Condo transfers to foreign buyers in Thailand rose by 0.86% last year, but the total value declined by 6.8%, reflecting concerns over a weakening global economy that may face additional pressure from the US's tariff policies.

The Real Estate Information Center (REIC) reported that foreign interest in Thai condos remained steady but might slow due to global economic uncertainty driven by the US tariff hikes.

"Purchasing power from Chinese and Russian buyers weakened last year, with China facing domestic economic challenges," said Siddhipen Siddharthapong, acting assistant director-general of REIC.

Chinese buyers remained the largest group, with 5,670 condo units transferred nationwide in 2024 -- 38.9% of total units -- worth 26.6 billion baht, or 39% of the total.

This dropped from 6,614 units worth 34.1 billion baht in the previous year, representing 45.8% and 46.7% of the total, respectively.

Buyers from Myanmar overtook Russians for second place, acquiring 1,388 units or 9.5% of the total, worth 7 billion baht or 10.3% of the total.

Russians, previously ranked second in 2022-23, fell to third by unit count and fourth by value.

Condo transfers to Myanmar buyers more than doubled from 564 units in 2023, previously ranked fourth behind Americans. The total value also increased from 3.7 billion baht.

REIC reported that 14,573 condo units nationwide were transferred to foreigners in 2024, up 0.86% from 2023, but the total value plunged by 6.8% to 68.18 billion baht.

Foreign condo transfers in 2024 accounted for 12.5% of all units, down from 13.4% in 2023. The value share also declined to 23%, compared to 24% in 2023.

Bangkok regained the top spot for foreign condo transfers in 2024 with 39%, followed by Chon Buri at 35.1%, reversing last year's rankings when Chon Buri led for the first time with 41.1% and Bangkok had 38%.

Phuket and Chiang Mai switched places this year, ranking third and fourth with 6.9% and 6.2%, compared to 6.5% and 6.7% in 2023, respectively. Samut Prakan remained in fifth place, rising to 4.9% from 2.5% last year.

In 2024, the average size of condo units transferred to foreigners was 44.1 square metres, with an average value of 4.7 million baht per unit, or around 106,094 baht per sq m.

Indian buyers recorded the highest averages in both unit price and size, with 5.9 million baht per unit and 71.6 sq m, respectively.

REIC expects the number of Thai condo transfers to foreign buyers this year to remain flat or grow slightly by around 1%, with Chinese, Myanmar, Russian, and Taiwanese nationals likely to remain the top buyers.