Data from Thailand’s Agency for Real Estate Affairs (AREA), released today, showed that foreign buyers and investors spent at least THB 113 billion (US$ 3.54 billion) of property last year.
That’s equal to 20 percent of all property sales.
The proportion of foreign buyers and sellers of Thailand property will very likely be more than 20 percent right now.
Property transactions, it said, were mostly in Bangkok, Pattaya and Phuket.
Dr. Sopon Pornchokchai (pictured), President of AREA, said total market sales in Thailand reached THB 576 billion during 2017.
Approximately 20 percent, or THB 113 billion, belonged to non-Thai buyers, he said.
Bangkok remained the most popular destination for foreign buyers, he added, and reported that approximately 70 percent of all property purchases made by foreign buyers were in the Thai capital.
This accounted for THB 83.1 billion worth of transactions.
This is roughly in line with Thailand’s property buying demographic, which saw Bangkok account for more than 72 percent of nationwide housing sales.
Just 10 years ago Bangkok accounted for roughly half of all property purchases.
AREA reported that Pattaya was the second-largest property market for property buyers from overseas, where they accounted for 30 percent of all sales, equal to about THB 6.5 billion worth of sales.
Pattaya represented just 4 percent of all Thailand’s property transactions, according to AREA.
Phuket was the third biggest market for overseas property buyers, falling from second place 10 years ago.
Foreign buyers here also accounted for about 30 percent of all property purchases, equal to THB 5.4 billion worth of sales.
AREA reported that the Thailand property market is still an appealing destination for overseas buyers.
It noted the shift in the demographics of Thailand property from Japan and Scandinavia, and noted the current influence of Chinese buyers.
“It will be of great benefit if Thailand established a land and building tax and concise database of the foreign housing transaction for proper monitoring and planning purposes,” AREA added.