In the first nine months of 2024, Myanmar nationals are the second largest buyers of Thai condos, according to the Bangkok Post.
Surachet Kongcheep, head of research and advisory at Thai real estate firm Cushan & Wakefield Thailand, said Myanmar buyers paused their purchase of condos in April and have since resumed the purchase again.
Transfers of condos from Thailand to Myanmar buyers could set a new record in 2024, with total purchases in the first nine months surpassing the record set in 2023, the Bangkok Post reported.
According to REIC, Myanmar buyers purchased 1,050 condo units worth 5.46 billion Thai baht in the nine months of 2024, and 564 condo units worth 3.7 billion baht in 2023. In 2022, 349 condos worth 2.55 billion baht were sold, the Bangkok Post continued.
In the first nine quarters of 2024, the leading buyers are Chinese citizens, with 4,386 condo units, followed by Myanmar citizens with 1,050 condos, Russian citizens with 800 condos, Taiwanese with 612 condos and Americans with 436 condos, the Bangkok Post reported.
Purchases by Myanmar nationals were not included in the list of top purchases before, but since 2022, they have reached No. 6 in the list of top 10 countries.
Rich people from Myanmar have bought expensive condos in prime locations in Bangkok, with prices ranging from 10 million to 20 million baht, according to a May 2024 report by the Real Estate Information Center (REIC).
Areas with luxury condominiums such as Sukhumvit, Phrom Phong and Asoke are popular, and those areas are close to hospitals, international schools and major high-end shopping malls.
Middle-class buyers from Myanmar are eyeing condominiums in Bangkok's Aree and Phaya Thai zones priced between 5 million and 10 million baht, according to REIC's statement released in May 2024.
In early June of last year, the information team of the State Administration Council (SAC) announced that it would take action against those who sell and buy condos in foreign countries through online.
The SAC information team has issued a statement that the public will be notified to inform the relevant authorities if they know of those who are illegally selling condominium apartments in foreign countries through online and will continue to investigate and identify buyers.
