According to the Real Estate Information Center (REIC) at the State Housing Bank, in the 1st quarter of 2026, apartment sales to foreign buyers in Thailand decreased in three key parameters at once. The total number of facilities decreased by 17.3% compared to the same period last year and amounted to 3,241 units. The total value of transactions decreased by 17.9% to 13.464 billion baht, and the total usable area decreased by 13.8% to 141,644 square meters. The share of foreigners in the overall condominium market has also decreased: they now purchase 13.6% of all properties (at a cost of 23.9%).
The REIC attributes the negative dynamics to a general slowdown in the economy both in Thailand and in the world. Consumers and investors have become more cautious in spending, which has had a particularly noticeable impact on the segment of foreign buyers. At the same time, the main group of Chinese citizens, who have been leading in the number of transactions for many years, faced additional pressure due to internal economic problems and liquidity constraints. Many Chinese buyers postponed the purchase of housing abroad: the number of transactions with them decreased by 38.8% (to 906 objects), and the cost by 42.9% (to 3.493 billion baht).Despite the fact that the Chinese remained the largest group of buyers, their gap from other markets has significantly decreased. This indicates a structural adjustment of foreign demand: the Thai market is no longer overly dependent on one country. The Chinese are being replaced by buyers from other countries, who are showing steady growth even amid the general recession.
The Russians have shown one of the most impressive results.:In the 1st quarter, they acquired 383 condominiums, which is 33% more than a year ago, and the total value of transactions increased by 68.7% to 1.665 billion baht. Australians increased the number of purchases by 36.1% (83 objects), German citizens by 17.4%, and the United Kingdom by 13.0%. However, India became the absolute record holder in terms of growth rates: the number of transactions increased by 40% (to 63 objects), and their value increased by 23.9% to 353 million baht.
The behavior of Indian buyers deserves special attention, which is noticeably different from other nationalities. They are not only actively increasing the number of transactions, but also prefer more expensive and spacious housing. The average cost of a property purchased by Indians was about 5.6 million baht, compared to an average of 4.2 million baht for all foreigners. The average area of the condominium they bought reached 67.8 square meters, while the total figure for the foreign market is only 43.7 square meters. This indicates that Indians are primarily focused on high-quality housing for real living, rather than small investment lots.
REIC notes that the Thai condominium market is entering a significant transformation phase. Previously, the dynamics of the foreign segment was almost entirely dependent on China's purchasing power, but now there is a steady increase in demand from Russia, India, Australia and a number of European countries. Although their volumes are still more modest than those of China, the diversification of the customer base reduces long-term risks for the sector.The center's experts emphasize that the further development of the foreign market in the second half of 2026 will be determined by global factors: the state of the Chinese economy, the volatility of financial markets and the real purchasing power of foreign investors. These variables will be the main drivers of the possible recovery of the Thai condominium market in the coming quarters.
Source: National Thailand
