Chinese condo purchases likely depressed this year

Condo transfers from Chinese buyers in Thailand are expected to remain at less than 40% of foreign transfers for the second consecutive year, as tourism from the nation softens and the recent earthquake levies confidence, according to Krungthai Compass, the research centre under Krungthai Bank.

- SOMRUEDI BANCHONGDUANG

In 2024, condo transfers for Chinese buyers accounted for 39% of total international transfers, marking the first time in five years the figure dropped below 40%. The share of condo transfers from Chinese buyers was 61% in 2020, then fell to 58% in 2021 and 49% in 2022.

Patcharaphot Nuntramas, chief economist at Krungthai Compass, said the decline in condo transfers by Chinese buyers aligns with a reduction in visitors from that country. The tourism decrease is attributed to increased competition from other countries, particularly Japan, Vietnam and South Korea. “The recent earthquake in Thailand will also likely dampen condo transfers and purchases by Chinese buyers this year,” he said.