Nowadays, in Thailand, condominiums are the most secure way for a foreigner when it is bought through a freehold Apartment, which means the full ownership belongs to the Buyer. This legal point may explain the success of this kind of purchase, and investment as shown by the numbers below:

Real Estate Information Center (REIC)’s Research Result.

REIC has recognized ownership transfers of condominiums or apartments by foreigners in Thailand that the cumulative total of units and the value of foreign ownership transfers from January to September 2023 amounting to 10,703 units worth 52,259 million THB, an increase of 37.6 and 31.6 percent compared to the same period last year. Let’s see it in detail.

Ranking of Sale of Condominiums in Thailand

By Location

The transfer of ownership of condominium units by foreigners is most widespread in Chonburi Province, with a proportion of 41.7 percent, while Bangkok was the second with 37.5 percent. Both provinces had a combined proportion of units and value as high as 79.2 percent. Phuket is next, with a proportion of 6.4 percent, replacing Samut Prakan, which had been ranked third in the previous year.

By Nationality of Buyer.

Chinese buyers transferred the most ownership of condominiums nationwide, with 4,991 units, or 46.6 percent of all units. The second is Russian, with 962 units, or 9.0 percent. Third is American, with 422 units, or 3.9 percent. Fourth is Taiwan, with 378 units, or 3.5 percent. And the fifth is France, with 372 units, or 3.5 percent.

By Sales’s Value.

Chinese has the highest value of 24,740 million THB or 47.3 percent of the sales value. Russia has 3,436 million THB or 6.6 percent. The third is Myanmar, which has 2,250 million THB or 4.3 percent. The fourth is American, with a value of 2,102 million THB, or 4.0 percent, and the fifth is Taiwanese, with a value of 1,841 million THB, or 3.5 percent.

By Pricing of Condominiums.

REIC also found that the popular price for purchasing condominiums with foreigners was 3 million THB, with 1,490 units transferred, or 44.3 percent of the total units; this is the price ranking of condominiums that most foreigners bought from 2018 to September 2023. The second highest ranking is  3.01 to 5 million THB, with 843 units, or 25.1 percent. The 5.01 to 7.50 million THB price has 507 units or 15.1 percent. The price level of 7.51 to 10.00 million THB has the least amount of 179 units or 5.3 percent. The price of more than 10 million THB has 346 units or 10.3 percent. Burmese buyers transfer ownership of condominiums with the highest average unit price of 6.5 million THB.

By Size of Condominiums.

Meanwhile, the area size of condominiums popular with foreigners is 31 – 60 square meters (one or two bedrooms), with 1,814 units or 53.9 percent of the total number of units. Second is an area of at most 30 square meters (studios or one bedroom), with 972 units or 28.9 percent. Next are apartments with an area of 61 – 100 square meters (two to three bedrooms and above), totaling 392 units, or 11.6 percent. Condominiums with an area of more than 100 square meters (three bedrooms or more) have the least amount, which is 187 units or 5.6 percent.

Since 2018, condominiums no larger than 30 square meters and 31 to 60 square meters have been the most popular among foreigners. UK buyers transferred ownership of the largest average condominium size, at 56.7 square meters.

Conclusion

REIC has recognized ownership transfers of condominiums or apartments by foreigners in Thailand that the cumulative total of units and the value of foreign ownership transfers from January to September 2023 amounting to 10,703 units worth 52,259 million THB, an increase of 37.6 and 31.6 percent compared to the same period last year.

To know the legal basic point see our website and do not hesitate to contact us to secure your purchase.

For this article, the Concussion part must contain the two keywords and an internal link. For the link I recommend “Legal Basic to Be Considered When Buying a Condominium in Phuket or Thailand”