A survey by the Real Estate Information Center (REIC) has revealed that the residential property market in Thailand is experiencing a change in the search pattern of foreign buyers.
The reason for this change lies largely in the decline in activity of Chinese and Russian buyers.
A decline in activity of Chinese and Russian buyers. The former reduced purchases by 14.3%, to 5,000 units, with the value of transactions falling by 22.2%. This is due to the economic slowdown in China and geopolitical uncertainty.
Russian buyers also slowed their investments to about 1,000 transactions, reflecting the impact of international sanctions and economic difficulties.
They are being replaced by buyers from Myanmar and Taiwan. Home purchases by Myanmar nationals increased by 146.1% to 1,388 units, while transaction value increased by 89.8% to 7.04 billion baht. This was due to changes in regional investment flows and geopolitical factors.
Taiwanese buyers increased their purchases by 57.1% to 836 units, while transaction value increased by 47.8% to 4.3 billion baht. Thailand's visa-free policy has played a key role in this growth.
The foreign housing market in Thailand is expected to remain stable or show a slight growth of around 1%.
Chinese, Myanmarese, Russian and Taiwanese buyers will continue to lead, but their activity will depend on the geopolitical situation.
India, Australia and France are showing increasing interest, which highlights the attractiveness of the Thai property market for new groups of investors.
Detailed statistics on average property prices in Bulgaria by cities and neighborhoods can be seen HERE