Foreign demand dip seen persisting

The intensified crackdown on nominee ownership since late last year, coupled with the global economic downturn, is expected to weaken foreign purchasing power and dampen overseas property demand in 2025.

- KANANA KATHARANGSIPORN

Kamonpop Veerapala, president of the Government Housing Bank and acting director-general of the Real Estate Information Center (REIC), said condo transfers to foreigners dropped year-on-year in four of the past six quarters.

“It marked the first year-on-year decline since Thailand reopened post-pandemic, following six consecutive quarters of growth,” he said.

The post-pandemic slowdown began in the fourth quarter of 2023, with a slight 0.5% decline from the corresponding period of 2022.

This was followed by a 4.3% rebound in the first quarter of 2024, then a 6.8% drop in the second quarter.