Thailand real estate prices in 2024
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According to the Bank of Thailand, over the past 10 years (from 2012 to 2022), housing prices in the country have been steadily rising by 1–10% per year. There was no reduction in nominal prices even during the pandemic: at that time, developers set up remote sales of real estate to foreigners and softened mortgage conditions. Even so, in real (inflation-adjusted) values home prices still fell, albeit marginally, by 1.2% in 2020. In August 2022, the annual price increase was 4.2%.
Concurrently, the local national currency has been showing relative stability against the US dollar for the past two decades. The Thai baht has fluctuated between 30 and 35 baht per dollar, reaching an exchange rate of 38 Thai baht per US dollar in 2022.
When purchasing real estate in Thailand, you can usually pay directly from your bank account with US dollar to Thai baht bank conversion. In addition to bank transfers, Thai developers also accept payments in cryptocurrency.
The most active foreign buyers in the property market of Thailand are citizens of China (45% in Q1 2022) and Russia (6.4%), followed by citizens of the USA and northern European countries. Until 2022, the bulk of purchases by Russians were made for investment (rental) purposes, but in 2022 the trend shifted to buying real estate for personal use. The most popular region of Thailand among Russian investors is the island of Phuket, while Chinese investors mainly prefer Bangkok.
The prices for quality real estate in Thailand start from 100,000–140,000 US dollars. For this price, you can buy furnished apartments up to 45 sq. metres in size or a hotel room under construction in a popular tourist destination with good infrastructure. The cost per square metre in apartments starts from 2,200 US dollars.
From $109,000
Completion in: 2026.I Total of 789 apartments
From $179,000
Completion in: 2025.I Total of 400 apartments
From $171,000
Built in 2023 Total of 251 apartments
$157,000
Total area 30 m² Studio
From $129,000
Completion in: 2025.IV Total of 231 apartments
From $71,000
Completion in: 2025.III Total of 609 apartments
From $53,000
Completion in: 2026.II Total of 186 apartments
From $129,000
Yield 5.0% Completion in: 2027
The starting price for a villa in Thailand is 200,000 US dollars, which is the cost of a small two-bedroom house in a gated community under construction. It is worth noting that the price per square metre for this type of property is slightly cheaper and starts from 1,500 US dollars.
From $1,127,000
Completion in: 2025.I 45 units in total
From $1,567,000
Built in 2023 51 units in total
From $809,000
Completion in: 2024.I 20 units in total
From $574,000
Completion in: 2024.IV 21 units in total
From $366,000
Completion in: 2024.III 30 units in total
An interest-free instalment from developers is a common practice in Thailand. At least half is paid at the construction stage, the rest — in part or in full — after the project is put into operation. You can get an impressive discount of up to 40% of the cost if you buy in the early stages of construction.
Property in Phuket
Phuket Island is a favourite holiday destination for diving, water skiing, windsurfing, and yachting enthusiasts from all over the world. Residential property prices in Phuket in 2022 average 1,800–4,200 US dollars per sq. metre. A 30-square-metre studio in the primary market costs an average of 100,000 US dollars, while the price for a one-bedroom apartment starts from 130,000 US dollars.
In recent years, Phuket developers have been mainly building aparthotels and large resort villages with internal infrastructure which includes pools, parks, gyms, playgrounds, co-working spaces, shops, and restaurants.
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Phuket’s most famous beaches are the premium Bang Tao with Laguna Phuket resort, the rapidly developing Kamala coastline, and vibrant and noisy Patong, renowned for its parties. There are also many cosy resort beaches such as Karon, Kata, and Surin which are perfect for family vacations. The northern beaches of Mai Khao and Naiyang are located close to the national park and reserve, so they are quiet and secluded.
Here you can find the necessary infrastructure for comfortable living, with the added bonus of cheaper housing prices. Long-time stays are convenient in the Rawai beach area, which is in demand among expats, as there are many markets, shops, and schools. Rawai beach, along with Bang Tao, has remained a sought-after destination even during the most restrictive months of COVID-19, when other Phuket resorts have been empty.
Property on Koh Samui
Koh Samui is the second most popular resort island in Thailand after Phuket. Chaweng and Lamai beach areas have a good tourist infrastructure; there are many shops and a well-developed nightlife here. Prices for apartments and condominiums near these beaches start at 80,000 US dollars, while small two-bedroom villas cost from 200,000 US dollars.
Other Koh Samui beaches such as Maenam, Bophut, Bang Rak, Choeng Mon, Taling Ngam, Lipa Noi, and Chaweng Noi are ideal for those who prefer a quiet and relaxing lifestyle. Private villa complexes are common in these areas, and the price of a luxury villa on the coast can start from 600,000 US dollars, which is relatively inexpensive compared to famous resorts in other countries.
Some developers facilitate the issuance of Thai Elite visa to investors as a gift for large transactions from 10,000,000 Thai baht (262,000 US dollars). This is a 5-year tourist visa with premium services.
Thai Elite visa holders can enjoy a variety of privileges such as free airport transfers, expedited border control, and assistance in obtaining a driver's licence and bank cards. In addition, they gain access to a 24/7 English-language information call centre for any questions about living in Thailand.
Property in Pattaya
Pattaya is a popular tourist resort city, a two-hour drive from Bangkok. The entertainment industry is well developed here: there are many bars and restaurants, as well as various show programmes and parties. Real estate in this resort is perfect for active sports enthusiasts (windsurfing, paragliding, etc.) and beach lifestyle lovers. The most popular properties in the area are condominiums and apartment buildings. The prices for apartments and condos near Pattaya beaches start at 70,000 US dollars, while small villas cost from 120,000 US dollars.
From $53,000
Completion in: 2026.II Total of 186 apartments
From $55,000
Completion in: 2028 Total of 816 apartments
From $71,000
Built in 2019 Total of 1060 apartments
From $82,000
Completion in: 2028 Total of 1400 apartments
From $226,000
Total of 44 apartments
From $85,000
Completion in: 2025.IV Total of 2470 apartments
Types of property ownership and features for foreigners
There are two types of property ownership in Thailand for both locals and foreigners: freehold which is a perpetual ownership and leasehold which is essentially a long-term lease. The type of ownership is determined even before a building permit is obtained. In general, leasehold is issued for 30 years with the right to extend it for up to 90 years. Leasehold housing can be sold, inherited, and donated, just like freehold real estate. However, leasehold properties are on average 10% cheaper.
Foreign individuals are allowed to buy property in Thailand on a freehold basis, with the exception of land plots.
Thai property law divides residential complexes into condominiums (shared ownership) and apartment buildings (single owner of the whole building). Apartments in apartment buildings can only be purchased by foreigners on a leasehold basis. On the other hand, condos in condominiums can be sold to foreigners as freehold property. However, there are special quotas put in place for such transactions: only 49% of the total condominium area can be owned in freehold by foreigners, the remaining 51% of the building can only be sold to a foreign individual on a leasehold basis.
Property yields in Thailand
Most apartment complexes and villa communities in tourist areas are managed by hotel operators or management companies owned by developers. Typically, contracts with property owners specify a fixed amount of income, and the yield is 5–10%. There are also hybrid contracts, for example, with a buyback guarantee or with yields which are calculated based on the results of the tourist season.
In 2022, all COVID-19 restrictions on Thailand’s tourism industry have been lifted. Moreover, from 1 October 2022, the visa-free stay period has been increased from 30 to 45 days for citizens of countries that have visa-free travel agreements with Thailand. Tourism is actively recovering, although the number of tourists is still half that of 2019. But even this is enough to ensure a contract-guaranteed high yield of up to 10% per annum, since the tourist season in Thailand is almost year-round.
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