Chinese, Russians and Burmese Remain the Largest Property Buyers
Buyers from Russia maintain their position in the top three largest foreign investors in Thailand's condominium market, despite decreased activity in 2024. Citizens of China, Russia and Myanmar continue to lead in transaction volume, although demand structure is changing. Investors from Myanmar, Taiwan and India increased purchases, while Russian and Chinese segments showed decline.
Analysts forecast stabilization of sales to foreigners in 2025-2026 with possible growth up to 1%. The figure is modest but indicates completion of correction after the pandemic boom.
Why Russian Demand Decreased in 2024
The decline in Russian buyer activity is linked to several factors. Baht strengthening against the ruble in the first half of 2024 made purchases 8-12% more expensive compared to 2023. Banking restrictions on international transfers complicated settlements, especially for amounts above 50,000 US dollars.
The second factor is market saturation. Many Russians planning purchases completed deals in 2022-2023, when supply in Pattaya, Phuket and Samui was at its maximum. Developers launched dozens of projects targeting Russian-speaking clients, and by the end of 2024 demand was partially exhausted.
The third reason is rising prices in the primary market. Average cost per square meter in new Pattaya projects increased from 85,000 baht in 2023 to 95,000-105,000 baht in 2024. Buyers switched to the secondary market, where supply increased due to resales of investment units.
Who Increased Purchases Instead of Russians
Investors from Myanmar took a more active position. Political instability in the country pushes wealthy citizens to move capital abroad. Thailand remains the nearest and most accessible destination. Buyers from Myanmar prefer Bangkok and Chiang Mai province, where infrastructure for long-term living is developed.
Taiwanese investors increased their share thanks to simplified visa procedures. The Long-Term Resident Visa (LTR) program launched by the Thai government in 2022 attracted wealthy pensioners and remote workers. Taiwanese actively buy studios and one-bedroom apartments in Bangkok for rental.
The Indian segment is growing due to IT specialists and entrepreneurs opening businesses in Thailand. Indian buyers choose projects with developed social infrastructure: schools, medical centers, shopping complexes within walking distance. Average transaction budget is 4-6 million baht.
Australians and French Returned to the Market
Buyers from Australia and France showed renewed interest after a two-year lull. Australians traditionally choose Phuket and islands where the climate is similar to familiar conditions. French investors prefer Bangkok and Hua Hin, where French-speaking communities have formed.
Growing demand from these countries is related to aviation recovery and reduced flight costs. Direct flights from Sydney to Bangkok became 15-20% cheaper compared to peak 2023 prices. French airlines resumed regular routes through Bangkok with stopovers in Dubai and Singapore.
Forecast for 2025-2026: Stabilization Without Sharp Growth
Real estate market analysts do not expect sharp growth in sales to foreigners. The projected 1% increase means maintaining current volumes with a slight upward correction. Factors restraining growth:
- High mortgage interest rates in Thailand (6.5-7.5% annually for foreigners)
- Land ownership restrictions (foreigners can own only 49% of condominium area)
- Growing supply in the secondary market, which draws buyers away from new construction
Positive factors:
- Stable baht (exchange rate to US dollar in the range of 33-35 baht)
- Infrastructure development in Pattaya and Eastern Economic Corridor (EEC)
- Simplified property registration procedures at Land Office
What Foreigners Buy: Demand Structure by Property Types
Most transactions are for studios and one-bedroom apartments of 25-35 m². Such properties are easy to rent to tourists and long-term tenants. Average studio price in Pattaya is 2.5-3.5 million baht, in Bangkok 3.5-5 million baht.
Two-bedroom apartments of 50-70 m² are purchased for personal residence. Demand for such properties is stable among family buyers and pensioners. Prices start from 5 million baht in Pattaya and from 8 million baht in central Bangkok districts.
Penthouses and premium apartments (100+ m²) account for less than 10% of transactions. They are bought by investors planning long-term residence or resale in 3-5 years. Cost of such properties in seaside projects starts from 15 million baht.
| Property Type | Area (m²) | Average Price in Pattaya (million baht) | Share in Transactions (%) |
|---|---|---|---|
| Studio | 25-35 | 2.5-3.5 | 45 |
| 1 bedroom | 35-50 | 3.5-5.0 | 30 |
| 2 bedrooms | 50-70 | 5.0-8.0 | 20 |
| Penthouse / premium | 100+ | 15.0+ | 5 |
Which Areas Russian Buyers Choose
Pattaya remains the main destination for Russians. Na Jomtien, Pratumnak and Wongamat areas attract buyers with developed infrastructure and proximity to the sea. Projects in these locations offer Russian-language transaction support and rental management.
Bangkok is interesting for investors focused on long-term rental. Sukhumvit, Silom and Sathorn districts are popular among expats working in international companies. Studios in these areas rent for 15,000-25,000 baht per month.
Phuket and Samui are chosen by buyers planning seasonal residence or short-term tourist rental. Yield on such properties is higher (6-8% annually), but risks of vacancy in low season are greater.
What This Means for a Buyer in Pattaya
Declining Russian demand opens opportunities for negotiations with developers. Many developers offer 5-10% discounts on remaining units in projects launched in 2023-2024. Interest-free installments for 12-24 months have become a standard option.
Buyers get more time to choose. The rush of 2022-2023, when properties sold out within days of sales launch, has passed. Now you can calmly compare several projects, check developer reputation, study the contract.
The secondary market offers ready apartments with renovation at prices 10-15% below the primary market. Owners who bought at the peak in 2022-2023 are ready to sell with minimal markup or even at break-even to recover invested funds. For a buyer planning personal residence, this is a profitable alternative to waiting for new construction completion.
Growing competition from investors from Myanmar, India and Taiwan is not critical for Pattaya. These buyers prefer Bangkok and northern provinces. Pattaya remains a Russian-speaking enclave where infrastructure, service and community are tailored for Russians.
Market stabilization in 2025-2026 means predictability. Sharp price jumps are not expected, baht exchange rate is stable, supply exceeds demand. Conditions for balanced purchase without rush and overpayment.
