Q4 condo transfers hit 5-year high
published : 24 Mar 2023 at 04:00
newspaper section: Business
writer: Kanana Katharangsiporn
The value of condos transferred to foreigners nationwide in last year's fourth quarter reached the highest level in five years, with the number of units sold during the period being the second highest, according to the Real Estate Information Center (REIC)
Vichai Viratkapan, REIC's acting director-general, said 3,780 condo units worth 19.5 billion baht were transferred to foreigners in the fourth quarter of 2022, up 82% and 96%, respectively, compared with the corresponding period in 2021.
"This upward trend has continued from the third quarter of 2021. The consecutive growth in the past five quarters was largely due to positive factors including Thailand reopening in June 2022 and the recovery of the tourism sector," he said.
The total number of condo units transferred to foreigners in 2022 rose 41% from 2021 to 11,561 units worth 59.3 billion baht, a leap of 49% in value.
While the proportion of Chinese buyers decreased, they snapped up the largest number of condo units in 2022, with 5,707 units worth a combined 29 billion baht. This represented 49% of the total in terms of both number and value, down from 59% and 57%, respectively, in 2021.
They were followed by Russians with 813 units worth 2.68 billion baht, accounting for 7% and 4.5%, respectively, up from 3.7% and 3.3%.
American, British and French citizen came next, purchasing 542 units, 393 units and 351 units, respectively.
In sixth place were citizens of Myanmar who purchased 349 units. However, in value terms this nationality bought condos worth 2.55 billion baht, surpassing Americans, British and French nationals.
It was also the first year buyers from Myanmar head reached the top 10.
Although the number of units bought by Cambodian citizens was not huge, they were ranked in No.8 in terms of value with properties worth 1.62 billion baht in total.