Statistics: Asian Investors Continue to Increase Investments in Thailand's Real Estate
Content:
- Russia Retains a Top 3 Position
- Foreign Investor Preferences
- Goals of Russian Buyers in Thailand's Real Estate in 2024
- Geography of Russian Demand for Thai Real Estate
- Factors Driving High Demand for Real Estate in Thailand
According to the latest data from the Real Estate Information Center (REIC), the first quarter of 2024 saw a significant increase in real estate transactions by citizens of Myanmar (+415.79%) and Taiwan (+52.13%) compared to the first quarter of 2023. There was also growth in transactions by Australian (+16.90%) and German (+15.27%) citizens.
Russia Remains in the Top 3
Russia continues to be a major player in Thailand's real estate market, maintaining its position among the top three investors alongside China and Myanmar. Despite a slight decline in transactions by Chinese and Russian citizens in Q1 2024 compared to Q1 2023, the overall transaction volume remains dominant.
Real Estate Transactions in Thailand, Q1 2024 vs. Q1 2023 and 2022:
| Country | Q1 2024 | Q1 2023 | Q1 24 / Q1 23 Change | Q1 24 / Q1 22 Change |
|---|---|---|---|---|
| China | 1596 | 1747 | -8.64% | +68% |
| Myanmar | 392 | 76 | +415.79% | |
| Russia | 295 | 387 | -23.77% | +120% |
| USA | 164 | 156 | +5.13% | +44% |
| Germany | 151 | 131 | +15.27% | +86% |
| Taiwan | 143 | 94 | +52.13% | +170% |
| France | 129 | 130 | -0.77% | +68% |
| UK | 108 | 146 | -26.03% | +15% |
| Australia | 83 | 71 | +16.90% | +144% |
| Singapore | 57 |
Foreign Investor Preferences
According to REIC, Russians ranked third among foreign buyers in Thailand in Q1 2024, purchasing 295 properties, accounting for 7.5% of all foreign transactions.
Russians typically prefer properties around 39.2 square meters, similar to Chinese buyers (39.6 sqm). In contrast, Americans opt for larger units (60.3 sqm), followed by Australians (50.6 sqm) and French buyers (49.9 sqm).
The highest average purchase prices were recorded by Singaporean buyers ($165,550), followed by Myanmar ($157,132), US ($157,132), and Taiwanese buyers ($134,685). The average price of properties purchased by Russians is $86,984.
Preferences of Foreign Investors in Thailand, Q1 2024
Foreign buyers in Thailand vary by nationality, each with their own preferences for property size and price. In Q1 2024, Chinese buyers led both in the number of deals and the average price of apartments. Myanmar citizens came second, purchasing larger apartments at higher prices, while Russian buyers ranked third, focusing on units around 39 square meters.
| Nationality of Buyer | Average Apartment Price, $ | Average Size, sqm | Share of Apartments, % |
|---|---|---|---|
| China | 131,879 | 39.6 | 40.5 |
| Myanmar | 157,132 | 43.9 | 10.0 |
| Russia | 86,984 | 39.2 | 7.5 |
| USA | 157,132 | 60.3 | 4.2 |
| Germany | 89,790 | 43.7 | 3.8 |
| Taiwan | 134,685 | 34.4 | 3.6 |
| France | 120,655 | 49.9 | 3.3 |
| United Kingdom | 95,402 | 49.4 | 2.7 |
| Australia | 95,402 | 50.6 | 2.1 |
| Singapore | 165,550 | 48.8 | 1.4 |
| Other countries | 126,267 | 49.9 | 20.8 |
Goals of Russian Buyers in Thailand in 2024
In Q1 2024, the primary goal of Russian buyers was to purchase properties for vacation and rental purposes (65.1%), a 16.7% increase compared to the same period in 2023. There was also growing interest in buying for vacation and future resale (+22.6%).
| Purpose of Purchase | 2023 | 2024 | Change Q1 2024 / Q1 2023 |
|---|---|---|---|
| For future relocation | 19.2% | 14.2% | -26.4% |
| For vacation | 7.7% | 9.4% | +22.6% |
| Vacation and rental | 55.8% | 65.1% | +16.7% |
| For resale | 3.8% | 4.7% | +22.6% |
| For residence permit | 5.8% | 3.8% | -34.6% |
| Rental and relocation | 7.7% | 1.9% | -75.5% |
| For children's education | 0.0% | 0.9% |
Geography of Russian Demand for Property in Thailand
In Q1 2024, Phuket remained the most popular region for Russian property buyers, accounting for 68% of inquiries. Pattaya ranked second with 15%, followed by Koh Samui with 10%.
| Region | Share of Inquiries, % | Median Budget, $ |
|---|---|---|
| Phuket | 68% | 150,778 |
| Pattaya | 15% | 112,582 |
| Koh Samui | 10% | 202,580 |
Factors Driving High Demand for Property in Thailand
In Q1 2024, demand for property in Thailand from Russian buyers grew by 80% compared to the same period in 2023. Russian transactions made up 33.8% of all international deals. Key factors driving this demand include:
- Low entry price starting from $75,000.
- Convenient installment system with down payments as low as 35%.
- High returns of up to 10%.
- Reliable developers with international experience.
- Phuket has reached 2019 tourist levels, supporting rental demand.