Nearly 60 per cent of condominium units sold in Thailand in the first nine months of 2021 were bought by Chinese nationals, Real Estate Information Centre (REIC) acting director Wichai Wirattaphan has said.

According to statistics released by REIC, nationals from five countries were the biggest buyers of property in Thailand, namely – China at 17.8 billion baht ($536 million) or 59.9 per cent of the nearly 30 billion baht total, Vanuatu (1.01 billion baht, 3.4 per cent), the US (864 million baht, 2.0 per cent), UK (732 million baht, 2.5 per cent) and France (711 million baht, 2.4 per cent).

Wichai said Vanuatuan nationals only bought 23 units, but this made a big dent in the property market because each unit was worth 44 million baht on average.

In the first nine months of 2021, the average size of units bought came in at 43sqm at an average value of 4.9 million baht or 114,000 baht per sqm.

US nationals bought bigger units averaging at 54.8sqm, while the most expensive units or 5.1 million baht on average were bought by Singaporeans.

The capital Bangkok was the most popular locality among foreign buyers, followed by the provinces of Chonburi, Phuket, Chiang Mai and Prachuap Khiri Khan.

Foreigners bought 3,246 or 53 per cent of units up for sale in Bangkok, while Chonburi came in second with 1,738 units or 28.4 per cent.

Bangkok had the highest value of units transferred to foreigners, followed by the provinces of Chonburi, Phuket, Prachuap Khiri Khan and Nonthaburi

Units sold to foreigners brought 21.76 billion baht in Bangkok and 4.14 billion baht in Chonburi.