The Real Estate Information Center (REIC) reported that foreigners purchased apartments in condominiums in the second quarter of 2022 for a total of more than $12 billion — the Chinese took first place in the number of apartments purchased.
On November 1, 2022, Vichai Viratkapan, inspector of the State Housing Bank and acting director of the Real Estate Information Center, stated that 2,326 cases of registration of ownership by foreigners of apartments in condominiums were registered, which is 15.1% more than in 2021.
The total cost of apartments bought by foreigners in the second quarter amounted to 12 billion baht, which is 26.9% more than in the same period in 2021. And the total area purchased was 109,486 m2, which is 27.6% more than in the same period last year. The number of ownership transfers in the second quarter of 2022 was higher than the average during the COVID-19 outbreak, and was the highest in the last 5 quarters.
In addition, REIC also found that in the second quarter of 2022, 37.1% of units purchased by foreigners were objects of the secondary market.
Such information makes it possible to notice that later foreigners may want to purchase secondary condominiums, often located in remote areas or in areas near the business centers of the city. Prices for secondary housing in these places are lower than in new buildings. Therefore, secondary condominiums are an attractive alternative for foreigners. Especially for buyers from Europe, USA, Australia, Russia and India.
Chinese citizens still occupy the first place in the number of purchased apartments in condominiums.
In the second quarter of 2022, the Chinese remained the nationality with the largest number of apartments purchased in the country (2,072 apartments or 25.3%), and the next four nationalities who bought the most apartments in Thai condominiums were citizens of Russia, the United States, Great Britain and Germany (2-3% each).
While the highest cost of apartments in condominiums across the country falls on China, amounting to 10 billion baht or 26.4%, followed by the United States, France, Russia and Cambodia, with a share in each country of about 2-3%.
While the average price of condominium units that foreigners buy is 5 million baht per unit. 46% of transactions were made with housing worth less than 3 million baht, followed by the price of 3-5 million baht - 25.5% and the price of 5-7 million baht – 12.9%. Apartments worth more than 10-million-baht account for 38.9%.
The highest average unit price was among the citizens of Taiwan – 7.1 million baht. Russians and Germans buy apartments with an average price of 3.2 million baht per unit. The average size of the apartment is 37 m2.
Apartments of 31-60 m2 account for 51.0% of demand, apartments of less than 30 m2 – 32.5% and 61-100 m2 - 10.1%.
In conclusion, it can be concluded that an apartment with an area of no more than 60 square meters is the most popular type of apartment among foreigners with a share of the total number of units above 80%. The largest apartments are bought by citizens of India with an average apartment area of 73.2 m2.
The provinces with the largest number of apartments bought by foreigners in the first 6 months include Bangkok, Chonburi, Samut Prakan, Phuket and Chiang Mai, most of which are located in the first two provinces, namely Bangkok – 43.8% and Chonburi – 31.0%. As of 2018, Bangkok and Chonburi are still the provinces with the largest share of condominiums bought by foreigners. And the provinces with the highest total value of condominiums bought by foreigners: Bangkok – 64.4%, Chonburi — 16.0%, followed by Samut Prakan and Phuket.