In the 2nd quarter of 2024, the price index for villas in Thailand, according to the Bank of Thailand (BOT), rose by 2.6% year-on-year (1.8% adjusted for inflation), for townhouses by 3.12% (2.32% adjusted for inflation).
Industry experts predict that the value of real estate, especially in newly built projects, will continue to rise.
In Bangkok and the capital region as a whole, villas rose in price by 3.9% (3.2% adjusted for inflation), townhouses by 3.6% (3% adjusted for inflation), condominiums by 3% (2.2% adjusted for inflation).
Home sales in Thailand have declined due to lower domestic demand. This was caused by a slowdown in economic growth across the country and an increase in the cost of mortgages. However, with regard to foreign demand, the trend is reversed. It continued to grow and exceeded the docklike levels.
In 2023, sales of condominiums to foreigners increased by 25% year-on-year, and in value terms by 24%.
In the 1st quarter of 2024, non-residents purchased 3,938 apartments in the country with a total value of 18,013 million Thai baht (497.7 million US dollars), which is 4.3% and 5.2% more, respectively, compared to the same period last year.The most active buyers of apartments in Thailand are citizens of China (46%), Russia (8.7%), the USA (4.4%) and Myanmar (3.9%).
Most often, visitors made deals in the province of Chonburi (Pattaya) and Bangkok. Half of the objects they purchased are worth up to 3 million Thai baht (about 86,000 US dollars).
Thailand's tourism sector continues to recover and is projected to return to pre-pandemic levels in mid-2025.
According to the Ministry of Tourism and Sports, 17.5 million foreign tourists visited the country in the 1st half of 2024, which is almost 35% more than in the same period last year.The vast majority of the guests came from the Asia-Pacific region (almost 73%), followed by Europe (about 21%) and America (more than 4%).Citizens of China, Malaysia, India, Korea and Russia are the leaders among the national groups.Source: Global Property Guide
