The chief executive of a leading property firm today revealed an intriguing glimpse into the flourishing 2024 foreign real estate sector. The disclosure highlighted a remarkable 240% surge in sales within the Myanmar market compared to the same period in the previous year.
Despite the surge in the Myanmar market, the Chinese market continues to dominate, accounting for 50% of foreign real estate transactions. Interestingly, however, there was an 11% decrease in overall real estate trading compared to the prior year.
The civil war in Myanmar is believed to be a significant factor behind the boom in the real estate market. As a result, middle to high-class individuals from Myanmar have increasingly invested in the Thailand real estate market over recent years.
Prasert Taedullayasatit reported that these investors from the middle to high classes showed a preference for suburban condominiums. In contrast, the upper high-class investors leaned towards urban condominiums, with prices ranging from 40 to 50 million baht. Some even opted for penthouses close to public electric trains.
A noteworthy mention was made of Ananda, a high-end private real estate firm based in Bangkok. In the first three months of 2024, Ananda reportedly made 2 billion baht in foreign market sales. This marked an impressive growth of 14% compared to the last quarter of 2023. The majority of these investors were, unsurprisingly, from China.
Although the Myanmar market is still a small proportion compared to the Chinese market, Prasert believes that it has tremendous potential for further growth.
In a new development, Myanmar investors have begun to pool their resources to invest 100 million baht in real estate for rent. This marks a significant shift from their earlier tendency to purchase properties strictly for residential purposes, according to Prasert.
In a separate statement, Krit Techasumma, a leading developer of condominiums in major cities throughout the country, shared his insights. He noted the current domestic economy and purchasing power were fragile, leading to an expansion in the foreign real estate market. This was particularly noticeable in urban regions with high land values such as Phuket, Pattaya, and Bangkok, reported Pattaya News.
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