Next Year Property Trends in Thailand

Thailand real estate in 2024 is gearing up for some interesting trends. Research from LWS predicts a 5-10% rise in housing prices across Thailand. Property Trends signal a robust year for house values but also maintaining decent rental yields and returns. 

The economic growth and market demand surge in real estate prices. Russian and Chinese buyers are also another noteworthy trend in areas like Bangkok, Phuket, and Pattaya. It is significantly changing the condo ownership landscape in these regions. 

In this guide we delve deeper to discover how buyers are shaping Thailand real estate market and explore the New Year trends in 2024 Bangkok properties.

Table of Contents

Chinese, Russians Among Top Condo Buyers

Chinese and Russian buyers have made a significant mark in Thailand condo market In the first nine months leading up to September. They bought a remarkable 10,703 units valued at 52.3 billion baht—a 38% increase from the last year. Chinese buyers purchased 4,991 units which is 47% of the total transactions and spent 24.7 billion baht. Russian buyers followed, securing 962 units. 

Myanmar ranked third spending 2.25 billion baht about 4.3% of total foreign investment in Thailand. Americans followed investing 2.1 billion baht and Taiwanese buyers close behind at 1.84 billion baht.

Moreover, a free visa offered by the government is a major driving force behind these transactions. The primary motivations for these purchases are investment opportunities and second homes. Will the Thailand government continue with temporary free visas for these nations if the Thai economy does not grow more than 3.5% next year, 2024? 

Below you will find the nations and their respective transactions in Thailand real estate market.

New Year Trends in Thailand Housing Prices 

Housing prices in Thailand are increasing by 5-10% in 2024. Four key factors below drive this uptick.

• The minimum wage is going to jump to 400 THB.
• The Central Bank is on track to hike interest rates.
• The ease of securing home loans is expected to decline with the mortgage loan rejection rate potentially hitting 60-65% of the requested amounts.
• Costs for construction and materials are climbing further fueling the price increase.
  Reference: https://www.thairath.co.th/money/economics/thailand_econ/2748931 

What to Expect in 2024 for Thailand Real Estate

Townhouse in Vive Rama 9, Bangkok

If purchasing power in 2023 is increasing in supply from semi-detached houses and townhouses, Thailand's real estate in 2024 is poised for growth. We can anticipate a transfer of 100,000 units up from 93,000 in the previous year. The Eastern Economic Corridor—EEC in Pattaya is set to bolster supply and purchasing power. This trend suggests a significant expansion of the real estate market particularly in Pattaya and areas near Bangkok.

Invest in Thailand Property Market Today!

Property prices in Thailand are growing in 2024. We see a prime opportunity for you to invest in Bangkok properties. Besides, you can gain many benefits from a growing market from significant foreign investment and key areas like the EEC Pattaya. Invest with us now! You can secure your stake in Thailand real estate 2024.

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