Key facts
- Thai developers are expanding their property investments into Europe and the US.
- Foreign demand for Thai condominiums has declined, with Chinese buyers pulling back.
- Indian buyers are emerging as a key demographic, purchasing larger and more expensive units.
- In Q3 2025, foreign condo transfers in Thailand increased in volume but decreased in value.
- From January to September 2025, foreign condo transfers in Thailand fell 14.2% in value.
Thai real estate companies are increasingly looking to invest in Europe and the United States as a strategic response to a prolonged slump in their domestic housing market. This shift is occurring as foreign demand for Thai condominiums has weakened, particularly from Chinese buyers who are facing liquidity strains and domestic economic pressures.
According to data from the Real Estate Information Centre (REIC) of the Government Housing Bank, foreign condo transfers in Thailand saw a slight increase in volume in the third quarter of 2025, reaching 3,844 units, up 2.3% year-on-year. However, the total transfer value for the quarter fell by 17.2% to THB15.4 billion. This pattern of more units but less value suggests a move towards more affordable condominiums or purchases for genuine occupancy rather than speculative investment.
For the first nine months of 2025, total foreign condo transfers in Thailand amounted to 11,011 units, a marginal decrease of 0.05% in volume, while the total value plunged 14.2% to THB44.1 billion. These figures reflect global economic headwinds impacting the Thai property market.
While Chinese buyers remain the largest foreign group, their activity has noticeably weakened. In contrast, Indian buyers have emerged as a significant force, demonstrating strong "quality" demand. REIC data indicates Indian buyers recorded the highest transfer value per unit, averaging THB6.9 million, compared to THB3.8 million for Chinese buyers. Indian buyers also tend to purchase larger units, averaging 73.6 square meters, nearly double the market average of 41.1 sq m, often for personal use rather than investment.
Despite the overall contraction, foreign capital remains a vital component for Thai developers, especially as high household debt continues to suppress domestic demand. Developers are now under pressure to adapt their offerings to cater to this new demand profile, focusing on higher-quality offerings from India, Europe, and the United States.