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Myanmar Rich Spreading their Homes to Thailand

In the ranking of top purchasers of Condominiums in Thailand, Myanmar is making its presence felt. In the first half of 2023, Myanmar ranked 8th among the countries with the highest number of condominium purchases, according to the Bangkok Real Estate Information Centre. In Thailand, the number of condo purchases by Thai citizens is going south, but purchases by foreigners are on the rise.

Among them, Chinese nationals are the most likely candidates. The value of condo in the resale markets has risen steadily since the second half of 2021, driven by a surge in purchases due to the overall re-opening of the country in the second half of last year after Covid. According to Bangkok real estate information, condominium ownership of foreigners has increased 20% over the previous year, especially in Pattaya and Phuket. In the first half of this year along, 7,338 condo units were transferred to foreigners.

China ranks the first, followed by Russia and the United States. In 2022, Myanmar ranked 6th in terms of condo purchases, and this year, it ranked 8th among the top 10 countries. According to the list published by the Real Estate Information Centre, 182 condo units were purchased by Myanmar  nationals, with an average value of seven million Baht per unit. In Thailand, Myanmar people buy condos as second home. Most purchasers prefer Sukhumvit, in Bangkok, close to MTR. Some choose a location near healthcare services, while other opts for places close to universities for their studies, said a Myanmar broker in Thailand.