In the Thai real estate market, Myanmar nationals are the third-largest investors, according to the Thai Real Estate Information Center (REIC) early in 2024.
Wealthy upper-class individuals from Myanmar have unexpectedly become the largest buyers in the Thai real estate market, spending more than Chinese and Russian investors, as reported by the REIC.
According to a statement from Colliers International, these high-spending buyers from Myanmar have been purchasing high-value properties in major Thai cities.
Carlo Pobri, the Deputy Managing Director of Colliers International, mentioned that the REIC has reported significant investment purchases.
"Myanmar buyers seem to prefer purchasing real estate in Bangkok, Phuket, and Chiang Mai," he stated.
Myanmar nationals spent 2.25 billion baht on the Thai real estate market last year, placing them third among foreign investors. They have outspent Chinese and Russian buyers.
Pobri also mentioned that affluent individuals from Myanmar have been buying expensive condos in prime areas of Bangkok, with prices ranging from 10 million to 20 million baht.
Desirable locations like Sukhumvit, Charoenkrung, and Asoke are popular due to their proximity to hospitals, international schools, and high-end shopping centers.
Middle-class buyers from Myanmar are also interested in condos priced between 5 million and 10 million baht in Bangkok's Aree and Phra Khanong zones.
"These younger investors are buying condos at the pre-construction stage, intending to either rent or resell them," Pobri explained.
Myanmar nationals are not only buying condos on bustling Bangkok streets but also popular houses with swimming pools in Phuket's Laguna and Bang Tao areas.
The Nation reported that they are quickly purchasing homes priced over 40 million baht before construction is completed.
Additionally, it is reported that Myanmar nationals are purchasing townhouses in Chiang Mai, with prices ranging from 30 million to 40 million baht.
Previously, Myanmar ranked third in the Thai real estate investment market. However, as of May 2024, Myanmar has moved up to the second position, according to Thai real estate developers.
"Last month, the majority of buyers were Chinese, followed by Taiwanese. But recently, Myanmar has taken the second spot," said Peter Boonsermsuwong, Director of 2B Asset Company Limited.
Reports indicate that in the first quarter of this year, Myanmar surpassed Russia to become the second largest buyers of Thai condos.
The Thai Real Estate Information Center announced that in the first quarter of this year, foreign buyers purchased a total of 3,938 condo units worth 18.02 billion baht.
Among these buyers, Chinese nationals ranked first, Myanmar nationals second, and Russian nationals third.
Chinese buyers purchased 1,596 units worth 4.57 billion baht, while Myanmar nationals bought 392 units worth 2.21 billion baht, according to a report by The Nation citing the Thai Real Estate Information Center.
Russian nationals purchased 295 units worth 924 million baht, the report added.
Chinese buyers accounted for 41% of foreign purchases, while Myanmar and Russian buyers accounted for 10% and 5%, respectively, according to the Thai Real Estate Information Center.
The number of units sold to foreigners increased by 4.3% and 5.2% compared to the same period last year.
"Some buy because they are receiving medical treatment, while others prefer buying over renting for their children's schooling," said a Yangon-based real estate agent.
The purchase of Thai real estate and condos by Myanmar nationals has been ongoing since before 2022, with a peak in 2022 when Myanmar became the top foreign buyer, according to Ma Nilar, the founder of ONE BANGKOK REALTY.
Myanmar's real estate sector, especially in Yangon, is currently experiencing slow sales but a bustling rental market, according to real estate agents.
