Wealthy Chinese buyers have shifted from the United States to Thailand for overseas homes, with Thailand rising from seventh to first place last year, though safety remains a concern.
Demand for luxury residential properties from wealthy Chinese declined earlier this year, said Phattarachai Taweewong, research and communication director at the property consultant Colliers Thailand.
“They’ve become more cautious and expect higher safety standards,” he said.
Many Chinese people reacted with alarm to the high-profile kidnapping earlier this year of a Chinese actor in Thailand, and revelations about scam centres that preyed on Chinese victims.
“This has slowed their purchasing decisions, while other negative factors such as China’s sluggish economy and increased caution in overseas investments weigh on buyers,” Mr Phattarachai added.
In previous years, he said, a significant share of luxury residential properties in Thailand — both condominiums and low-rise houses — were absorbed by Chinese buyers, including both grey-business investors and wealthy families who sent their children to study here.
Interest in high-priced residential properties among Chinese has grown so significantly that Pruksa Real Estate plans to offer leasehold ownership options for single detached houses priced from 30 million baht to overseas buyers this year.
“We’re targeting 1 billion baht in sales from Chinese buyers in the high-priced segment this year — double the 500 million recorded last year,” said Dhira Thongwilai, chief executive of Pruksa.
He said the most popular location for single detached houses among wealthy Chinese buyers was the Phatthanakan area, thanks to its proximity to Suvarnabhumi airport and convenient access to industrial zones in Bang Na.
Appeal of US dims
According to data for 2024 released by Juwai IQI, a real estate marketing firm targeting Chinese investors, ultra-wealthy Chinese buyers have lost interest in US properties and shifted their attention to Thailand, Australia and Malaysia.
“Thailand has overtaken the US as the top destination,” said Kashif Ansari, co-founder and group chief executive of Juwai IQI. “These buyers are now focused on lifestyle and investment, not emigration.”
In 2024, the US fell from first to seventh place among countries attracting Chinese interest in homes priced US$5 million or more, while Thailand surged from seventh to first.
“For Chinese buyers, Thailand is the first choice for wealth, family and a better life. They want schools, sun and lifestyle, and the Land of Smiles delivers all three,” he said.
Agents and developers should tailor offerings to align with these priorities by highlighting school proximity, privacy, status and lifestyle benefits, said Mr Ansari.
Across all price segments, Chinese buyers led Thailand’s condo market last year, with 5,670 units worth 26.7 billion baht in transfers — the highest among all foreign nationalities, according to the Real Estate Information Center.
That figure outpaced buyers from Myanmar and Russia, who ranked second and third with 1,388 units worth 7 billion baht and 1,079 units worth 3.66 billion baht, respectively.
However, the number and value of condos transferred to Chinese fell in 2024 from 6,614 units worth 34.1 billion baht in 2023.
“Property purchases by Chinese in Thailand continue to decline due to China’s economic woes,” said Mr Phattarachai. “A turning point came in early 2025 with the high-profile kidnapping of actor Xing Xing, widely shared on Chinese social media.”
The incident sparked safety concerns, particularly among women and families considering property investment in Thailand. Although Thai authorities and the private sector responded quickly, the damage to perception and trust remains a major hurdle.
The sense of insecurity has negatively affected Thailand’s image as a safe investment destination for Chinese buyers.
“To recover, Thai developers must act fast,” Mr Phattarachai said.
“Concrete steps such as enhanced security systems, partnerships with government agencies and proactive outreach through Chinese agents are vital to restore confidence this year and beyond.”