28/05/2024
The condo market still has to rely on foreign demand as total transfers in the first quarter were mainly driven by foreign buyers, whose proportion rose to the highest in history, according to the Real Estate Information Center (REIC).
Vichai Viratkapan, acting director-general of REIC, said the number and value of condo units nationwide transferred to foreigners in the first quarter of 2024 rose by 4.3% and 5.2% year-on-year, respectively, to 3,938 units worth 18 billion baht.
In contrast, the total number and value of condo transfers nationwide dropped by 0.6% and 10.7%, respectively, to 23,531 units worth 63 billion baht.
"Local demand largely contracted due to weak purchasing power," he said. "This indicates that without foreign demand, overall condo transfers would have experienced a larger decline."
The proportion of condo transfers by foreigners also highlighted the situation, as the proportion of condo units transferred to this segment rose to 16.7%, up from 12.8% in the fourth quarter of last year, and 15.9% in the first quarter of the previous year.
At the same time, the proportion of condo value transferred to foreigners in the first quarter this year hit a record high as it increased to 28.6%, up from 26.1% in the fourth quarter of last year, and 24.3% in the first quarter of the previous year.
Since 2022, the number and value of condo units nationwide transferred to foreigners have been on the rise.
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