An analyst stated that increasing the foreign ownership quota for condos to 75% is unlikely to have a significant impact on the Thai property market or economy, as very few condo projects have reached the current 49% quota. Praphinleeya Phuengkhuankhan, CBRE Thailand’s head of residential sales, mentioned that only a couple of condo projects in Bangkok have come close to the 49% quota, with one project having a high percentage due to an embassy purchasing units for staff accommodation.
Generally, condo projects with a high foreign ownership quota are developed by foreign developers targeting overseas buyers. However, CBRE has not reported any projects exceeding 40% foreign ownership. The demand from foreign buyers for any single project is not substantial, even in tourist areas like Pattaya or Phuket, where villas are preferred over condos. Nationwide, the percentage of condo ownership transfers by foreigners has been increasing gradually, but CBRE predicts a slight decline to 11.7% this year, with a higher proportion of foreign condo transfers expected outside Greater Bangkok.
