NationThailand-May 29
Thailand’s foreign condominium market is entering a new phase, with Chinese buyers pulling back sharply while Russian demand rises and keeps the luxury segment in key tourism destinations alive. Transfers of condominium ownership to foreign buyers fell steeply in the first quarter of 2026, even as the wider Thai housing market began to show signs of recovery. The Real Estate Information Centre (REIC) said nationwide housing transfers rose 11.2% year on year to 72,583 units in the quarter, with total value up 3.1% to 187.18 billion baht. Foreign condo transfers, however, moved in the opposite direction. In the first three months of the year, foreigners took ownership of 3,241 condominium units in Thailand, down 17.3% from the same period last year. The combined transfer value fell 17.9% to 13.46 billion baht. The fall does not mean foreign buyers have lost importance. REIC said they still accounted for 13.6% of all condominium units transferred nationwide and 23.9% of total condo transfer value, showing that overseas demand remains concentrated in higher-priced projects rather than the mass market. Chinese buyers remained the largest foreign group, but the numbers point to a clear loss of momentum. In the first quarter, Chinese nationals took ownership of 906 condominium units, a drop of 38.8% year on year. Transfer value plunged 42.9% to 3.49 billion baht. The decline signals a slowdown in the purchasing power of a group that has long acted as a core engine of Thailand’s foreign condominium market. The weakness has been linked to China’s uneven economic recovery, pressure in its domestic property sector and tighter controls on moving capital overseas. As Chinese buyers slowed, Russian buyers moved in the opposite direction. Russians became the second-largest foreign buyer group in the first quarter of 2026, with 383 condominium units transferred, up 33% year on year. Their transfer value jumped 68.7% to 1.67 billion baht.
The sharper rise in value than in unit numbers suggests Russian buyers are moving into higher-end properties, especially in tourism-led markets such as Phuket and Pattaya. Since the Russia-Ukraine war began, a growing number of Russian investors and wealthy buyers have looked overseas for second homes, with Thailand benefiting from its cost of living, climate and lifestyle appeal for long-stay foreigners. For years, Thailand’s condominium market relied heavily on Chinese purchasing power. The latest figures suggest that structure is beginning to change. Read more at:
