BANGKOK, Dec 16 (NNN-TNA) – Ownership transfers of condominiums in Thailand to foreign clients, rose 37.6 percent year on year, to 10,703 units, in the first nine months of this year, indicating a resurgence in demand from overseas buyers, data showed, yesterday.
The value of condominium ownership transfers to foreigners amounted to 52.25 billion baht (about 1.50 billion U.S. dollars), in the Jan-Sept period, up 31.6 percent from a year earlier, and accounting for 23.3 percent of the overall transaction value, according to the Government Housing Bank’s Real Estate Information Centre (REIC).
The country’s eastern coastal province of Chonburi and the national capital of Bangkok, saw the highest number of condominium units transferred to foreign nationals, at 41.7 percent and 37.5 percent, respectively, in the first three quarters of the year, the REIC said, in a statement.
The increase in foreign purchases of condominiums signals that, the market is returning to normal, as the transfers averaged 3,500 units per quarter, in the third quarter of 2023, up from 3,300 units per quarter in 2019, before the COVID-19 pandemic, said Vichai Viratkapan, REIC’s acting director.
The Thai condominium market remains attractive to foreign buyers, both for investment and as a second home, Vichai said in a statement.
He also noted that, the REIC expects the number of foreign purchases to continue to grow next year as tourism recovers. This growth could help to offset the still-weakening domestic demand and would be a key driver in the real estate market.– NNN-TNA
