers are more inclined to purchase resale properties to achieve quicker returns on investment.
Particularly, second-hand condos in popular areas like Bangkok are highly favored, and foreign buyers continue to show increasing demand for resale condos in areas such as Sukhumvit, Sathorn, Phrom Phong, and Sathu Pradit.
However, with a limited number of available properties, second-hand condos have become a popular choice for foreign buyers. Chinese buyers, in particular, have shown strong interest in the Thai real estate market.
The reduction in the number of new developments and the decrease in the supply of new properties have resulted in resale condo prices being lower than those of newly launched projects, attracting more foreign buyers.
The Thailand Real Estate Information Center points out that Thailand's condo market remains open to foreign buyers, especially Chinese buyers, who purchase properties for investment or as a second residence.
While the overall share of condos owned by foreigners is still relatively small, it is expected that by 2024, if Thailand's tourism industry continues to grow, the proportion of foreign buyers may expand, positively impacting the growth of Thailand's real estate economy. This is also expected to compensate for the purchasing power not fully recovered among the Thai population, becoming a significant factor driving the expansion of Thailand's real estate economy.
According to data, the most favored price range for condos among foreign buyers is below THB 3 million, with 1,490 units sold, accounting for 44.3% of the total. Condos in the price range of THB 3-5 million are the next most popular, with 843 units sold, making up 25.1%. Higher-priced condos have a smaller share. It's noteworthy that the average price for Burmese buyers is THB 6.5 million.
Additionally, among foreign buyers, the most popular unit types are 1-2 bedroom units with an area of 30-60 square meters, with 1,814 units sold, accounting for 53.9% of the total. The next preferred unit type is units with an area smaller than 30 square meters (studio or 1 bedroom), with 972 units sold, making up 28.9%. These two unit types have been consistently favored by foreign buyers since 2018, whether for new or resale properties.
When investing in Thai properties, it's advisable to choose properties that suit individual needs. Bangkok is a preferred location, especially in areas with a robust rental market and high demand, preferably near the metro for convenient transportation.
Moreover, it's best to seek professional real estate agencies that can help find suitable properties, negotiate the best purchase deals, and provide property management services. Acting promptly is crucial as prime properties are limited, and seizing opportunities is essential to secure high-quality real estate.
