Thailand condo market loses steam as Chinese, Russian money retreats

Credit crunch also squeezing sales to middle-class Thai homebuyers

20240920N Thai condos

Developers have been building condominiums in Bangkok, but demand is starting to cool. (Photo by Kenya Akama)

KENYA AKAMA, Nikkei staff writer

BANGKOK -- Thailand's condominium sales are showing signs of slowing after a run-up driven by Chinese, Russian and other foreign buyers.

Condos purchased by foreign buyers fell 6% on the year in the April-June quarter to 3,342 units, for an 18% decline in value terms to 14.8 billion baht ($449 million), according to the Real Estate Information Center, part of Thailand's state-owned Government Housing Bank.

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