The volume of sales of real estate in Thai condominiums to foreigners in the 2nd quarter of 2024 decreased by 6% year-on-year in quantitative terms and by 18% in value.
The boom in transactions caused by high activity in the market of citizens of China, Russia and other countries has calmed down somewhat, according to the Real Estate Information Center, part of the State Housing Bank of Thailand.In the first half of 2024, the number of transactions with Chinese and Russian buyers decreased by 17% and 19%, respectively.
More than half of the transactions with foreigners in the Thai housing market are made by the Chinese. They are followed by citizens of Russia and Myanmar.
According to Colliers investment company, the number of new condominiums on the Bangkok market in the first six months of this year decreased by 44% to 8,674 units.
Sales to Thai buyers are also declining significantly amid rising household debt.
Source: VN Express
