Thailand's Real Estate Information Center Publishes Foreign Buyer Statistics for 2025
Thailand's Real Estate Information Center (REIC) recorded 14,899 condominium transfer transactions to foreigners in 2025. This represents a 2.2% increase compared to the previous period. The total transaction value reached 60.92 billion baht. Russian citizens maintained their position in the top three by number of purchases, despite a decline in activity compared to 2024. China remained the largest buyer, although volumes also decreased. Myanmar surged to second place.
Structure of Foreign Demand: Who is Buying Property in Thailand
Foreign buyers accounted for 14.7% of all condominium transactions by number of units and 25% by value. Three countries form the core of demand. Chinese citizens continue to lead in absolute terms, but their share has been declining for the second consecutive year. Buyers from Myanmar showed the sharpest growth among all nationalities and moved from fifth to second place. Russians held third position, although the number of transactions decreased amid the strengthening baht and changes in money transfer routes.
Besides the main three, investors from Taiwan and India showed notable growth. Australian and French buyers also increased their activity. These countries are not yet in the top 5, but their share of total transactions is growing faster than average.
Why Demand from Russia and China Decreased
The decline in Russian purchases is linked to three factors. The baht-to-ruble exchange rate strengthened by 8-12% over the past 18 months, making purchases more expensive in ruble terms. Banks tightened documentation requirements for large-sum transfers. Some buyers postponed transactions to 2026 in anticipation of currency corridor stabilization.
Chinese demand is declining for a different reason. The PRC government continues to restrict capital outflows. The limit of 50,000 US dollars per person per year remains unchanged. Buyers use payment splitting schemes through relatives, but this increases transaction closing time and legal risks. The Bank of Thailand does not publish breakdowns by country of origin for currency transfers, but real estate agencies in Bangkok and Pattaya note an increase in the proportion of deferred payment transactions among Chinese clients.
Growth of Buyers from Myanmar: What's Behind the Statistics
Myanmar's move to second place appears unexpected against the backdrop of the country's internal crisis. The explanation is simple: Myanmar citizens are moving capital into stable assets. Thailand is nearby, the legal system is understandable, and condominiums can be registered to foreigners without using companies. Most transactions are concentrated in Bangkok and provinces bordering Myanmar. Pattaya is not yet among the top destinations for this buyer group.
Buyers from Myanmar prefer ready-to-move properties in the mid-price segment. The average transaction value is 3-5 million baht. Investment motivation prevails over permanent relocation. Many units are immediately listed for long-term rent.
The 49% Quota and Its Impact on Property Availability
Foreigners can own condominiums in Thailand with full ownership rights (freehold) if the unit falls within the 49% quota of the building's total area. The remaining 51% must be owned by Thai citizens. This rule is enshrined in Article 19-bis of the Condominium Act 1979 as amended in 1999.
The quota is calculated by area, not by number of units. If a building consists of 100 apartments with a total area of 10,000 square meters, foreigners can own units totaling up to 4,900 square meters. When the limit is exhausted, the Land Office will refuse to register a new transaction with a foreign buyer.
Dr. Sopon Pornchokchai, President of the Thai Real Estate Association, noted that only a limited number of projects in the country have reached the full 49% quota. Foreign purchases accounted for less than 20% of all condominium transactions last year. Saturation exists in specific zones: central Bangkok, Phuket's west coast, central Pattaya. Outside these areas, the quota rarely exceeds 30-35%.
What to Do If the Quota Is Exhausted
The first step is to request written confirmation from the condominium juristic person. The document should contain the current percentage of foreign ownership with the date specified. The juristic person office is obliged to provide this information.
If the quota is closed, three options remain. Purchasing from an existing foreign owner does not change the quota percentage, because the allocated area transfers from one foreigner to another. The Land Office will register such a transaction without problems. The second option is land lease (leasehold) for up to 30 years. Renewal after expiration remains contractual, not guaranteed by law. Thailand's Supreme Court ruled in 2025 that chains of renewals have no legal force after the first 30 years. The third option is purchasing through a Thai company, but this scheme requires strict compliance with rules about the company's actual activities and nominee shareholders.
REIC Forecast for 2025-2026
The Real Estate Information Center expects sales to foreigners to remain stable or grow by 1% during 2025. The forecast is conservative and takes several factors into account. Global economic uncertainty is restraining large investments. The strengthening baht is reducing foreigners' purchasing power. High levels of unsold units in Bangkok are creating price pressure but not stimulating demand.
Data for the first quarter of 2026 shows a 17.3% decline in foreign transactions compared to the same period in 2025. The drop is related to seasonality and the delayed effect of Chinese New Year, which in 2026 shifted to late January. Agencies expect recovery in the second quarter.
Government Proposal to Increase Quota to 75%
In April 2024, the Cabinet approved a proposal to study the possibility of increasing the foreign quota from 49% to 75% and extending land lease from 30 to 99 years. The document received "approved for study" status but did not pass the bill stage. Parliament did not consider amendments to the Condominium Act.
The Nation newspaper editorial in June 2026 published the opinion that any increase in the quota should be accompanied by stricter and more transparent controls, not relaxation of rules. The discussion continues, but the 49% quota remains the current norm.
Reduction in Registration Fees: Who Benefits
The Cabinet on June 30, 2026 extended the property transaction registration fee reduction program for another year. The ownership transfer registration fee was reduced from 2% to 0.01%. The mortgage registration fee was reduced from 1% to 0.01%. The program is valid until June 30, 2027.
The measure applies to two types of properties. First - residential buildings (houses, townhouses) and commercial buildings with land plots. Second - registered condominium units. The purchase price and assessed value must not exceed 7 million baht. Mortgage loans are also limited to 7 million baht per contract.
The Ministry of Finance estimates that the measure will support transactions worth approximately 540.81 billion baht per year and add 1.06% to GDP. The government positions the program as a tool to support the construction sector amid economic slowdown.
Applicability for Foreign Buyers
Most condominiums attractive to foreigners in Bangkok, Pattaya and Phuket are priced above 7 million baht. The average price per square meter in Pattaya ranges from 55,000 to 110,000 baht. A unit of 35-40 square meters in a new beachfront project will cost 8-12 million baht. Such properties do not fall under the program.
The discount works for studios in remote areas, resale properties in old buildings, or units in provincial towns. Foreigners buying budget properties for long-term rental or resale can take advantage of the program. Savings on a 5 million baht transaction will be approximately 99,500 baht instead of the standard 150,000 baht.
What This Means for Buyers in Pattaya
REIC statistics confirm: demand from Russian buyers persists, but the transaction structure is changing. Buyers have become more attentive to currency risks and choose properties with capital appreciation potential, not just rental income. Projects in central Pattaya, where the foreign quota is often exhausted, are giving way to Pratumnak, Jomtien and Na Jomtien areas.
Pattaya is not on the list of cities with the highest concentration of Myanmar buyers. Russian citizens still form the main share of foreign demand in this region. The decline in Chinese investor activity opens opportunities for price negotiations. In the secondary market, discounts from the original price reach 6% according to agencies operating in Pattaya.
The registration fee reduction program applies to a limited number of properties in Pattaya. Studios of 25-30 square meters in Pratumnak Soi 5-6 or northern Jomtien areas can be found in the 4-6 million baht range. Such units qualify for the benefit, and savings will amount to 80-120 thousand baht per transaction.
Buyers should request written quota confirmation before paying a deposit. The document must contain the specific unit number and confirmation that it is reserved within the 49% foreign quota. Without this document, the Land Office may refuse to register the transaction.
Transfer of funds from abroad in foreign currency remains a mandatory condition for registering foreign ownership. Banks issue a Foreign Exchange Transaction (FET) form for transfers from 50,000 US dollars or equivalent. The form is presented to the Land Office during registration. Buyers should plan the transfer in advance, as banking procedures take 3-7 business days.
Conclusions: Market Stabilizes After 2023-2024 Growth
Foreign buyers maintain interest in Thai real estate, but growth rates have slowed. Russians remain in the top three despite currency and logistical difficulties. The 49% quota is not a barrier for most transactions in Pattaya, but requires verification at the unit reservation stage. The registration fee reduction program works for the budget segment and secondary market. REIC's forecast for 2025-2026 indicates demand stabilization without sharp spikes or drops.
