The Thai condominium market has been steadily recovering since the 2020–21 COVID slump, buoyed by returning tourism and foreign buyers. In 2023–24, foreign demand surged: the Real Estate Information Center (REIC) reported over 14,000 condo units transferred to foreigners in 2023 (a 25% jump year-on-year), even as Thai demand lagged. Bangkok and resort areas (Phuket, Pattaya) led price levels, with 2‑bedroom condos asking around USD 303k in Bangkok and USD 296k in Phuket. By late 2024, price growth had slowed (condo prices up 7.2% YoY in Q3 2024 but only 2.5% in Q4), reflecting oversupply and tighter credit. Government stimulus (e.g. transfer fee cuts on cheaper homes) and low interest rates are beginning to stabilize the market. Overall, transfers are down a few percent in 2024, but foreign purchases remain resilient (up ~3% through Q3 2024). Analysts expect a modest recovery by 2025, with transfers up ~3–4%.
Under Thai law foreigners can own condominiums outright, but with strict conditions. By the Condominium Act, foreigners may hold up to 49% of the total unit area in any condo project. Any excess must be leasehold: developers often sell the remaining 51% as 30-year leases (renewable) at a 10–15% discount. Buyers must import foreign currency through a Thai bank for the purchase – the bank issues a Foreign Exchange Transaction (FET) form (or credit note) as evidence. This FET form (formerly “Thor.Tor.3”) shows the foreign amount and its conversion to baht and must be presented to the Land Department when registering foreign ownership. In practice, a foreign buyer wires the full purchase price in USD (or other currency) to Thailand, converts it to baht in a Thai bank, and uses the FET form at transfer.
Thailand’s government is even considering liberalizing these rules. In mid-2024, officials studied proposals to allow 75% foreign ownership of condos and extend leaseholds to 99 years. If approved, these changes could boost foreign investment. Currently, when buying, foreigners should verify that the foreign quota is not full in a project. Many developers set aside a block of units for sale on leasehold to accommodate additional foreign buyers beyond the quota. Foreigners cannot own land or houses freehold, so condos remain the simplest path to property ownership. (Foreigners wanting land must use 30–90 year leases or set up Thai-majority companies.)
Condos in Thailand come in many forms and sizes. Building types include high-rise towers (often 20+ floors with city or sea views and full amenities), low-/mid-rise projects (6–10 floors, quieter locations), and serviced apartments or “condo-hotel” projects where units function like hotel suites. Developers also market “luxury” vs “mid-range” condos: luxury units have upscale lobbies, pools and gyms, while economy units offer basic finishes.
Condo purchases can be off-plan (pre-construction), newly completed, or resale. Off-plan units often come with attractive discounts or payment plans, but carry the risk of construction delays. Completed or resale condos let you move in immediately. (Note: many foreigners interested in “condo hotels” should check the fine print – units may require joining a rental pool or have extra fees.)
Units themselves range from compact studios (often 20–30 m²) to multi-bedroom apartments. A common breakdown is: Studio (one open living/sleeping area), 1‑bedroom (separate bedroom plus living room), 2‑bedroom, and 3+ bedroom (families or shared houses). Some condos offer dual-key units (two mini-apartments with one front door), loft-style (split-level), or penthouses with private terraces. In practice, 31–60 m² units are most popular with foreigners (about 45.6% of transactions in early 2024). For example, according to market data, 1‑bedroom condos average ~$47k–$131k depending on location (suburbs vs prime areas). When choosing a layout, consider who will live in it (single, couple, family), plus rental potential: studios and 1‑beds rent to singles, while 2–3 bedrooms appeal to families or roommates.
Foreign buyers concentrate on a few key markets:
Other areas seeing pockets of interest include Rayong and the EEC, or smaller islands (Koh Phangan/Phi Phi) for resort condos. In general, urban/airport-linked cities and tourist destinations top the list for foreign condo buyers.
Over 2021–2024, Thai condo prices have edged up modestly. Averages vary by city and neighborhood: in mid-2025 Bangkok’s prime condo price was about ฿236,000/m² (≈USD 6,800) in the CBD. Phuket’s prime areas were similar (around USD 6,500/m²). Secondary cities like Chiang Mai and suburbs like Nonthaburi are much cheaper (~$1,400–$2,300/m² in Chiang Mai). From 2021–2023, overall growth was in the low-single digits (REIC data show nationwide transfers down in 2024). For example, a Bangkok REIC index noted a 3.4% YoY rise in new condo prices (Q3 2023), but other reports suggest just ~2–3% annual growth in condo asking prices. The pandemic-induced oversupply (builders opened many projects) has kept prices subdued.
- Bangkok: Prime condos (CBD/Sukhumvit) typically fetched 140–150k ฿/m² by 2025. In recent years price growth slowed as developers competed for buyers. Cushman & Wakefield noted a ~9.4% jump in Q1 2025 launches over mid‑2024, indicating some price recovery, but the broad market saw moderate gains (~2–4%/yr).
- Phuket/Pattaya: Beachfront condo values climbed in 2022–23 on a tourism rebound, but also face oversupply. Current prices (2025) are around **95–180k ฿/m²** in Phuket and **65–120k ฿/m²** in Pattaya. Forecasts (see below) suggest these resort markets may see slightly stronger upside due to rental demand.
- Chiang Mai: Slowly rising from a low base (studios ~฿30–50k/m²). The city’s limited high-rise supply has kept the market stable; moderate growth (~3%/yr) is plausible.
- Hua Hin/Koh Samui: More niche, but prices in popular zones have held up (around 55–95k ฿/m² in Hua Hin).
Forecast (2026–2027): Analysts predict only modest short-term gains as oversupply is absorbed. For example, one outlook suggests Bangkok condo prices will stay flat or rise ~1–2% annually through 2025, driven by government stimulus and stabilized demand. Over 2026–27, growth may accelerate slightly: forecasts call for 3–4% annual appreciation in Bangkok CBD, 1–2% in oversupplied suburbs, and 4–5% in top resort areas (Phuket/Pattaya). Industrial/EEC zones could see even higher gains (5–6%) from infrastructure projects. In short, expect low single-digit price growth countrywide in the next few years, with tourist hotspots outperforming central Bangkok and inner suburbs. Factors shaping this include Thailand’s economic recovery, visa‑free policies (boosting rental demand), and any regulatory changes (e.g. raising foreign quota).
Foreign condo buyers in Thailand include expatriates, retirees, and investors from various countries. Traditionally the largest groups have been Chinese and Russians, but shifts occurred post-pandemic:
Domestic Thai investors also buy condos (often via Thai companies), but foreigners have the unique advantage of 100% ownership of the unit. Overall, foreigners now make up about 12–13% of condo transfers. Buyer motivations vary: retirees seek lifestyle and pensions’ value; working expats need accommodation; investors chase rental yield or capital growth. Many foreign buyers finance with cash (because banks require 30–50% down for foreigners).
Condo rental yields in Thailand are relatively healthy compared to some markets. According to one estimate, national gross yields average ~6.2%. In Bangkok the yield is roughly 6.0% on average, while suburban areas (Nonthaburi, Samut Prakan) can reach 6.4–7.1% due to lower prices. Phuket and Pattaya, with strong tourism rents, often see 5–7% gross yields in attractive segments. (Yields are gross – net yields after expenses fall ~4–5% in many cases.)
Rental rates have rebounded: for example, prime Bangkok rents rose ~10–16% YoY in 2024 as expats returned. Short-term vacation rental demand is also strong in holiday areas. These factors support the view that buying in high‑demand neighborhoods (city center, airport corridor, beach resort) is safer for income.
For capital growth, the outlook is moderate. With current oversupply, large price jumps are unlikely in the short term. Over time, fundamental factors could boost values: tourist recovery, infrastructure (BTS extensions), and any quota relaxations. Long‑term forecasts (2027–30) see 3–5%+ annual price growth in prime Bangkok and resort markets. In practice, buyers should expect steady, single-digit appreciation combined with 5–7% rental yields – delivering total returns of perhaps 6–10% annually in strong locations.
Steps: Buying a condo in Thailand typically involves: (1) Reservation – pay a small booking fee (฿20,000–100,000) to reserve the unit; (2) Sales Contract – sign the Sale & Purchase Agreement (SPA) and pay a deposit (often 10–30%); (3) Payment – pay any remaining installments if off-plan; (4) Transfer – on completion, meet at the Land Office to officially transfer ownership and pay final balance and fees. Foreigners register ownership at the Land Office with the condo’s title deed in hand. The entire process (especially transfer) is handled in Thai, so hiring a trustworthy Thai lawyer is essential. The lawyer/agent arranges the Land Department appointment and conducts the title transfer.
Foreign Currency Payment: By law, foreigners must fund the purchase via foreign currency. In practice, the buyer wires their country’s currency to Thailand, converts to baht in a Thai bank, and obtains the FET form (see above). The transfer documents and FET form are presented to the Land Office when finalizing the sale. (If financing via a mortgage, a similar foreign-exchange form is needed for each loan drawdown.)
Fees and Taxes: At transfer, several charges apply (based on the government’s assessed value or the sale price, whichever is higher):
Aside from transfer taxes, expect agent fees (max 3% if using a broker) and lawyer fees (often 0.5–1% of price). Foreign buyers often pay all fees on their share (2% transfer + 0.5% stamp). There is no VAT on a condo resale, but a developer pays VAT on new sales (hence SBT instead).
Annually, foreign condo owners pay a house and land tax on the condo’s assessed value (under 0.1%), and income tax on any rental earnings (as normal personal or corporate tax). But these are minor compared to the upfront costs.
Following these precautions helps maximize your investment. Thorough legal checks and shrewd negotiations are as important as picking the right location. As one expert notes, many early problems “can be avoided… by using registered lawyers and reputable agents and asking the right questions” up front.
Looking ahead to 2026–2027, the Thai condo market is expected to gradually regain strength. The current oversupply (especially of mid-range Bangkok units) will likely take a few years to absorb. Demand, however, should recover as foreign tourism and investment rules improve. Key outlook points:
In summary, gradual growth is the consensus. Bangkok may see flat-to-weak growth in the next couple years (due to excess inventory), but by 2026–27 the market should strengthen (especially CBD condos at ~3–4%/yr and seaside resorts at ~4–5%/yr). Careful investors will watch for catalysts: lowered foreign-currency remittance taxes, improved loan packages, or large infrastructure openings. The key is patience: buying during a slow period can yield value, with upside as Thailand’s economy and foreign links continue improving.
Overall, for foreign buyers 2026+ looks positive. Thailand’s allure – from Bangkok’s urban life to its islands and mountains – is still growing internationally. With legal protections for condo ownership in place and careful planning, condos can offer good rental income and stable capital appreciation in the medium to long term.
Popular condos in Thailand
