Foreign Buyers Reshape Thailand Condos: Thailand Condominium Foreign Demand Shifts Fast

Transfer statistics show why developers and agents keep watching foreign participation closely. According to the Real Estate Information Center (REIC), foreign buyers took 14,899 condominium unit transfers nationwide in 2025, up 2.2% year on year, with a transfer value of THB 60.92 billion. Those transfers represented 14.7% of all condo transfer units nationwide. Separate reporting on expatriate-focused trends also describes a modest rise between 2023 and 2024, with roughly 11,000 units transferring to foreigners in the first nine months of 2024 and an estimated 14,000–15,000 units for the full year. Together, these points underline a market where foreign demand can be steady in headline terms, yet still vary sharply by nationality and timing.

Q1 2026: Overall Foreign Transfers Fell, but the Mix Changed

In the first quarter of 2026, REIC data showed a clear cooldown across key measures. Nationwide condo ownership transfers to foreign nationals totaled 3,241 units, down 17.3% year on year. Transfer value fell 17.9% to THB 13.464 billion, and total usable area declined 13.8% to 141,644 square metres. Foreigners also made up a smaller slice of the overall condo market in that quarter, accounting for 13.6% of all ownership-transfer units and 23.9% of total transfer value. REIC linked the weaker outcome to economic slowdowns in Thailand and overseas, which made consumers and investors more cautious.

The most important structural shift was the changing nationality mix. Chinese buyers remained the largest foreign purchaser group, but their activity dropped sharply in Q1 2026: 906 units, down 38.8% year on year, with transfer value of THB 3.493 billion, down 42.9%. REIC noted challenges tied to domestic economic problems and liquidity constraints for Chinese buyers, which led many to postpone overseas purchases, narrowing the gap between China and other countries. At the same time, several nationalities recorded growth. Russia transferred 383 units, up 33%, with value up 68.7% to THB 1.665 billion. India transferred 63 units, up 40.0%, with total value up 23.9% to THB 353 million, and Indian buyers had the highest average transfer value per unit at about THB 5.6 million, above the overall foreign-buyer average of THB 4.2 million.

These cross-currents are now central to Thailand Condominium Foreign Demand conversations, because they influence where developers focus supply and marketing. Mordor Intelligence reports that Bangkok led Thailand’s real estate market with a 53.1% share in 2025, while Phuket is projected to grow at a 4.10% CAGR during 2026 to 2031, pointing to strong gravity in both urban and resort locations. Market commentary also notes that foreigners can own freehold condominium units within the 49% foreign ownership quota for each building, and developers often optimize that limit while also using leasehold structures where freehold is off-limits. With domestic buyers facing tighter credit conditions, a shifting foreign mix—less concentrated in one dominant nationality—can change pricing power, unit sizing preferences, and where remaining inventory clears fastest.