Thailand’s condominium market, long a magnet for foreign investors seeking holiday homes and investment properties, is undergoing a subtle but significant transformation. A 2024 survey by the Real Estate Information Center (REIC) reveals a slowdown in purchases by traditional heavyweights like Chinese and Russian buyers, while emerging players from Myanmar, Taiwan, and even India are stepping into the spotlight. With transaction values dipping and geopolitical uncertainties looming, the shifting dynamics of foreign investment in Thai condos signal both challenges and opportunities for the kingdom’s property sector as it looks to 2025.
A Market in Transition
In 2024, foreign ownership of condominiums in Thailand reached 14,573 units, a modest increase of 0.9% compared to the previous year. However, the total transaction value fell by 6.8% to 68.18 billion baht (£1.6 billion), with the average price per unit dropping from 5.1 million baht to 4.7 million baht. This decline reflects broader economic and geopolitical pressures, particularly impacting buyers from China and Russia, who have historically dominated the market.
Chinese investors, still the largest group of foreign buyers, saw a sharp decline in activity. Purchases dropped by 14.3% to 5,670 units, with transaction values plunging 22.2% year-on-year. Analysts attribute this to China’s domestic economic slowdown, coupled with geopolitical uncertainties that have made overseas investments less attractive for Chinese nationals. Similarly, Russian buyers, who surged in numbers following Thailand’s post-pandemic tourism recovery, have also slowed their acquisitions, though specific figures for this group remain less pronounced in the REIC data. 
Yet, as some doors close, others open. Buyers from Myanmar and Taiwan have emerged as the fastest-growing segments, reshaping the landscape of foreign investment in Thai property. Myanmar nationals, driven by regional investment shifts and possibly domestic instability, recorded a staggering 146.1% increase in condo purchases, acquiring 1,388 units with a transaction value of 7.04 billion baht—a rise of 89.8%. Taiwanese investors, benefiting from Thailand’s visa-free policy for short-term stays, boosted their purchases by 57.1% to 836 units, with a transaction value of 4.3 billion baht, up 47.8%.
These trends suggest a diversification of Thailand’s condo market, as reliance on traditional powerhouses like China wanes and smaller, dynamic players step forward. For developers and policymakers, this shift presents an opportunity to tailor offerings to new demographics while navigating the uncertainties that dampen larger markets.
The Indian Factor: A New Investor on the Block
Among the most intriguing developments in 2024 is the entry of Indian investors into the top 10 foreign buyers of Thai condos. Though their numbers remain small—260 units worth 1.53 billion baht, a modest 0.4% increase—Indian buyers stand out for their distinct preferences. Unlike most foreign investors, who typically opt for compact units in central Bangkok or coastal hotspots like Pattaya and Phuket, Indian buyers are gravitating towards larger condos, often exceeding 70 square metres, with an average price of 5.9 million baht per unit.
This preference for spacious properties may reflect cultural or familial considerations, with Indian investors potentially viewing Thai condos as long-term family residences or holiday homes rather than quick-turnaround investments. While their current market share is minimal, the unique buying patterns of Indian investors position them as a group to watch in the coming years, especially as Thailand continues to promote itself as a hub for international property investment through initiatives like the Thailand Privilege Card, which offers long-term residency perks.
Geopolitical Shadows and Economic Realities
The changing composition of foreign buyers in Thailand’s condo market cannot be divorced from the broader geopolitical and economic context. For Chinese investors, domestic challenges such as a sluggish property market, tightened capital controls, and a post-Covid economic recovery that has yet to fully materialise have curbed enthusiasm for overseas investments. Additionally, tensions in the South China Sea and global trade uncertainties may be influencing decisions to hold back on large-scale property purchases abroad.
Russian buyers, meanwhile, face their own set of constraints. Western sanctions following the Ukraine conflict, combined with fluctuating oil prices and a weakened rouble, have likely reduced disposable income for overseas property investments. While Thailand remains a popular destination for Russian tourists and expatriates, particularly in areas like Phuket, the condo market appears to be feeling the pinch of these macroeconomic pressures.
Conversely, the surge in Myanmar buyers may be tied to political instability at home. Since the military coup in 2021, capital flight from Myanmar has accelerated, with affluent individuals seeking safe havens for their assets. Thailand, with its proximity and relatively stable economy, offers an attractive option for parking wealth in real estate. However, this trend raises questions about sustainability, as reliance on buyers fleeing conflict could expose the Thai market to volatility if conditions in Myanmar shift.
Taiwanese investors, on the other hand, benefit from both economic stability and policy incentives. Thailand’s visa-free entry for Taiwanese citizens, introduced to boost tourism, has had the unintended effect of encouraging property investment. Many Taiwanese buyers view Thai condos as a cost-effective alternative to domestic real estate, where prices in cities like Taipei remain prohibitively high.
Looking Ahead: Stability or Stagnation?
As Thailand’s condo market heads into 2025, the outlook remains cautiously optimistic. The REIC projects stable or slightly positive growth of around 1%, with Chinese, Myanmar, Russian, and Taiwanese buyers expected to remain key players. However, the report also flags geopolitical tensions as a persistent risk, particularly for Chinese and Russian investors whose purchasing power may continue to be constrained by external factors.
At the same time, emerging interest from countries like India, Australia, and France offers a glimmer of hope for diversification. Thai condos, particularly in sought-after locations like Bangkok, Phuket, and Chiang Mai, retain their allure for foreign buyers thanks to competitive pricing, a robust tourism sector, and government policies aimed at attracting international capital. The challenge for developers lies in adapting to the evolving needs of these new investor groups—whether it’s larger units for Indian families or affordable, high-yield properties for Taiwanese buyers.
Implications for Thailand’s Property Sector
The shifting tides in Thailand’s foreign condo market carry broader implications for the country’s economy, which relies heavily on real estate as a driver of growth. Foreign investment in property not only boosts construction and related industries but also supports tourism, as many buyers use their condos as holiday homes or rental properties for short-term visitors. A diversified investor base could help insulate the market from shocks in any single country, but it also demands a more nuanced approach to marketing and development.
For instance, the rise of Myanmar buyers, while a boon in the short term, underscores the need for vigilance. If political conditions in Myanmar stabilise, or if capital flight slows, Thailand could see a sudden drop in demand from this segment. Similarly, over-reliance on visa-free policies to attract buyers from places like Taiwan risks creating a market vulnerable to policy reversals or shifts in bilateral relations.
Moreover, the decline in average unit prices—from 5.1 million baht to 4.7 million baht—suggests a potential softening of demand for premium properties. Developers may need to pivot towards mid-range or budget offerings to capture a wider audience, particularly as economic uncertainty continues to weigh on high-net-worth investors from China and Russia.
Thailand’s condo market stands at a crossroads in 2024, balancing the retreat of traditional investors with the rise of new players. While the overall numbers remain stable, the undercurrents of geopolitical tension, economic challenges, and shifting buyer preferences paint a complex picture for the year ahead. For now, the resilience of the market—buoyed by demand from Myanmar, Taiwan, and emerging markets like India—offers cause for cautious optimism.
Yet, as global uncertainties persist, Thailand must tread carefully to maintain its status as a premier destination for foreign property investment. Tailoring policies and developments to meet the needs of a diversifying investor pool will be key to sustaining momentum in 2025 and beyond. For developers, policymakers, and buyers alike, the message is clear: adaptability will be the cornerstone of success in this evolving landscape.
