Myanmar Climbs to No. 2 in Thai Condo Sales for Jan–Sep 2024, Overtaking Russia as Crackdown Eases

A robust resurgence in Thai condo transfers to Myanmar buyers is reshaping the foreign buyer landscape, with Myanmar buyers rising to the second-largest group in the first nine months of 2024, behind Chinese purchasers. This shift comes amid a period of regulatory attention and market recalibration, but recent data indicate a resilient underlying demand that developers and marketers are actively pursuing. Experts note that while the Myanmar market pause caused by government actions was temporary, the rebound has been sustained by strategic marketing approaches and buyers’ established financial pathways. The Bangkok condo market remains the anchor for foreign transfers, with major activity concentrated there and in neighboring provinces like Chon Buri, underscoring the importance of urban and regional dynamics for developers seeking to capture international interest.

Market landscape: Myanmar buyers in Thailand’s condo market

The nine-month period ending September 2024 marked a turning point in the composition of foreign condo buyers in Thailand, with Myanmar buyers reclaiming the second spot behind Chinese purchasers. This ranking overtook Russian buyers, demonstrating a notable shift in destination preferences and cross-border investment flows. The data indicate a measured and resilient market response after a government crackdown on Thai condo purchases by Myanmar buyers in the previous April. According to market researchers, the crackdown caused a temporary disruption in buying activity; however, the momentum quickly resumed as market participants adapted to the regulatory environment and as marketing tactics tailored to Myanmar buyers were refined and deployed.

In practical terms, Myanmar buyers’ transfers into Thai condo projects remained strong through 2024, largely because many purchases were executed earlier in the planning cycle, and because Myanmar buyers had already moved funds out of the country before the crackdown took effect. This timing nuance—a pre-emptive capital shift—helped cushion the impact of regulatory actions and allowed buyers to stay engaged with Thai developers. Market commentary from Cushman & Wakefield Thailand’s research and consultancy head emphasizes that the crackdown created only a temporary market disruption rather than a lasting barrier to Myanmar buyers’ interest in Thai condo investments. The implication for developers is clear: continuing to facilitate efficient viewing and proximity-based marketing can sustain robust demand from Myanmar nationals, even in a tighter regulatory climate.

From the standpoint of strategic marketing, developers have found it advantageous to physically bring Myanmar buyers to Thailand for property tours. This face-to-face engagement supports more effective lead nurturing, helps assure buyers about project specifications and compliance, and strengthens relationships with genuine buyers who intend to complete purchases. The practical takeaway is that in-person experiences—paired with transparent finance and transfer arrangements—continue to be a cornerstone of sales effectiveness for this market segment. The upshot is a continued preference for direct, on-site marketing activities that convert high-intent Myanmar buyers into tangible condo transfers.

As for the price dynamics, transfers to Myanmar buyers persisted at strong levels last year, with most purchases having occurred earlier in the cycle and with funds already moved out of Myanmar prior to these transactions. This pattern indicates that many Myanmar buyers operate with established financial arrangements and time their purchases to align with market conditions, improving the likelihood of successful contract closures. It also suggests that developers should maintain steady engagement with Myanmar buyers through the late stages of the sales cycle, ensuring that financing and transfer processes remain smooth and predictable.

In sum, the Myanmar component of Thailand’s condo market in 2024 demonstrates resilience and strategic importance. While the Chinese buyers continue to hold the largest share by volume and value, Myanmar buyers’ resurgence to a near-equal standing with traditional foreign buyers highlights the diversification of Thailand’s foreign demand base. The data show a broader trend: Thailand’s condo market remains attractive to cross-border investors who are motivated by a combination of favorable pricing, market access, and ongoing cross-border capital mobility—despite regulatory fluctuations.

Nine-month 2024 highlights: Myanmar and competitors in context

To quantify the shift and provide a clearer picture of the market structure, it is helpful to examine the numbers that defined the first nine months of 2024. Myanmar buyers completed 1,050 condo units valued at 5.46 billion baht during this period, marking a substantial increase from the 347 units worth 2.25 billion baht recorded in the same period of 2023. This sharp rise underscores a pronounced acceleration in activity from Myanmar buyers, signaling renewed confidence and sustained appetite for Thai property investments.

Viewed alongside the broader market, these Myanmar purchases occupy a competitive position but still fall behind the dominant Chinese segment by both volume and value. The Chinese buyers accounted for 4,386 condo units worth 20.2 billion baht in the same nine-month window, representing 39.7% of the total unit count and 39.3% of the total value. In other words, while Myanmar buyers have clearly strengthened their presence, Chinese buyers continued to be the defining force in the Thai condo market.

The nine-month total for foreign condo transfers nationwide reached 11,036 units with a combined value of 51.5 billion baht. While the unit count rose by 3.1% year over year, the value declined by 1.5% compared with 2023. This dual dynamic reveals a nuanced market where more transactions occurred but with a slight shift in pricing mix or project selection that influenced overall value. The foreign share of total condo transfers for the period stood at 13.3% of units, slightly lower than the 13.6% share observed previously, while the value share rose to 24.2% from 23.3%. These shifts indicate that foreign buyers, as a group, were participating more in higher-value transactions during this window even as the overall unit count fluctuated.

A geographic lens shows Bangkok as the overwhelming hub for foreign condo transfers, with the city commanding the largest share of both units and value. Chon Buri followed as the next most significant destination, accounting for 38.7% of foreign units and 36% of foreign value across the nine-month period. This distribution highlights the concentration of foreign demand in Bangkok’s metropolitan market and the stronger coastal and resort-oriented appeal of Chon Buri for international buyers, including those from Myanmar, India, the United States, and other markets.

To contextualize the foreign buyer landscape by nationality, the data reveal a mix of price points and buyer profiles. Condos transferred to buyers from Myanmar posted an average unit price of 5.2 million baht. This price point sits between the higher-end profiles of Indian buyers at 6.3 million baht and American buyers at 5.3 million baht. The Myanmar average suggests a market segment that includes mid-market condo products that remain accessible to foreign buyers seeking value within international-standard Thai properties. By contrast, Indian buyers commanded a higher average price, signaling demand for more premium offerings or locations with strong Indian market appeal, while American buyers traded at a price level closely aligned with Myanmar buyers, reflecting a diverse spread of product categories across foreign buyer cohorts.

These price distribution insights underscore how nationality and buyer type correlate with project selection, location, and price tier. For developers and marketers, this translates into practical implications: to optimize sales among Myanmar buyers, projects in Bangkok and its vicinity offering mid-price segments can be particularly attractive. Conversely, to appeal to higher-price segments favored by Indian buyers, portfolios with premium features, strategic locations, and international-standard amenities in top-tier Bangkok projects or resort-adjacent locations can be more effective.

The broader takeaway from the nine-month data is that the Thai condo market remains dynamic and increasingly diversified in its foreign buyer base. While Chinese buyers still command the largest single share of units and value, Myanmar buyers have proven to be a strong and growing segment, outpacing several other nationalities in volume and contributing meaningfully to the overall foreign-driven activity. The market’s health appears supported by continued foreign interest, a steady rate of transactions, and a willingness among developers to tailor marketing and sales processes to diverse buyer profiles, including Myanmar nationals seeking to invest in Thai real estate through well-structured transfers and on-site experiences.

Crackdown impact and market resilience: Myanmar buyers’ trajectory

The regulatory crackdown on Thai condo purchases by Myanmar buyers, which commenced in April of the prior year, introduced a notable but non-terminal disruption to the market. Industry voices, including Surachet Kongcheep of Cushman & Wakefield Thailand, characterized the crackdown as a temporary market disruption rather than a fundamental constraint on demand. This interpretation rests on the observed rebound in Myanmar buyer activity during 2024 and the subsequent nine-month period that showed a clear return to, and in some cases acceleration beyond, pre-crackdown activity levels.

Several drivers underpin this resilience. First, the timing of purchases and financing arrangements often predated regulatory actions, with many Myanmar buyers having already moved funds out of the country before the crackdown took full effect. This pre-emptive capital movement reduces the immediate transactional frictions that might otherwise arise from policy changes, allowing buyers to complete purchases with relative continuity once they arrive at the Thai legal and financial processes required for condo ownership. Second, developers and marketers adapted to the policy environment by strengthening in-person engagement with Myanmar buyers. Bringing Myanmar nationals to Thailand for property tours became a widely adopted practice because it is more straightforward to manage real-time guidance, answer questions, and secure commitments when buyers are physically present. This approach improved conversion rates and helped maintain a steady pipeline of deals despite regulatory sensitivities.

Third, and perhaps most crucially, the crackdown did not erase the underlying demand for Thai real estate among Myanmar buyers. Instead, it shifted the timing and organization of transactions, with buyers relying on established periods of market activity, price cycles, and financing arrangements to conclude purchases in a predictable manner. The implication for developers is that while policy risk remains an important consideration, a well-structured sales process—emphasizing transparency, compliance, and on-site experiences—can sustain and even bolster foreign demand in the long term.

The broader market indicators support the view that the crackdown’s impact was temporary. The nine-month data show Myanmar buyers regained momentum, contributing significantly to the overall foreign transfer totals. The ability of Myanmar buyers to maintain strong transactional levels after regulatory changes demonstrates a robust, continuing interest in Thai condos, balanced by the need for careful navigation of regulatory requirements. As the market moves forward, developers should continue to monitor regulatory developments, maintain clear compliance standards, and invest in marketing approaches that align with policy realities while preserving the efficacy of lead generation and conversion activities for Myanmar clients.

Pricing, buyers, and segments: what the numbers reveal

A nuanced reading of the price dynamics across nationalities reveals insightful patterns about buyer preferences and market segmentation. The data show that condo transfers to Myanmar buyers posted an average unit price of 5.2 million baht. This figure places Myanmar buyers in a mid-to-upper mid-tier range relative to other international segments, suggesting involvement in projects that balance location, quality, and affordability for cross-border investors seeking value within Thai condo products. The price positioning for Myanmar buyers is notably lower than that of Indian buyers, who, on average, paid 6.3 million baht per unit. This discrepancy indicates a greater willingness or ability among Indian buyers to pursue higher-priced projects—likely premium Bangkok developments with enhanced amenities or locations that command higher price points.

American buyers, with an average price of 5.3 million baht, sit close to the Myanmar level but still above the Myanmar average, illustrating a diverse set of project selections within the American buyer cohort. The close parity between American and Myanmar price points implies that both groups are participating across a spectrum of condo products, though the distribution by location, project type, and amenity stack may differ, influencing the final transaction price.

Beyond individual price levels, the total foreign buy-in for the first nine months of 2024 paints a broader picture of market demand. The combined foreign buyer activity reached 11,036 units worth 51.5 billion baht. This total, while showing a modest year-on-year unit increase of 3.1%, reveals a downshift in value by 1.5% relative to the previous year. Interpreting this, one can infer that more units were sold to foreigners, but the average price of those units was slightly lower on average compared with the prior period. For developers, this underscores an opportunity to offer a wider cross-section of products that maintain foreign appeal while ensuring value retention, particularly in Bangkok where the concentration of foreign demand remains highest.

The density of foreign buyer activity in Bangkok underscores the city’s role as the epicenter of Thailand’s condo market for international investors. Bangkok accounted for the largest number and the greatest value of condo transfers to foreign buyers, highlighting its status as a premier urban center with robust infrastructure, amenities, and connectivity that resonate with foreign buyers. The second-ranked destination, Chon Buri, reflects a growing appetite for coastal and resort-adjacent living among global buyers, including Myanmar investors seeking proximity to the capital and the appeal of integrated lifestyle offerings in seaside markets.

In sum, the pricing data reveal a nuanced landscape in which Myanmar buyers participate in mid-to-upper mid-tier condo products, American and Indian buyers span a broader price spectrum with strong demand for premium Bangkok properties, and Chinese buyers continue to drive the market’s highest price points and largest shares. The mix suggests a diversified foreign buyer market with distinct preferences, but a common thread of seeking value, location quality, and secure, efficient investment processes within Thailand’s regulated condo market.

Foreign buyer composition: shares, concentration, and implications

The broader foreign buyer composition in Thailand’s condo market during the nine-month window shows both concentration and diversification among nationalities. The largest single foreign buyer group remained Chinese buyers, who accounted for 4,386 condo transfers and 20.2 billion baht in value, representing 39.7% of the total units and 39.3% of the total value. This dominance underscores the enduring appeal of Thai condo projects to Chinese investors, driven by factors such as market liquidity, perceived value, and cross-border investment channels.

At the same time, Myanmar buyers emerged as a rising force, capturing a substantive share of the market and reinforcing the diversification of foreign demand. The 1,050 units and 5.46 billion baht attributed to Myanmar buyers in the first nine months of 2024 illustrate a meaningful penetration into the foreign buyer mix, underscoring the sustained interest from this cohort even after regulatory turbulence. The data indicate that Myanmar buyers, while not at Chinese levels, have established a credible and growing presence in the Thai condo market. This dynamic supports a broader narrative of Thailand’s international appeal, attracting buyers from multiple markets who view condo ownership in Bangkok and nearby regions as a strategic asset.

When considering the total foreign transfers nationwide for the nine-month period, the share of units transferred to foreigners was 13.3%, down slightly from 13.6% in the prior comparison period. Meanwhile, the value proportion rose to 24.2% from 23.3%. This divergence between unit share and value share indicates that foreign buyers participated more in higher-value transactions during this window, reflecting a shift in the composition toward premium products and locations that command stronger price points even as total unit counts increased modestly. The shift has important implications for developers and policymakers: product mix and location strategy that targets higher-value offerings can be effective in sustaining foreign demand, even as the unit share fluctuates.

Geographically, Bangkok’s position as the top destination for foreign condo transfers continues to shape market strategy. The city’s dominance reflects the concentration of investment activity in a mature, service-oriented economy with robust infrastructure and strong legal frameworks that appeal to international buyers. Chon Buri’s position as the second-largest destination highlights the appeal of coastal and resort-adjacent markets within a Thai real estate investment thesis, where foreign buyers seek diversified asset classes and lifestyle amenities, with Pattaya and nearby areas offering a compelling mix of value and lifestyle.

From a buyer-profiles perspective, the nationalities that drive price dynamics—Chinese, Myanmar, Indian, American—illustrate a spectrum of investment motivations. Chinese buyers may prioritize liquidity and location-anchored investments within Bangkok’s central districts or high-potential suburban projects. Myanmar buyers appear to be drawn to mid-market to upper mid-market products that maximize value and leverage Thailand’s stable investment environment. Indian buyers show a preference for higher-priced units, suggesting a tilt toward premium developments that offer broader amenities, security, and international appeal. American buyers align with a balanced approach across mid-to-upper-tier properties, reflecting a flexible investment strategy that optimizes location, price, and long-term value.

Together, these patterns suggest a market that is resilient, diversified, and capable of absorbing regulatory shifts without erasing foreign interest. For developers and asset managers, the mix points to the need for a nuanced product strategy that addresses the varying price tolerances, risk appetites, and lifestyle preferences of different foreign buyers while ensuring compliance, transparency, and a smooth purchasing experience.

Geographic distribution and the foreign buyer footprint: Bangkok and beyond

Geographic concentration remains a guiding force behind foreign condo transfers in Thailand. Bangkok, as the country’s capital and primary urban hub, continues to attract the largest number of foreign buyers and the greatest value, reinforcing its role as the central pillar of Thailand’s condo market. The city’s appeal lies in its comprehensive ecosystem: major business districts, international schools, healthcare facilities, cultural offerings, and an extensive transportation network that connects residents with global and regional markets. For developers, Bangkok’s dominant position translates into a clear demand signal: premium to mid-market condo products in central and close-to-center districts are well-suited to attract foreign buyers seeking convenience and liquidity in their investments.

Chon Buri emerges as the second-most important destination in terms of foreign condo transfers. The province, anchored by Pattaya and other coastal areas, offers a different value proposition than Bangkok. It combines a comparatively lower price tier with a high-quality beach-lifestyle proposition, attracting foreign buyers who value resort-like living, short commutes to Bangkok, and the opportunity to diversify their property holdings into mixed-use or completed resort-style developments. The 38.7% share of foreign units and 36% share of foreign value attributed to Chon Buri during the nine-month window reflect this appeal and indicate that regional markets in Thailand can deliver meaningful foreign demand that complements Bangkok’s market dominance.

This geographic footprint informs marketing and development planning. Developers should consider a two-pronged strategy: (1) reinforcing Bangkok-centric product lines that emphasize security, accessibility, and premium amenities to attract high-intent foreign buyers, and (2) expanding into regional value propositions like Chon Buri that offer a compelling blend of price efficiency, lifestyle appeal, and cross-border accessibility. The data suggest that while Bangkok will remain the primary magnet for foreign buyers, regional markets will continue to contribute a meaningful share of foreign transactions, especially as buyers diversify their portfolios and seek properties with strong potential for capital appreciation and stable cash flow.

Market implications for developers and policy considerations

From a development and marketing standpoint, the Thai condo market’s foreign buyer dynamics present several actionable implications. First, the Myanmar buyers’ notable presence—even after regulatory constraints—highlights the importance of targeted, culturally aware outreach, including on-the-ground marketing efforts and guided tours that help Myanmar investors assess property attributes, legal considerations, and close-out processes. The practice of bringing Myanmar buyers to Thailand for property tours, as observed by industry observers, underscores a strategy that accelerates decision-making by offering immersive exposure to the development’s environment, amenities, and neighborhood context.

Second, given that a significant portion of Myanmar buyers’ activity occurs earlier in the purchasing cycle and that funds may be moved ahead of time, developers should ensure robust financing and transfer pathways are in place to streamline purchases. Transparent financing options, clear documentation, and timely assistance with regulatory compliance can reduce friction in the closing process and improve buyer confidence, which in turn sustains sales velocity in a competitive foreign-buyer market.

Third, the data signal the importance of a diversified product mix that caters to different foreign buyer segments. Myanmar buyers appear to gravitate toward mid-price segments, while Indian buyers show a stronger tilt toward higher-priced units, and Chinese buyers drive the market’s top-tier segments. A portfolio approach that includes a hierarchy of product lines—from mid-market towers to premium, service-rich properties—can help developers maximize occupancy and price resilience across changing market conditions. This diversification is particularly relevant in Bangkok, where a dense urban environment supports demand for premium offerings, as well as in regional markets like Chon Buri that attract value-conscious international buyers seeking accessible luxury.

Additionally, the market’s foreign-buyer composition has implications for investor relations and governance. The dominance of Chinese buyers suggests the need for ongoing transparency on property rights, transfer processes, and cross-border investments, with a focus on ensuring compliance with Thai regulations and international investor expectations. For policymakers, the nine-month period’s data reinforce the importance of maintaining a stable investment climate that supports foreign participation while safeguarding market integrity. The observed shift in unit share versus value share among foreign buyers points to a nuanced pricing strategy among international investors, which should be considered in policy planning and market monitoring to preserve sustainable growth.

Ultimately, the Thai condo market’s resilience—despite regulatory shocks—speaks to its underlying attractiveness and the efficacy of a well-executed, customer-centric sales approach. Developers who align their product strategies with the preferences and behaviors of Myanmar, Chinese, Indian, American, and other foreign buyers, while maintaining rigorous compliance and a seamless purchase process, are well-positioned to capitalize on the market’s ongoing evolution.

Outlook: what the data imply for the next chapter

Looking ahead, several themes emerge from the nine-month data and the observed market dynamics. First, Myanmar buyers are likely to remain a meaningful component of Thailand’s foreign condo market, given their demonstrated purchasing activity and the ongoing interest in Thai real estate among regional buyers. While regulatory interventions can influence the pace and structure of transactions, the rebound post-crackdown suggests buyers remain confident in the Thai market’s fundamentals, including price competitiveness, quality of projects, and the robustness of the Thai property ecosystem, including legal clarity and property transfer processes.

Second, Chinese buyers are expected to sustain their dominant role in both unit counts and value. The scale of Chinese participation indicates continued demand for Thai condo assets—particularly in Bangkok—where liquidity and capital efficiency support ongoing investment. Third, the growth trajectory of Myanmar buyers implies a broader diversification of the foreign buyer base, with the potential for increased competition in premium segments if financing and regulatory frameworks continue to align in favorably predictable terms.

Fourth, the geographic spread underscores Bangkok’s primacy as a foreign-investor magnet, with Chon Buri providing a complementary stronghold for regionally oriented buyers seeking a coastal lifestyle and attractive price points. Developers should anticipate continued demand concentration in Bangkok while exploring value-rich opportunities in nearby provinces that offer a compelling mix of price, location, and lifestyle benefits to foreign investors.

Fifth, the market’s pricing dynamics suggest ongoing opportunities across multiple price bands. The Myanmar market’s average price at around 5.2 million baht per unit places it within accessible segments for many buyers, while Indian buyers’ higher average price point indicates demand for premium projects. The American buyer segment’s similar price level to Myanmar buyers shows diversity in project choices across the foreign buyer spectrum. This segmentation invites developers to tailor marketing and product development to different buyer profiles, balancing affordability with the demand for higher-end, amenity-rich properties.

In sum, the Thai condo market’s nine-month 2024 performance signals a robust, diversified foreign-buyer environment with continued resilience in the face of regulatory changes. The combination of Bangkok’s dominance, the rising Myanmar contribution, and the sustained strength of Chinese buyers points to a market that remains open to cross-border investment, provided developers and marketers continue to deliver value, transparency, and a seamless purchasing experience.

Conclusion

The first nine months of 2024 confirm that Myanmar buyers have cemented a pronounced role in Thailand’s condo market, ranking second only to Chinese purchasers and ahead of Russian buyers. The rebound from the April crackdown underscores the market’s resilience and the importance of effective, on-site marketing and well-structured financing for foreign buyers. Myanmar buyers’ transfers stayed robust even after policy actions, supported by developers’ efforts to host in-person tours that connect buyers with the property’s value proposition.

Across the market, total condo transfers to foreign buyers reached 11,036 units worth 51.5 billion baht in the nine-month window, with a modest year-on-year increase in unit volume but a slight decline in value. Chinese buyers continued to lead in both unit count and value, while Myanmar buyers achieved a notable presence with 1,050 units totaling 5.46 billion baht. The regional geography shows Bangkok as the leading destination for foreign buyers, followed by Chon Buri, highlighting the centrality of Bangkok and the importance of regional expansion for developers.

Prices by nationality reveal a nuanced landscape: Myanmar buyers averaged 5.2 million baht per unit, Indian buyers 6.3 million, and American buyers 5.3 million. These figures illustrate divergent demand patterns across buyer groups, with Myanmar buyers gravitating toward mid-price segments and Indian buyers pursuing more premium offerings, underscoring the need for a diversified product strategy. The market’s composition—13.3% of units and 24.2% of value transferred to foreigners—reflects a dynamic foreign demand that maintains an important role in Thailand’s condo ecosystem.

As developers and policymakers navigate the evolving landscape, the lessons are clear: maintain compliant, transparent processes; leverage on-site marketing to engage Myanmar buyers effectively; structure financing thoughtfully to minimize friction; and offer a portfolio that accommodates diverse foreign buyer profiles across Bangkok and regional markets. The trajectory suggests continued strength in foreign demand, with Myanmar’s growing share augmenting the already broad-based appeal of Thai condo projects to international buyers.