Thailand condo transfers to foreigners fall across key measures
REIC data show foreign condominium transfers dropped in units, transfer value and usable area in the first quarter, while Russian, Indian and Australian demand grew
- In the first quarter of 2026, condominium transfers to foreigners in Thailand fell significantly across all measures, with units down 17.3% and total value down 17.9% year-over-year.
- The decline was primarily driven by a sharp 38.8% drop in purchases from Chinese nationals, the largest buyer group, due to economic pressures in their home country.
- Despite the overall downturn, several nationalities increased their purchases, with significant growth from buyers in Russia (+33%), India (+40%), and Australia (+36.1%).
- This trend indicates a structural shift in the market, as Thailand's foreign condo buyer base becomes more diversified and less dependent on Chinese investors.
The Real Estate Information Centre (REIC) of Government Housing Bank has released data on transfers of condominium ownership to foreign nationals nationwide in the first quarter of 2026, showing that the overall market continued to face pressure from economic conditions both in Thailand and overseas.
Transfers fell across all dimensions, including the number of units, transfer value and usable area.
The data showed that in the first three months of 2026, condominium ownership transfers to foreign nationals totalled 3,241 units, down 17.3% from the same period a year earlier.
Transfer value stood at THB13.464 billion, down 17.9%, while total usable area was 141,644 square metres, down 13.8%.
Compared with the overall condominium market, the share of purchases by foreign nationals also declined, accounting for 13.6% of all ownership-transfer units and 23.9% of total transfer value.
Slower global economy weighs on Chinese purchasing power
REIC said in its analysis that a key factor pressuring the market came from the economic slowdown both in Thailand and overseas, causing consumers and investors to become more cautious in their spending.
At the same time, Chinese buyers, the main purchaser group that has accounted for the largest share of condominium purchases in Thailand for several years, are facing challenges from domestic economic problems, including constraints on financial liquidity.
This has led many to postpone decisions to buy real estate overseas.
As a result of these factors, ownership transfers to Chinese buyers in the first quarter stood at 906 units, down 38.8% from a year earlier, with a total transfer value of THB3.493 billion, down 42.9%. This was a significantly sharper decline than the overall market.
Although Chinese buyers remained the largest group of foreign condominium purchasers in Thailand, the gap between China and other countries has begun to narrow.
This reflects a structural change in the market, which is less dependent solely on Chinese customers than in the past.
Russia, India and Australia grow against the market trend
On the other hand, several nationalities continued to record growth in ownership transfers despite the slower overall picture.
Russia remained a standout market, with transfers of 383 units, up 33%, and a total transfer value of THB1.665 billion, up 68.7%.
India recorded the highest growth rate among the top 10, with 63 transferred units, up 40.0%, and a total value of THB353 million, up 23.9%. Australia recorded 83 transfers, up 36.1%, while Germany and the United Kingdom saw growth of 17.4% and 13.0%, respectively.
The expansion of these buyer groups reflects that, although the overall market faces pressure from the global economy, there are still groups of buyers from some countries that see opportunities to invest and live in Thailand.
Indian buyers stand out for larger, highest-priced units
One interesting point from REIC’s data is the behaviour of Indian buyers, which clearly differs from other groups.
Indian buyers had the highest average transfer value per unit in the market, at about THB5.6 million per unit, above the overall foreign-buyer average of THB4.2 million per unit.
They also had the highest average area per unit, at 67.8 square metres, compared with the overall foreign market average of 43.7 square metres per unit.
The figures, therefore, reflect that Indian buyers are placing greater emphasis on larger, higher-value units that better meet real residential needs.
In structural terms, the Thai condominium market is in a significant transition.
In the past, movements in the foreign market were almost tied to Chinese purchasing power, but the latest data indicate that the importance of the Chinese market is beginning to decline, while demand from Russia, India, Australia and some European countries is starting to play a greater role.
Although the number of buyers from these countries is still not as large as from China, their continued growth during a period of overall market slowdown is a sign that Thailand’s foreign customer base is becoming more diversified.
This may help reduce the long-term risk of relying too heavily on any single market.
REIC said the direction of the foreign market for the rest of 2026 still requires close monitoring of global economic factors, particularly China’s economic situation, volatility in global financial markets and the purchasing power of foreign investors.
These will be key variables for the recovery of Thailand’s condominium market in the period ahead.
