For anyone watching Phuket’s condo market, the question is not only how many foreign buyers are active, but which buyers, and what they’re willing to spend.
New data from Thailand’s Real Estate Information Center shows a sharp shift in 2025. Chinese buyers, still the largest foreign group, pulled back by 30% in transaction value. Meanwhile, Russian and British buyers surged, and Indian buyers are now paying the highest average price per unit of any nationality in the top ten.
The figures cover Thailand nationally, but the pattern matters for Phuket. The island attracts a disproportionate share of foreign condo buyers, especially in the higher-value segments where these shifts are most visible.
What the numbers show
Chinese buyers transferred 4,940 condo units in Thailand during 2025, down 12.9% from the previous year. More notably, the total value of those purchases fell 30% to 18.5 billion baht. That suggests Chinese buyers are either buying fewer units or choosing lower-priced properties — or both.
Despite the decline, Chinese buyers remained the largest foreign group by both unit count and total value.
American buyers also declined, though less dramatically. Transfers dropped 11.8% to 537 units, with total value falling 7.2% to 2.81 billion baht. Americans ranked fifth by value and sixth by unit count.
Russian buyers, by contrast, recorded a 30.3% increase in transaction value to 4.77 billion baht from 1,172 units, up 8.6%. They ranked third overall.
British buyers saw the steepest value increase among the top ten nationalities, rising 35.2% to 2.3 billion baht from 476 units, up 15%. They ranked seventh.
French buyers increased transaction value by 16.6% to 2.6 billion baht from 657 units, up 26.1%, ranking sixth.
Taiwanese buyers ranked fourth, with 1,036 units worth 4.7 billion baht, up 23.9% and 9.3% respectively.
Why Indian buyers stand out
Indian buyers were the only nationality in the top ten to record fewer unit purchases but higher total value. Transfers fell 8.8% to 237 units, while value rose 7.7% to 1.64 billion baht.
The average price per unit for Indian buyers was 6.9 million baht — the highest among all top ten nationalities.
REIC noted that Indian buyers are purchasing larger units for family occupation, not rental investment. That distinction is worth noting in markets such as Phuket, where family-sized three- and four-bedroom condos with sea views or resort amenities command premium prices.
Myanmar buyers: more units, lower prices
Myanmar buyers recorded the largest increase in unit numbers, rising 41.8% to 1,968 units. However, total value fell 12.5% to 6.16 billion baht.
The pattern is clear: Myanmar buyers are purchasing more units, but those units are cheaper. This likely reflects demand in Bangkok and secondary cities rather than Phuket’s higher-priced coastal market.
What this means for Phuket property
Phuket’s condo market is not identical to Thailand’s national market, but it is highly sensitive to the same buyer shifts.
Chinese buyers have been central to Phuket’s luxury condo segment for years. A 30% decline in spending suggests caution, possibly tied to domestic economic pressures and liquidity constraints in China, as REIC noted.
That creates space for other buyers. Russians and British buyers are already increasing both unit count and total spend. Both groups have historically favoured Phuket over other Thai destinations, particularly in beachfront and hillside developments.
The rise in British buyers is particularly notable given the strength of sterling against the baht in recent quarters, which may be supporting confidence and purchasing power.
For developers and agents, the shift suggests a need to think beyond Chinese buyer expectations. Russian and British buyers may prioritise different unit sizes, layouts, amenities and financing structures.
Indian buyers, though smaller in number, represent the highest-spending segment by average unit price. If that trend continues, projects offering larger family-oriented units with long-term owner-occupation appeal may find a receptive audience.
Foreign buyers still matter
Foreign buyers accounted for 14.7% of all condo units transferred in Thailand during 2025, up from 12.5% in 2024. By value, foreign buyers represented 25% of the market, up from 23%.
That rising share underscores the continued importance of foreign demand, even as Chinese buyers pull back.
Total foreign condo transfers in Thailand reached 14,899 units worth 60.9 billion baht. Unit numbers rose 2.2%, but total value fell 10.7%, reflecting the decline in Chinese spending and a general shift towards lower-priced units across several nationalities.
REIC attributed the cautious sentiment to global economic headwinds, particularly affecting Chinese buyers facing domestic challenges.
What remains uncertain
The data covers 2025 as a whole, but it does not break down quarterly trends or regional performance. It is unclear whether the Chinese decline accelerated in the second half of the year or remained steady.
It is also unclear how much of the Russian and British surge is driven by Phuket specifically, though anecdotal evidence from agents and developers suggests the island is a primary destination for both groups.
Another unknown is whether Chinese buyers will return if domestic economic conditions improve, or whether the shift to other nationalities represents a more permanent recalibration of Thailand’s foreign buyer base.
Frequently Asked Questions
Why did Chinese condo buyers decline so sharply?
Chinese buyer transfers fell 30% by value, likely due to domestic economic challenges and liquidity constraints in China. REIC reported that some buyers are delaying purchase decisions amid uncertain economic conditions.
Which foreign buyers increased the most in Thailand’s condo market?
British buyers recorded the highest value increase at 35.2%, followed by Russian buyers at 30.3%. Myanmar buyers saw the largest unit increase at 41.8%, though their total spending declined.
What does this mean for Phuket’s luxury condo market?
Phuket attracts a high share of foreign condo buyers, especially in luxury segments. The decline in Chinese spending and the rise in Russian and British buyers suggests a shift in buyer profiles, preferences and price points that developers and agents should watch closely.
Are foreign buyers still important to Thailand’s condo market?
Yes. Foreign buyers accounted for 14.7% of all condo units transferred in 2025 and 25% of total value, both up from 2024. Their share of the market is rising despite the decline in Chinese spending.
Why are Indian buyers paying the highest average price per unit?
Indian buyers are purchasing larger units for family occupation rather than investment. Their average price of 6.9 million baht per unit was the highest among the top ten nationalities, reflecting demand for spacious, owner-occupied properties.
Sources
- Bangkok Post — Thai condo market sees fewer US, Chinese buyers — link
- Real Estate Information Center (REIC) — 2025 foreign condominium transfer data
