Chinese buyers have returned to the Chonburi real estate market following the Russians after the opening of China's borders earlier this year.
The executive director of the developer Habitat Group, said that the demand for condominiums and villas in Chonburi from Chinese and Russian buyers has been high since the beginning of the year.
"After the new year, real estate agents focused on Chinese and Russian buyers have returned as their buyers are returning", he said.
"The most popular units are three-bedroom villas with a swimming pool at a price of more than 10 million baht".
According to the Real Estate Information Center (REIK), the level of absorption of individual mansions worth 10-15 million baht was the highest in the fourth quarter of 2022 and amounted to 8.9%.
The rate for objects worth more than 20 million baht was 6.1%, and the rate for units worth from 15 to 20 million baht was 4.8%.
Chonburi ranked second among the provinces with the largest number of apartments transferred to foreign buyers, with 3,567 units worth 10.2 billion baht in 2022 after Bangkok.
This represents a 49% increase in the number of units and a 74% increase in value compared to 2021, when 2,398 units worth 5.9 billion baht were transferred.
These figures have grown from a minimum of 2,061 units worth 5.3 billion baht in 2020.
Chinese citizens accounted for the largest number of condominiums transfers each year over the past five years: 1,207 units worth 3.5 billion baht in 2022, compared with 998 units worth 2.1 billion baht in 2021.
The peak period was 2018 and 2019, totaling 2,099 units worth 5.1 billion baht and 2,029 units worth 5.3 billion baht, respectively.
However, in 2020, their number dropped to 737 units worth 1.9 billion baht.
In addition to Chinese, the top ten nationalities included Russian, American, British, German, French, Australian, Japanese, Swiss and Canadian.
The growth of the housing market in Chonburi is similar to the growth of the market in Phuket and Chiang Mai, as it is associated with the expansion of the tourism industry in the province.
Last year, Chonburi showed a surge in tourism revenue, increasing from 300 million baht in 2020 to 19.6 billion baht.
This was a significant recovery after declining revenue, which fell from more than 220 billion baht in 2019 to 34.5 billion baht in 2020.
Similarly, housing demand rebounded strongly in 2022, with an annual increase of 26% in the number of newly sold units, amounting to 5,729 units and a 49% increase in the number of condominiums transferred.