Chinese and Russian buyers dominated the foreign condominium market in Thailand last year, driven by visa exemptions and geopolitical unrest, surpassing pre-Covid levels of property demand.
According to the Real Estate Information Center (REIC), a total of 14,449 units valued at 73.2 billion baht ($2 billion) were sold in 2023, marking a 25% increase from 2022. Chinese buyers accounted for the majority, acquiring 6,614 units worth 34.1 billion baht, while Russians came second with 1,260 units. The US and Myanmar followed in the third and fourth positions, respectively.
Chonburi province, known for its beaches and industrial zones, saw 41% of the condos sold, while Bangkok, a tourism hub, accounted for 38% of the foreign apartment sales. Nearly 50% of the sales were for condos priced at 3 billion baht or less.
Temporary visa waivers for tourists from China, along with a permanent waiver with Beijing starting from March 1, facilitated the surge in sales, stated REIC. Geopolitical tensions, likely referring to conflicts such as Russia’s actions in Ukraine and political instability in Myanmar, were also cited as contributing factors.
Condominium sales in 2023 exceeded pre-pandemic levels, with 13% more units sold compared to 2019 when 12,798 units were sold for a total value of 50.61 billion baht, based on REIC data.
Thailand’s Prime Minister, Srettha Thavisin, aims to boost economic growth through tourism, which contributes 12% to GDP and nearly a fifth of jobs in the country. Visa waivers for travelers from various countries were implemented, and efforts were made to enhance tourism infrastructure to attract more visitors.
The Tourism Authority of Thailand anticipates a further rebound in tourist numbers, targeting 35-40 million visitors this year, with a substantial influx from China. This forecast brings Thailand closer to its record foreign tourist arrivals of almost 40 million in 2019 before the pandemic.
| Property Developer | 2023 Net Profit | 2022 Net Profit | % Change YoY | |
| ANAN | ANANDA DEVELOP | (887.01) | (295.79) | 200 |
| AP | AP THAILAND | 6,054.44 | 5,877.45 | 3 |
| ASW | ASSETWISE | 1,092.22 | 1,118.52 | -2 |
| BRI | BRITANIA | 1,194.53 | 1,470.54 | -19 |
| ORI | ORIGIN PROPERT | 2,718.23 | 3,774.54 | -28 |
| LPN | L.P.N. DEVELOP | 352.66 | 612.61 | -42 |
| MK | M.K. REAL ESTA | (671.95) | (35.83) | 1775 |
| NOBLE | NOBLE DEVELOPMENT | 910.43 | 454.94 | 100 |
| ORN | ORNSIRIN HOLDING | 180.51 | 280.92 | -36 |
| SIRI | SANSIRI | 6,060.39 | 4,279.89 | 42 |
| SPALI | SUPALAI | 5,989.43 | 8,173.26 | -27 |
| *Net profit unit in Million Baht | ||||
Among property developer Noble Development showed the highest profit growth in 2023, compared to year-end 2022, but still lower than its record high. Meanwhile, Sansiri is on an up trend with net profit recording a new high every year. The company expects to make another record high this year from its projected 52 billion baht in sales revenue.
