Thailand’s Foreign Condo Market Shifts as Russian Demand Surges 75.9%

Thailand’s foreign condominium market slowed in the first half of 2026, but the headline decline masks sharply different trends by nationality and location. Chinese buyers remained the largest group by transfer value, despite a 27.7% contraction, while Russian purchase value surged 75.9% and was concentrated in Phuket and Chonburi.

The increase in Russian demand does not mean it has fully replaced the Chinese market. Instead, the figures show that “foreign buyers” should not be treated as one customer segment. Developers, owners, investors and agencies increasingly need to match their product, location, marketing channel and after-sales service to the priorities of each market.

Foreign Condo Transfers Fell 8.8% to 6,533 Units

Data from Thailand’s Real Estate Information Center (REIC) shows that 6,533 condominium units were transferred to foreign buyers nationwide in the first half of 2026, down 8.8% year on year. Their combined transfer value reached THB 28.27 billion, a much smaller decline of 1.5%.

Because transaction volume declined more rapidly than total value, the published figures imply that the average transferred value per foreign-owned unit increased from the previous year. This is a calculated market signal rather than evidence that every luxury condominium segment or location is growing.

Thailand recorded 56,041 condominium transfers overall, worth THB 130.41 billion, during the same period. Based on Connex Property’s calculation using the REIC figures, foreign buyers represented approximately 11.7% of transferred units but 21.7% of total condominium transfer value. Foreign demand therefore remains disproportionately important in value terms, even as transaction volume softened.

China Remained No. 1 Despite a 27.7% Decline

Chinese buyers recorded the highest transfer value at THB 6.87 billion, although the figure fell 27.7% year on year. Bangkok accounted for THB 4.43 billion and Chonburi for THB 1.15 billion.

REIC cited uncertainty surrounding international trade policy as one factor affecting Chinese purchasing decisions. China nevertheless remains Thailand’s largest foreign condominium market, so the decline should not be interpreted as a loss of long-term relevance.

For sellers and agencies, the appropriate response is not to abandon the Chinese market but to reduce reliance on a single campaign or distribution channel. Long-term buyers increasingly need practical information on achievable rent, remote property management, recurring ownership costs and resale liquidity.

Russian Purchase Value Surged 75.9%

Russian condominium transfer value rose 75.9% to THB 3.60 billion. Phuket accounted for THB 2.13 billion and Chonburi for THB 1.14 billion. Together, the two provinces represented approximately 90.6% of Russian purchase value, based on a calculation from the figures reported by REIC.

This concentration makes Phuket and Chonburi more relevant than the nationwide growth figure alone. Demand may cover long-stay homes, holiday properties and units supported by rental or property-management services for owners who do not live in Thailand throughout the year.

Investors should not, however, assume that a 75.9% increase guarantees continued price appreciation. The comparison base, exchange rates, international travel conditions and the pipeline of new projects can all affect future demand and returns.

Myanmar Demand Remained Concentrated in Bangkok

Buyers from Myanmar recorded THB 2.46 billion in condominium transfer value, down 16.2%. Bangkok accounted for THB 2.26 billion, or approximately 92% of the group’s total.

REIC’s comments indicate that this demand is associated with relocation, security, education and medical services. Its purchasing profile is therefore different from the resort-property market in Phuket or Chonburi.

Bangkok sellers should emphasise practical access to business districts, hospitals, schools and mass transit rather than relying only on investment-yield claims.

The Market Is Fragmenting by Nationality and Location

Foreign transfer volume fell 8.8%, while total condominium transfers nationwide increased 24.1%. This divergence shows that the broader market recovery was not driven by every foreign-buyer segment moving in the same direction. National figures can also hide very different conditions at local level.

• Bangkok: remains important to Chinese and Myanmar buyers, particularly near business districts, hospitals, educational institutions and mass transit.

• Phuket: benefits strongly from Russian demand, but investors must monitor new supply, rental seasonality and property-management costs.

• Chonburi and Pattaya: attract both Chinese and Russian buyers, supporting multilingual marketing while increasing competition on price and after-sales service.

• Other locations: should not be assessed using Phuket or Pattaya trends without evidence of actual local transactions and tenant demand.

What the Shift Means for Buyers, Sellers and Investors

Foreign Buyers

Buyers should confirm the project’s available foreign-ownership quota, payment documentation, transfer expenses, rental rules and property-management arrangements before committing—particularly when they will not live in Thailand throughout the year.

Owners and Sellers

An English-language listing alone may not answer the priorities of every foreign market. Marketing should explain access to airports, international schools, hospitals, beaches or business districts, along with the expenses and services that apply after transfer.

Investors

Investment decisions should be based on achievable rent, vacancy, resale evidence, competing supply and property-management fees. Growth in purchases by one nationality should not be used as a substitute for a complete return analysis.

Connex Property

The data supports more distinct market strategies: Russian-language distribution and networks for Phuket and Chonburi, continued development of Chinese demand in Bangkok and Pattaya, and stronger remote ownership, rental and after-sales services. These capabilities are becoming increasingly important as international and cross-border agencies expand in Thailand.

Conclusion

Thailand’s foreign condominium market slowed in the first half of 2026, but the decline was not uniform. China remained the largest market despite a 27.7% drop in purchase value, Russian demand surged 75.9% with a strong focus on Phuket and Chonburi, and Myanmar demand remained highly concentrated in Bangkok.

The shift requires property marketing to move beyond a broad “international buyer” message. Product selection, language, distribution and after-sales support should be tailored to each group, while investors should assess location-level demand and achievable returns rather than relying on a single national growth figure.

Looking for a condominium in Bangkok, Phuket, Chonburi or Pattaya for living or investment? Connex Property can help you search, compare and manage the buying process.