Top 5 countries whose citizens most often bought properties in Thailand in 2022

Real estate in Thailand may be bought by citizens of all countries in the world. We decided to find out which country’s citizens most often bought apartments in Thailand in 2022.

Content:

• Real estate in Thailand for foreigners
• List of leading countries
• Higher demand on housing from foreign buyers in 2021-2023
• Reasons for the hype among buyers
• Why do foreigners choose Thailand?
• Which properties are being sold right now?
  • Real Estate in Bangkok
  • Phuket
  • Pattaya
  • Surat Thani

Real estate in Thailand for foreigners

Under Thai law, foreign citizens are permitted to own up to 49% of the units in any building of any condominium in Thailand. The remaining 51% of the apartments in the house must be owned by Thais.

It was revealed by Thailand’s Real Estate Information Center that between January to September 2022, foreigners bought a little over 7,290 apartments in the country.

Over the past few years, including the end of 2022, the Chinese have been the leaders among foreigners who buy housing units in Thailand.

In 2022, fewer Chinese citizens purchased condominiums in the Kingdom compared to the previous years. Still, Chinese citizens hold almost 50% of all apartment purchases by foreigners in Thailand for the year. This is just slightly less than in the previous few years. Thus, from 2018 to 2021 the Chinese accounted for 55–60% of all transactions of purchase and sale of condominiums, including other foreign buyers.

List of leading countries

According to the data for the first nine months of 2022, these are the top 5 countries whose citizens have purchased houses and apartments in Thailand the most:

• China. Chinese citizens bought residential real estate in the country for a total of $515.6 million. This accounts for 48.5% of all housing units purchased by foreigners.
• USA: $46.3 million, or 4.4%.
• France: $41.09 million, or 3.9%.
• Russia: $39.09 million, or 3.7%.
• Myanmar: $38 million, or 3.6%.

At the time of writing this article, according to the data on the number of housing units sold for the first half of 2022, the top 5 countries include:

• China. Chinese citizens bought 2,072 units, or 25.3% of the total housing stock purchased by foreigners within six months of 2022.
• Russia: 263 units, or 3.2%.
• US: 228 housing units, or 2.8%.
• UK: 167 units, or 2%.
• Germany: 160 units, or 1.2%.

The list of leading countries for property purchases in Thailand depends on the political situation in a particular state. For instance, Myanmar couldn’t even make the top 10 for five years in a row. According to experts, the Burmese began buying housing units more often as a result of the military coup which took place in Myanmar in 2021.

Higher demand on housing from foreign buyers in 2021-2023

Over the past years, the interest of foreign citizens in Thai housing has been gradually increasing. With the overall percentage of housing purchases reaching a decent 30%, there is also a notable growth in Foreign Direct Investment.

According to experts, immediately after the quarantine was lifted in 2022, the highest interest seemed to be in middle-class housing worth less than $57,479 per unit. At the moment, the demand for middle-class real estate is no longer that high. However, it is currently growing in the luxury housing sector with an area of at least 80 m². In other words, investors are investing in middle-class facilities, while businessmen are investing not only in residential projects but also in other kinds of properties, such as office spaces, shops, restaurants, etc.

Notably, buyers from China and Hong Kong together made up the majority of purchases, while other foreign property buyers were in a close pursuit. The countries were Vanuatu, the United States, the United Kingdom, and France.

It is worth mentioning that Japanese shareholders made significant real estate investments with joint purchases in Thailand in 2022. Meanwhile, the maximum number of sold housing units reaching 60% belongs to Chinese buyers.

The most expensive condo complex flats were purchased by Singaporeans, who spent five million Baht per condo unit on average. However, Americans bought condo flats with an average of 54.8 Baht paid per square meter.

Reasons for the hype among buyers

Thailand was among the top 10 most popular countries among foreign buyers in 2022. However, just a year earlier the Kingdom was the 20th on the top list.

According to experts, there were two major reasons for this significant increase in interest of Thailand’s real estate market: the lifting of COVID-19 restrictions and the ongoing conflict between Russia and Ukraine. These two reasons caused a serious effect on instability in the region.

Why do foreigners choose Thailand?

It is not surprising that Thailand’s properties are drawing investors from all around the world. The two main advantages of Thai’s real estate market are low housing prices and a comfortable climate. Moreover, Thailand provides many attractive benefits in terms of immigration and amazing properties for sale.

In 2023, the cost of housing in the Kingdom remains relatively affordable. Thus, prices for furnished studio apartments with a total area of 35 m² in the popular tourist area of Phuket start at $110,000. While two-bedroom villas are sold for at least $200,000.

Which properties are being sold right now?

The following housing options can be considered for your own residence or further resale, as well as for renting.

Real Estate in Bangkok

• A 257 m² penthouse in the central district of Khlong Toei can be purchased for $963,224.
• A 36 m² duplex in Bang Phlat area is for sale at $177,405.
• A 110 m² penthouse in the Khlong Toei area costs $1.08 million.
• A 55 m² condominium in the Khlong Toei area is for sale at $640,310.
• A 22 m² condominium in the Khlong Toei area costs $640,310.

Phuket

• A 46 m² condominium can be purchased for $185,990.
• The villa of 3680 m² is sold for $6.87 million.
• A 26 m² studio costs $111,849.
• A 4,500 m² villa can be bought for $11.32 million.
• A 33 m² studio in a condo costs $197,291.
• The 70 m² penthouse is for sale at $382,989.
• A 128 m² duplex is sold for $109,261.
• A 150 m² penthouse costs $273,153.

Pattaya

• A 24 m² condominium costs $70,444.
• The 35 m² apartment is sold for $42,841.
• The 35 m² studio is for sale at $28,177.
• A 250 m² penthouse costs $574,753.
• A 220 m² penthouse can be purchased for $856,838.
• An 77 m² apartment costs $109,261.
• A 80 m² condominium is sold for $129,388.

Surat Thani

• A 31 m² apartment is sold for $31,618.
• A 75 m² apartment can be bought for $112,000.
• A 126 m² house costs $140,845.
• A 120 m² house costs $215,600.
• A 58 m² condominium can be purchased for $45,650.
• An 118 m² apartment costs $370,375.
• A 58 m² condominium costs $45,702.
• The 113 m² villa costs $68,620.
• The 308 m² house is sold for $252,660.
• A 130 m² house can be purchased for $129,300.
• A 128 m² duplex can be purchased for $109,261.