The numbers tell a story that surprises many market watchers. The market for condos for sale in Thailand is attracting more foreign buyers than at any point since the COVID-19 pandemic began, yet the total amount of money they are spending has dropped sharply. In 2025, foreign buyers purchased 6,160 condominium units in Bangkok and its surrounding areas – the highest figure since 2020 – but the combined value of those purchases fell to THB 29.793 billion, down from THB 39.640 billion in 2024, a decline of roughly 10.7%.

This apparent contradiction is not a sign of a weakening market. It reflects a fundamental shift in who is buying, where they are buying, and at what price point they are choosing to enter the market.

The Volume Is Up, but the Average Price Has Come Down

Between 2022 and 2025, foreign condo purchases in Bangkok recovered steadily from the pandemic low of just 1,017 units in 2020. By 2025, that figure had climbed to 6,160 units, representing 23.5% of all condominium units sold from developers' inventories across the Bangkok metropolitan area – compared with just 12.1% in 2019.

The average price paid by foreign buyers in 2025 was THB 4.836 million per unit, compared with THB 4.087 million paid by Thai buyers – an 18% premium. However, the drop in total value from 2024 to 2025 points to a clear move away from high-value luxury purchases and towards more affordable mid-market units, particularly in areas outside the Central Business District.

Where Are Foreigners Actually Buying

Location data reveals a striking concentration of foreign demand in specific districts of Bangkok, each with a distinct price profile.

The Central Business District remained the top location by transaction value in 2025. Foreigners purchased 2,015 units there at an average price of THB 8.236 million per unit, with total spending reaching THB 16.596 billion – roughly 55.7% of all foreign condo spending across the city.

The Ratchada-Lad Phrao area, however, recorded the highest volume by units. Foreign buyers accounted for 2,089 of the 2,603 units sold – an extraordinary 80.3% share. The average price in this area was just THB 3.42 million, below the average paid by Thai buyers, raising questions about market dynamics and the possible presence of purchases made through Thai-registered entities.

Other districts with notable foreign activity included:

• On Nut–Suvarnabhumi: 778 units at an average of THB 3.752 million, representing 26.2% of all sales in the area
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• Bang Na–Thepharak: 689 units at just THB 2.174 million per unit, or 20.7% of the area's total sales
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• Phahon Yothin–Ram Inthra: 107 units
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• Bang Kapi–Min Buri: 105 units
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Areas with negligible foreign demand included Rangsit–Pathum Thani, Chaeng Watthana, Bang Sue–Tiwanon, and Nonthaburi–Bang Bua Thong, all of which sit further from the city centre and established transit lines.

Which Nationalities Are Driving Demand in 2025

The nationality breakdown has shifted considerably from previous years. Chinese buyers remain the single largest group, but their dominance has softened. In Q1 2025, Chinese nationals transferred 1,481 condo units nationally – a 19.2% decline from the same period in 2024 – as capital controls and a slowing domestic economy continued to weigh on outbound investment.

The most notable shift is the rise of Myanmar, which climbed to second place nationally with 439 units transferred in Q1 2025, a 12% increase year on year. Analysts attribute this to cross-border business activity and wealth preservation strategies among Myanmar's business community, with most purchases concentrated in Bangkok's mid-market sector.

Taiwan, France, the UK, and Singapore all posted strong growth in unit transfers. Russia, despite a slight decline in units, increased its total transaction value by 6.9%, suggesting a continued preference for higher-priced properties in Bangkok and resort markets such as Phuket, where Russian buyers are particularly active in the villa segment around Bangtao, Layan, and Rawai. Global-Property.Investments data tracks these nationality-specific trends closely as they evolve across the region.

Why Total Spending Has Fallen Despite Higher Volumes

Several factors explain why more buyers are spending collectively less money.

The primary driver is a compositional shift in what is being purchased. In 2024, foreign buyers were more heavily concentrated in premium and luxury units, particularly in the Bangkok CBD where prices per square metre are highest. In 2025, a larger proportion of purchases occurred in mid-range districts such as Ratchada–Lad Phrao, On Nut–Suvarnabhumi, and Bang Na–Thepharak, where average unit prices range from THB 2 million to THB 4 million.

A second factor is the retreat of Chinese buyers from the upper end of the market. In previous years, Chinese nationals were among the most active purchasers of premium condos in Bangkok and Phuket. Stricter capital controls and a weakened yuan have pushed many towards smaller, more affordable units or caused them to delay purchases altogether.

A third contributing factor was the earthquake of 26 March 2025, which shook buyer confidence temporarily and is believed to have disrupted a number of planned transactions in the first half of the year.

What This Means for the Market Going Forward

Foreign buyers now account for 26.6% of the total value of all developer-held condominium sales in Bangkok – a figure that would have been inconceivable five years ago. With Thai purchasing power under sustained pressure from economic headwinds, the contribution of overseas buyers to market stability has become increasingly significant.

The picture that emerges from 2025 data is one of a market broadening its international base while recalibrating on price. More nationalities are buying. More districts are seeing foreign interest. The average transaction size is smaller, but the overall transaction count is rising. For developers and market observers, the key question for 2026 is whether volume growth can continue to compensate for the decline in average spend per unit – and whether policy measures to protect Thai buyers will reshape where and how foreign demand is expressed in the years ahead.