Potential Decrease in Condo Transfers Prompted by Myanmar’s Crackdown on Thai Purchases
Thailand’s Condominium Association has highlighted concerns over the impact of enforcement measures on condominium sales, especially stemming from Myanmar citizens’ inability to proceed with condo purchases. The association’s president, Prasert Taedullayasatit, revealed that over 1 billion baht worth of Thai condo units faced transfer obstacles in April and May due to Myanmar’s regulatory crackdown.
This development is expected to create challenges for both developers and potential Myanmar buyers, who represent a vital emerging market for Thai condos. With the Chinese segment already exhibiting a slowdown, the lucrative Myanmar market has played a crucial role in driving condo transfers, steadily increasing in both quantity and value.
The Real Estate Information Center (REIC) reported a significant surge in condo transfers to Myanmar nationals over the past few years, propelling them into the top positions for both the number of units transferred and their total value. Despite an initial rise to prominence in 2022, Myanmar buyers have continued to escalate their acquisitions, overtaking even the Russian market in recent years.
The REIC also noted a noteworthy shift in the distribution of foreign condo buyers, with the share of transfers to Myanmar nationals experiencing a substantial increase. This adjustment underscores the growing importance of Myanmar buyers in the Thai condo market, particularly against the backdrop of changing dynamics among other foreign buyer nationalities.
Overall, the evolving landscape driven by Myanmar’s market growth has compelled industry players to adapt their strategies to accommodate this burgeoning buyer segment. As the situation unfolds, stakeholders are exploring various avenues to navigate the regulatory changes and sustain the momentum in the condo market.
