The Thai Condominium Association has analyzed data for 2022 and considers it successful for the real estate market in Thailand. In 2023, total real estate turnover is expected to reach ฿450 billion, as before the COVID-19 outbreak.
The recovery was due to many positive factors, including the return of foreign tourists. The introduction of a long-term resident visa (LTR) and the opportunity for visa holders to buy land on certain conditions, as well as the long-awaited opening of China next year, will be an important driving force in supporting the rapid recovery of the Thai real estate market.
In the first 2-3 months after the introduction of a long-term resident visa, the effect of this strategy on the real estate market will become visible, especially in the market of houses with a price from ฿10 to 20 million. It is suitable for investing to get an LTR visa. It is estimated that one family will earn an average of ฿80 million over 10 years.
At present, foreign nationals can purchase no more than 49% of the property in apartment buildings, but it is believed that the condominium market will recover with the return of Chinese investors. This will especially affect the market of condominiums in Phuket and Pattaya.
While overseas buyers are returning, due to political issues, many people want to move to live in Thailand.
Currently, the share of foreign clients buying property in Thailand is about 5-7%. This is lower than the previous highest figure of 20% in 2018. However, it is expected to rise to 10% next year, which will become the main driving force in the real estate market and affect the country's economy as a whole.