With foreigners playing an increasingly significant role in purchasing condominiums, Thailand should implement preventative measures for the benefit of the nation and its people before it's too late.
 

Dr. Sopon Pornchokchai, President, Agency for Real Estate Affairs, the largest real estate information and valuation centre in Thailand, revealed the results of a survey on condominium sales in all projects currently on sale in Bangkok and its surrounding areas, totaling nearly 2,000 projects. The findings can be used to inform policy and planning by both the government and private sectors, as well as the general public, as follows :

By the end of 2025, foreigners are expected to purchase 6,160 new condominium units in Bangkok and its surrounding areas from developers – the highest number since the COVID -19 pandemic began in 2020. These purchases will account for 23.5% of the total number of condominium units sold by developers in 2025, with a total sales value of 29,793 million baht, or approximately 26.6% of the total value of all condominium units still in stock and expected to be sold in 2025.

However, prior to the COVID -19 pandemic, foreigners purchased more condominiums than they do now. In 2019, foreigners bought 6,558 units (more than the number expected in 2015), but this represented only 12.1% of the total number of condominiums sold to developers that year. In terms of value, foreigners purchased 30,516 units (higher than the 2015 figure), but this only accounted for 14.6% of the total value of condominiums sold to developers that year. The proportion   of condominiums sold to foreigners in 2019 was not very high; Thai buyers remained numerous because the national economy had not yet declined as it has today.

Since the COVID -19 pandemic began in 2020, only 1,017 condominium units were purchased by foreigners, a massive decrease (from 6,558 units in 2019) or a drop of only 16%. The situation worsened in 2021, with only 1,243 units purchased by foreigners. The situation began to improve in 2022, with foreign purchases increasing to 4,203 units, and further increasing to 5,036, 5,748, and 6,160 units between 2023 and 2025, respectively. Similarly, the value of condominium purchases by foreigners also increased.  

The value of condominium purchases in 2025, at 29,793 million baht, is significantly less than the 39,640 million baht purchased in 2024. This is largely due to the economic downturn in other countries, including Europe, Russia, former Soviet republics, and China, particularly   China, which has implemented strict controls on currency outflows. Furthermore, the earthquake on   March 26, 2025, may also be a major contributing factor.
 

It can be observed that foreigners purchase condominiums at a higher average price than Thais. For example, in the latest year (2025), foreigners bought at an average price of 4.836 million baht, while Thais bought at an average price of 4.087 million baht, or 18% higher. However, this is not considered a significant difference. Ideally, there should be a price limit for foreigners to purchase condominiums that is higher than that of Thais to prevent foreigners from competing with Thais. Such competition would drive up prices due to increased demand, making it more difficult for Thais to buy homes. For example, in Malaysia, the price limit for foreigners to purchase residential properties is approximately 16 million baht or more in Kuala Lumpur, and in Indonesia, it is set at a minimum price of 10 million baht.

The most attractive location for foreign buyers in Bangkok and its surrounding areas, in terms of purchase value, is the Central Business District (CBD), totaling 2,015 units. Foreigners accounted for 44.2% of all condominium sales in this area by 2025. The total value of foreign purchases in this area amounted to 16,596 million baht (US$526.9 million), or approximately 32.7% of the total condominium transaction value in this area. The average price at which foreigners purchased units in the CBD was 8,236 million baht, or US$ 261,460.

Of the total value of condominium purchases by foreigners in Bangkok and its surrounding areas, amounting to 29,793 million baht (US$ 945.8 million), 55.7% were made in the city center. This indicates that foreigners prefer buying condominiums in the city center, likely because they are conducting business and residing in areas with comprehensive infrastructure, especially expressways and the BTS Skytrain.   Furthermore, the city center is a major shopping and entertainment hub, making life in the city center more convenient.

In the Ratchada - Ladprao area, foreigners have the highest number of condominium units purchased, totaling 2,089 units out of 2,603 ​​units, or 80.3%, exceeding the 49% quota. This may be due to the use of nominee companies or transactions through Thai nationals. Chinese buyers appear to be the largest group in this area, given the presence of Chinese communities nearby, such as in Huai Khwang and Ratchadaphisek. Therefore, it can be concluded that condominium units in this area are primarily sold to foreign investors.

Foreign buyers purchased condominiums in the Ratchada - Ladprao area for a total value of 7,144 million baht, or US$ 226.8 million, representing approximately 72.2% of the total value of condominiums in this area. However, the average price of these units was only 3.42 million baht, which is even lower than the average price paid by Thai buyers. This could be considered competition with Thai consumers. Furthermore,

another prominent location for foreign condominium purchases in Bangkok and its surrounding areas is the On Nut-Suvarnabhumi area, where foreigners bought 778 units, or 26.2% of all units in this area, for a total value of 2,919 million baht (US$92.7 million), or 32.8% of all units in this area. The average purchase price per unit was 3.752 million baht (US$119,111).

Another nearby location is Bangna - Theparak, where foreigners purchased a total of 689 units, or 20.7% of the total in this area,   for a total purchase value of 1,498 million baht (US$ 47.6 million). The purchase price was relatively low at 2.174 million baht per unit, or only US$  69,016. Both On Nut-Suvarnabhumi and Bangna - Theparak are areas adjacent to Sukhumvit Road (Wattana and Khlong Toei districts), offering high-quality residential properties with easy access to the city via the BTS Skytrain and convenient travel to Suvarnabhumi International Airport. This makes both locations highly attractive to foreign buyers.

Additionally, there are other locations with a relatively small number of foreign buyers, such as Phahonyothin - Ramintra (107 units), Bang Kapi - Min Buri (105 units), and Krung Thon Buri - Bang Phlat (27 units). While these three locations have public transportation access, they are situated somewhat far from the city center, resulting in a low number of buyers.   Locations with little to no buyers include Rangsit-Pathum Thani, Chaeng Wattana, Bang Sue- Tiwanon, Suk Sawat-Pracha Uthit, Pinklao - Phutthamonthon, and Nonthaburi - Bang Bua Thong. This data suggests that the government may be designating specific zones for foreign purchases,   primarily in central city areas or intermediate areas.

Even though, at present, if by the end of 2025, foreigners do not purchase 23.5% of the total number of condominium units or 26.6% of the total value of purchases by foreigners, the residential condominium development business would likely decline even further. However, for the benefit of the nation and its people as a whole, Thailand should have certain regulations.

Compare to China, the conditions to buy condominiums in China and Thailand are so much different.  Thailand should apply the conditions in China to be applicable in Thailand.
 

Key measures that must be in place before allowing foreigners to purchase real estate is a tax measure, namely:

1. Foreign nationals are required to pay a purchase tax, such as approximately 20% of the value (Singapore collects 60%, Europe collects 10-20%).

2. Land and building tax should be levied at 0.5%-1.0% based on the true market value, because Thais already have to pay this tax every year when they buy houses abroad.

3. Capital gains tax should be levied at approximately 20% of the profit. For example, if you bought something for 6 million baht and sold it for 10 million baht, the profit of 4 million baht would be subject to a 20% tax, resulting in a loss of 800,000 baht.

4. Inheritance tax should also be levied based on true market value, as is the case in many developed countries.

5. Set limits on the number of units that can be purchased, such as one unit, instead of allowing speculative buying or opening hotels within condominiums, etc.

6. The eligibility criteria for buyers are those who will reside in Thailand or have already resided in Thailand for at least one year; they are not allowed to buy for speculative purposes without any screening process.

If we allow foreigners to buy without any measures in place, one day Thailand will inevitably become an economic colony and lose its sovereignty.