Chinese, Russian, and Myanmar nationals purchased 14,500 Thai condominium units worth 73 billion baht in 2021. Foreign demand is increasing, especially in Phuket, prompting new owners to switch to leasehold contracts.
Foreign Buyers of Condominium Units in Thailand
Last year, Chinese, Russian, and Myanmar nationals emerged as the top foreign buyers of condominium units in Thailand, with a significant increase in purchases compared to previous years, reaching a total of 14,500 units valued at approximately 73 billion baht. Despite a slight decline in purchases during the COVID-19 pandemic in 2020, the numbers bounced back in 2022, indicating a growing demand for condominium units, particularly in popular areas like Phuket.
Regulations on Foreign Property Ownership in Thailand
While foreigners are allowed to own land and houses in Thailand through a legal entity with a maximum 49% ownership, they can outright own up to 49% of condominium units in a development. Previous proposals to allow foreigners to own larger portions of units or land were met with resistance, highlighting the complexities surrounding foreign property ownership regulations in the country.
