The reopening of China to international travel for the first time in three years following the announcement to lift the stringent COVID-19 lockdown measures from January 8th onwards has garnered significant attention globally, including in Thailand.
The Thai tourism and real estate industries are eagerly hoping that the return of Chinese travelers will revive the battered market conditions instantly, as some expect that more than five million Chinese will flood into the country throughout 2023.
In particular, the condominium market is expected to see better activity than the high-end housing market, as laws allowing foreign ownership of up to 49% of condominium units have helped boost the market.
Also, it’s not just Chinese buyers who are purchasing Thai condominiums. Russian, American, British, German, French, and Asian buyers from countries such as Myanmar, Cambodia, Laos, Vietnam, Malaysia, and India are also interested in purchasing Thai condominiums, although not to the same extent as Chinese buyers, who account for around 50% of the market.
According to data from the Real Estate Information Center (REIC), there were more than 50,000 foreign-owned condominium units in Thailand, worth more than 230 billion Baht from 2018-2022. The value of foreign-owned condominium units in 2023 is also expected to increase by 20%.