25 Aug 2025

Foreigners Driving Bangkok's Condo Market: A Deep Dive into 33% of Total Value

Bangkok, Thailand – The allure of Bangkok's vibrant property market continues to captivate international buyers. New data reveals that foreign purchases of condominiums in the capital are surging, now accounting for a remarkable 33% of the total market value. This significant trend, despite a slight decrease in the number of units sold due to global economic conditions, highlights the crucial role foreign investment plays in Thailand's real estate sector.

Dr. Sopon Pornchokchai, President of the Agency for Real Estate Affairs (AREA), a renowned expert in the Thai property market, presented these compelling findings. According to AREA's research for the first half of 2025, foreign buyers reserved 2,321 condominium units in Bangkok and its vicinity. While this represents 20% of all units sold, their total value of 13.876 billion baht (USD 420 million) accounts for a substantial one-third of the market's total value. The average purchase price per unit for foreigners stands at 5.978 million baht (USD 181,152).

Where Foreigners Are Buying – and Why It Matters

Interestingly, the most popular price range for foreign buyers is between 2.1-3.0 million baht (USD 63,636-90,909), making up 31% of their total unit purchases. Condominiums priced between 3-5 million baht (USD 90,910-151,515) follow closely at 24%. This means a significant 71% of foreign purchases are for units priced below 5 million baht, indicating that international buyers are actively competing with local Thais for more affordable properties. This trend stands in contrast to regulations in Malaysia and Indonesia, where minimum purchase prices for foreigners are set much higher (15 million baht and 10 million baht, respectively).

Historical Trends and Future Outlook

The data from 2019-2025 shows a dynamic landscape for foreign condo purchases:

Year	Units	Value (Mil Baht)	Value (Mil USD)	Price/Unit (Mil Baht)	Price/Unit (USD)
2019	6,557	30,516	925	4.654	141,029
2020	1,017	3,378	102	3.322	100,653
2021	1,243	6,057	184	4.873	147,663
2022	4,203	20,364	617	4.845	146,822
2023	5,036	31,601	958	6.275	190,152
2024	5,748	39,640	1,201	6.896	208,979
2025 (Projected)	5,103	30,527	925	5.982	181,278

While 2019 saw the highest number of units purchased by foreigners (6,557 units), representing 12% of the total units and 15% of the total value, the first half of 2025 shows a shift: fewer units, but a significantly higher proportion of the total market value. Dr. Sopon projects a total of 5,106 units for 2025, valued at 30.527 billion baht (USD 925 million). This reflects a 12% decrease in units and a 23% decrease in value compared to 2024, possibly influenced by external events like the recent earthquake and border disputes.

Top Locations for Foreign Investment

Foreign buyers show clear preferences for certain areas in Bangkok:

City Center (Silom, Sathorn, Chidlom, Ploenchit, Pathumwan, Phaya Thai, Phra Nakhon, Pom Prap): This area attracts the highest value, accounting for 59% of the total value traded (8.159 billion baht / USD 247.24 million) from 36% of all foreign unit purchases (825 units). The average price here is a premium 9.89 million baht (USD 299,697).
Ratchadaphisek - Lat Phrao: Popular for its proximity to the Chinese Embassy, Don Mueang Airport, and convenient subway access, this area saw 31% of foreign unit purchases (725 units) with a total value of 3.043 billion baht (USD 92.21 million). The average price is 4.197 million baht (USD 127,182).
On Nut-Suvarnabhumi: Offering convenience to both the city center and Suvarnabhumi Airport, this area recorded 11% of foreign unit purchases (245 units) with a value of 1.095 billion baht (USD 33.18 million). Average price: 4.470 million baht (USD 135,455).
Bangna - Theparak: Close to Suvarnabhumi Airport, this area attracted 10% of foreign unit purchases (232 units) valued at 622 million baht (USD 18.85 million). The average price is 2.679 million baht (USD 81,182).

Looking Ahead: Policy Implications

Currently, foreigners can own up to 49% of condominium units in most projects, with exceptions in the Eastern Economic Corridor (EEC) where 100% ownership is permitted. However, Dr. Sopon notes that few projects see foreign interest exceeding the 49% limit. He emphasizes the importance of implementing tax measures in conjunction with foreign ownership policies to ensure that the Thai government can generate tax revenue from these investments, contributing to national development.

This detailed analysis by Dr. Sopon Pornchokchai provides invaluable insights for international investors and real estate professionals considering the dynamic Bangkok condominium market. Understanding these trends is key to making informed decisions in this evolving landscape.