Chinese Lead Among Foreign Property Buyers in Chonburi Province
In 2022, Chinese citizens purchased 3,567 condominiums in Chonburi Province for a total of 10.2 billion baht. Growth amounted to 49% in the number of transactions and 74% in value compared to 2021, when 2,398 ownership transfers worth 5.9 billion baht were registered. This data was published by the Real Estate Information Center of Thailand (REIC), which tracks all transactions with foreign buyers through the Land Office system.
Recovery After Pandemic Collapse
Chonburi Province, which includes the Pattaya resort area, ranked second after Bangkok in the number of apartments transferred to foreigners. The minimum was recorded in 2020 - only 2,061 units worth 5.3 billion baht, when China's borders were closed due to the pandemic.
The peak of Chinese buyer activity occurred in 2018-2019. In 2018, they purchased 2,099 condominiums for 5.1 billion baht, in 2019 - 2,029 units for 5.3 billion baht. Then came a collapse: in 2020, Chinese buyers registered ownership of only 737 apartments worth 1.9 billion baht.
In 2022, Chinese citizens registered 1,207 condominiums in Chonburi for 3.5 billion baht - compared to 998 units for 2.1 billion baht a year earlier. The average purchase price was about 5 million baht per apartment, which corresponds to the comfort-class segment with sea views or within walking distance of the beach.
Demand Structure: Pool Villas Take the Lead
The executive director of development company Habitat Group noted a change in buyer preferences. While previously Chinese buyers focused mainly on studio and one-bedroom apartments for rental purposes, after the borders opened in early 2023, demand shifted toward more expensive properties.
Three-bedroom pool villas priced from 10 million baht became most in demand. According to REIC, the absorption rate for individual houses in the 10-15 million baht price range reached 8.9% in the fourth quarter of 2022 - the highest figure among all segments.
For properties over 20 million baht, the coefficient was 6.1%, for the 15-20 million baht category - 4.8%. Real estate agents working with Chinese and Russian clients returned to the market after the 2023 New Year holidays and recorded steady demand for premium housing.
Top 10 Nationalities of Buyers in Chonburi
In addition to Chinese, the top ten largest groups of foreign condominium buyers in Chonburi Province in 2022 included:
| Rank | Nationality | Number of Transactions | Average Price, million baht |
|---|---|---|---|
| 1 | China | 1,207 | 5.0 |
| 2 | Russia | 420 | 3.2 |
| 3 | USA | 375 | 4.3 |
| 4 | United Kingdom | 267 | 4.6 |
| 5 | Germany | 231 | 3.1 |
| 6 | France | 228 | 6.3 |
| 7 | Myanmar | 188 | 7.1 |
| 8 | India | 172 | 4.5 |
| 9 | Australia | 160 | 5.2 |
| 10 | Taiwan | 134 | 6.7 |
Russians ranked second with 420 transactions, but the average price of their purchases was lower - 3.2 million baht. Myanmar citizens entered the top ten for the first time, with the average value of their purchases at 7.1 million baht - the highest figure among all nationalities.
Economic and political problems in Myanmar forced wealthy citizens to seek housing in more stable markets. The number of apartments purchased by Myanmar residents in Thailand increased more than sixfold - from 30 units in 2021 to 188 in 2022.
Connection with the Tourism Sector
The growth of the real estate market in Chonburi directly correlates with the recovery of the tourism industry. In 2022, tourism revenues in the province amounted to 19.6 billion baht compared to 300 million baht in 2020. For comparison: in 2019, this figure exceeded 220 billion baht, and in 2020 it collapsed to 34.5 billion baht.
Similar dynamics are observed in Phuket and Chiang Mai, where foreign buyers also returned to the market after the lifting of entry restrictions. CBRE Thailand consultant Artitaya Kasemlawan noted that tourists from China first come to the country for vacation, and then make a decision to purchase a second home.
In the first half of 2022, foreigners purchased 4,433 condominiums in Thailand for a total of 22.3 billion baht. Growth compared to the same period in 2021 was 9.1% (20.5 billion baht). Chinese controlled 25.3% of all transactions - 2,072 units out of 4,433.
Geography of Purchases: Bangkok Remains the Leader
According to REIC, foreigners purchase the largest number of apartments in Bangkok, followed by Chonburi (Pattaya), Samut Prakan, Chiang Mai, Phuket, Prachuap Khiri Khan (Hua Hin), Rayong, Trat and Phetchaburi.
In the capital, Chinese buyers traditionally choose projects along the BTS skytrain and MRT subway lines - the Sukhumvit, Silom, and Sathorn districts. In Pattaya, preference is given to condominiums on the first coastline in the Wongamat, Pratumnak, and Jomtien areas.
In Hua Hin, the number of Russian buyers purchasing villas priced from 10 million baht increased in 2022. British, Dutch, French and Swedish buyers make up the top five largest groups of foreigners in this resort town.
Legal Framework for Foreigners
Foreign citizens can own condominiums in Thailand under full ownership rights (freehold) subject to a 49% quota. The remaining 51% of the building's space must belong to Thai citizens.
To register ownership rights, the buyer must provide the Land Office with a document from the bank confirming the transfer of funds from abroad in foreign currency (Foreign Exchange Transaction Form). The money must come from the buyer, not from third parties.
Popular projects in Bangkok, Phuket and Pattaya often reach the foreign quota limit while still under construction. In such cases, the buyer is offered to register the apartment with a Thai company or an individual with Thai citizenship, which creates additional legal risks.
Prospects for Chinese Demand
Representatives of CBRE Thailand predict that Chinese will remain the largest group of foreign property buyers in Thailand in the coming years. The share of PRC citizens in the total volume of transactions decreased from 60% in 2021 to 48.9% in the first nine months of 2022, but absolute figures continue to grow.
From January to August 2022, Chinese buyers spent 15 billion baht on Thai condominiums - half of all foreign investments in this segment. Experts associate the steady interest with instability in the Chinese real estate market, where large developers faced a debt crisis.
Thai projects are perceived as a more reliable asset with the possibility of generating income from rent and growth in value in the long term. The average return from renting out an apartment in Pattaya is 5-7% per annum, which exceeds deposit rates in Chinese banks.
What This Means for Buyers in Pattaya
The return of Chinese investors to the Chonburi market directly affects the availability of properties for buyers from other countries. Popular projects on the first line in the Wongamat and Pratumnak areas quickly reach the 49% foreign quota, after which new foreign buyers cannot register ownership rights.
Growing demand from Chinese for villas from 10 million baht creates competition in the premium segment. Developers are targeting affluent Asian clients, which leads to a reduction in the supply of budget studios and one-bedroom apartments priced at 2-3 million baht.
Buyers from Russia should consider that Chinese investors often reserve apartments at the foundation stage, receiving maximum discounts from the developer. By the time the property is completed, the foreign quota may be fully exhausted.
When choosing a project, it is necessary to request from the agent up-to-date information about the remaining foreign quota. If it is exhausted, the only legal option is to purchase an apartment from a Thai owner on the secondary market within the same 49%.
An alternative approach is to consider areas less popular with Chinese buyers: Naklua, South Jomtien, Bang Saray. There, the foreign quota is usually filled to 20-30%, which provides more opportunities for choice and price negotiations.
Conclusions
REIC statistics for 2022 confirm the recovery of Chinese demand for real estate in Chonburi after a two-year collapse. Growth of 49% in the number of transactions and 74% in value demonstrates that buyers from China have returned to the market with doubled activity.
The shift in interest from investment studios to pool villas indicates a change in buyer profile. Wealthy Chinese are purchasing real estate for personal use and family vacations, not just for rental purposes.
For buyers from other countries, this means increased competition for the best properties and the need to act faster at the pre-sale stage. Monitoring the foreign quota and working with verified agents are becoming critically important factors for a successful transaction.
