The Thai condo market is furious, REIC reveals that in the fourth quarter of 2022, "foreigners" returned to transfer, increasing 95.8%, the highest in 20 quarters or 5 years, with a total value of 59,261 million baht, found Chinese nationality still the champion, while Bangkok, Chonburi, Samut Prakan, Phuket and Chiang Mai. Occupy TOP 5 popular locations

March 23, 2023 - The policy of accepting tourists from the country since 2021 and fully opening the country in mid-2022 has a positive effect on foreign housing buyers who have returned to receive the transfer of ownership of the condominium units. Trading contracts from previous operators Including foreigners who buy completed and unsold condominium units As a result, the number of condominium ownership transfers in the fourth quarter of 2022 has grown significantly in both number and value.

On such issues, Dr. Wichai Wiratkaphan, Acting Director of the Real Estate Information Center (REIC), stated that in the fourth quarter of 2022, there were 3,780 units of condominium ownership transfers to foreigners across the country, an increase of 82.3 percent from the same period last year. (YoY), which is a continuous increase in unit numbers since Q2 2022 and the highest number of units in 16 quarters since Q1 2019, and also higher than the quarterly average in the second quarter. Year of occurrence of COVID-19 (Year 2020 - 2021) 80.7% with 2,092 units/quarter

4th quarter, transfers soaring, pushing for the whole year, the value surpassed 59 billion

Meanwhile, the value of condominium ownership transfers to foreigners across the country amounted to 19,544 million baht, an increase of 95.8 percent from the same period last year (YoY), which is the highest value continuously from the third quarter of 2022 and the highest value in 20 quarters. Since the first quarter of 2018 and still increasing than the average value of ownership transfers during the 2 years with the COVID-19 epidemic, worth only 9,979 million baht per quarter / quarter

As for the area of ownership transfer of condominiums to foreigners nationwide, there were 170,942 square meters, an increase of 85.7 percent from the same period last year (YoY), which was the highest increase in the amount of space in 20 quarters from the first quarter of 2018 and still Increased higher than the average of ownership transfer during the 2 years with the outbreak of COVID-19 with only 90,316 square meters / quarter.

If considering the condition of the transfer of ownership of condominium units to foreigners accumulated in 2022, it was found that there were 11,561 units, an increase of 41.0 percent, with a total value of 59,261 million baht, an increase of 49.2 percent, with a total transfer area of 530,430 square meters, an increase. 49.3 percent

"The situation of transferring ownership of condominium units to foreigners in the past year 2022 should show that The overall foreign condominium market is likely to recover. And the purchase of condominium units by foreigners in the past has been continuously transferred. There is also new buying pressure from foreigners who are not Chinese buyers.”

5 nationalities, buy condos, Thai, Chinese, number 1 while ASEAN is hot

In 2022, it will be found that the Chinese are the nationality with the most ownership transfer of condominiums across the country, with a total of 5,707 units of condominium ownership transferred to the Chinese, representing a high proportion of 49.4 percent of all units.

There are 4 nationalities with the second highest ownership transfer, namely Russia, 813 units, accounting for 7.0 percent, followed by the United States, 542 units, accounting for 4.7 percent, United Kingdom, 393 units, accounting for 3.4 percent. 5 is France, amounting to 351 units, representing 3.0 percent respectively

If considering the year 2022, it will be found that from 2018 to 2021 with the highest number of cumulative units, the top 5 are China, Russia, the United Kingdom, the United States and Germany, respectively.

But in 2022, it was found that the top 5 cumulative units changed as follows: China, Russia, the United States, the United Kingdom and France, respectively, which can be seen that the top 3 have not changed.

In terms of the value of transferring ownership of condominiums across the country to foreigners across the country in 2022, it will be found that ownership of condominiums is transferred to Chinese nationals. Is the highest value of 29,038 million baht, representing a high proportion of 49.0 percent of the total value, while the 4 nationalities with the next transfer value are Russia, amounting to 2,682 million baht, representing 4.5 percent.

Myanmar in the amount of 2,551 million baht, representing 4.3 percent, the United States in the amount of 2,389 million baht, representing 4.0 percent, and France in the amount of 1,912 million baht, representing 3.2 percent, respectively. 2022 Ranked in the top 5 since the previous quarter

“The proportion of ownership transferees in Russia, Europe and the United States of America started to increase from the previous year. And it's also very interesting that we can see the numbers of many countries in the ASEAN region, although the number of units and buying value is not much. But instead, the proportion of condominium ownership transfers has significantly increased in both the number of units and the value, such as Myanmar, Cambodian, Laotian and Vietnamese people, as well as Malaysians who have continuously bought Thai condominiums in the past.

phenomenon like this It can be said to be a benefit from the opening up of economic activities in Thailand and other countries, so it can be expected if China opens the country next year. It should help the Thai condominium market for foreigners in Thailand to grow again.

5 popular locations

Bangkok

Chonburi

Samut Prakan

Phuket

Chiang Mai

"Most of them will be in the first 2 provinces, namely Bangkok with 5,260 units, representing 45.5 percent and Chonburi, 3,567 units, representing 30.9 percent respectively, with both provinces having a combined unit proportion of 76.4 percent of across the country"

Source:https://www.thansettakij.com/real-estate/559842

Date 24/3/2023