Despite the stronger baht, foreigners recorded a higher transfer of condo units nationwide in the first nine months this year.
Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said a year-on-year rise of 1.8% in condo transfers among foreign buyers during January to September suggested foreign buyers rarely dumped units they booked at transfer time.
"Most of these condos were booked as off-plan units more than one year ago," Mr Vichai said. "Buyers accepted the unit transfers even though the baht strengthened against the yuan."
But there could be a drop in condo transfers among foreigners from the fourth quarter to next year, he said, as the baht remains strong and the world economy is in a rut.
The REIC compiled data of condo ownership among foreigners from the Lands Department. Condo units transferred to foreigners totalled 9,427, worth 35.98 billion baht, in the first nine months.
Volume was up 1.8% from the same period last year, but value fell by 5.8% as foreigners shifted to lower unit prices. Nearly half the total was in Greater Bangkok, with 4,653 units worth 23.15 billion baht, up 6.6% and down 6.9%.
Eastern provinces were next, with 3,505 units worth 8.94 billion baht, down 2.9% and 1.5%.
The northern and southern regions were down 16.7% and 1.9% in unit numbers and down 24.6% and 7% in value.
The same trend was also seen in the Northeast, with drops of 38.2% and 13.5%. Only the western region saw sharp rises of 166% and 69%, largely due to a lower base the year before.
By nationality, Chinese remained the largest group of condo buyers in Thailand, accounting for 57.6% both in 2018 and in the first nine months of 2019. They were followed by Russians with 6.2% in 2018 and 6.6% in 2019.
