Bangkok Post – Myanmar No.2 for Thai condo sales

Thai condo transfers to Myanmar buyers ranked second after Chinese purchasers for the first nine months of 2024, overtaking Russian buyers as the neighbouring government’s crackdown on Thai condo purchases subsided.

Surachet Kongcheep, head of research and consultancy at property firm Cushman & Wakefield Thailand, said Thai condo sales to Myanmar buyers resumed after a brief pause following the Myanmar government’s crackdown last April.

“The impact of the crackdown on Thai condo purchases by Myanmar buyers was a temporary market disruption,” he said.

Thai developers prefer to bring Myanmar nationals to Thailand for property tours as it is more convenient for marketing, follow-ups, and directly reaching genuine buyers, said Mr Surachet.

He said Thai condo transfers to Myanmar buyers remained strong last year, primarily because most purchases had been made earlier, and Myanmar buyers had already transferred funds out of the country beforehand.

Thai condo transfers to buyers from Myanmar will set a new record in 2024 as the total for the first nine months already surpassed the record set in 2023.

According to the Real Estate Information Center (REIC), the number of units sold to buyers from Myanmar and their value in the first nine months last year tallied 1,050 units worth 5.46 billion baht, up from 347 units worth 2.25 billion in the corresponding period of 2023.

In the first half of 2024, 638 units worth 3.24 billion baht were sold.

In 2023, 564 units worth 3.7 billion baht were sold to buyers from Myanmar, up from 349 units worth 2.55 billion in 2022 and rising significantly from fewer than 50 units worth less than 253 million baht in previous years.

Condos transferred to buyers from Myanmar had the third-highest average unit price at 5.2 million baht, following Indian buyers at 6.3 million and American buyers at 5.3 million.

The largest number and value of Thai condo transfers to foreign buyers in the first nine months of 2024 remained Chinese buyers, tallying 4,386 units worth 20.2 billion baht, accounting for 39.7% and 39.3% of the totals respectively.

During this period, the total number and value of condo transfers to foreign buyers nationwide was 11,036 units worth 51.5 billion baht, up 3.1% year-on-year, but down 1.5% in value compared with 2023.

The proportion of condo units transferred to foreigners compared with Thais for the period dropped to 13.3% from 13.6%, but the value proportion rose to 24.2% from 23.3%, according to REIC.

Bangkok remained the top destination with the largest number and value of condos transferred to foreign buyers, followed by Chon Buri, which accounted for 38.7% and 36%, respectively.