According to the latest research from the Agency for Real Estate Affairs, foreigners bought Baht 113.280 billion (USD 3,540 billion) mostly in Bangkok, Pattaya, and Phuket.
Dr. Sopon Pornchokchai, President of Agency for Real Estate Affairs (www.area.co.th), the largest real estate data center in Thailand since 1994. Dr. Sopon summarized the sales value of Thailand housing markets, including low-rise residences and condominiums in 2016 alone, as follows:
1. Total housing market sale in Thailand reached Baht 576.396 billion (USD 18 billion) in 2016. Within this number, approximately 20% or Baht 113.280 billion (USD 3.54 billion) of housing sales belongs to foreigners. If Thailand collects 1% of the sale price for the proposed land and building tax, the country would receive Baht 5.764 (USD 180 million) for local public uses.
2. The Bangkok Metropolitan Region (BMR) remains the most popular destination for foreign buyers in Thailand in 2016. Approximately 70% of the total foreign purchasing value or Baht 83.170 billion (USD 2.6 billion) in BMR. Also, when comparing to the total housing sale value in BMR of 415,852 million baht; their purchasing value reached over 20% of the whole.
3. The Bangkok Metropolitan Region (BMR) shares over 72% of the nationwide housing sale value or Baht 415.852 billion (USD 13 billion) in 2016. The number has risen up dramatically from 10 years ago when it shared only half of Thailand housing sale value.
4. The second largest housing market for foreigners is Pattaya as the total sale value reached Baht 21.746 billion (USD 680 million) in 2016. Within this number, approximately 30% or Baht 6.524 billion (USD 204 million) of housing sales value belongs to foreigners. Despite being the second most popular destination, it only shared 4% of the nationwide housing sale value. Although Pattaya market is about 19 times smaller than BMR in terms of sale value, it would be much bigger if included housing sale value in the whole province of Chonburi.
5. The third largest housing market for foreigners is Phuket, it’s rank has fallen from the second place 10 years ago. Foreigners share approximately 30% or Baht 5,448 (USD 170) of the total Baht 18.161 billion (USD 368 million) housing sale value in 2016.
Thailand housing market is still an appealing destination for foreign buyers. With the majority of the foreign home buyers from Japan in the past to later Scandinavia, Russia, and lately China; the market continues to grow. It will be of great benefit if Thailand set up a land and building tax and concise database of the foreign housing transaction for proper monitoring and planning purposes.