For Phuket property buyers and landlords, the question is not whether relocation happens, but what happens when foreign demand begins to shift toward new buyer nationalities and rental tenants looking for stability, lifestyle and access.
According to Colliers Thailand, condominiums and rental homes in Phuket, Bangkok, Pattaya, Samui and Chiang Mai are likely to benefit from migration linked to the Middle East conflict, as well as from a broader diversification of foreign buyer demand that is already underway.
Phattarachai Taweewong, research and communication director at Colliers Thailand, said Thailand’s competitive cost of living, internationally recognised healthcare, well-developed infrastructure and established expatriate communities make it a logical destination for relocating buyers and long-term renters.
The consultancy expects rising demand for long-term rentals first, as relocating groups typically begin by renting to assess the environment. If the situation in their home countries is prolonged, it could lead to genuine end-user demand, with high-net-worth buyers potentially deciding to purchase property in Thailand for long-term residence or asset diversification.
Phuket positioned among key destinations
Phattarachai said property investment in the luxury and resort segments in internationally oriented destinations such as Phuket, Pattaya, Bangkok, Samui and Chiang Mai could benefit from buyers seeking both safety and quality of life.
The potential impact extends beyond residential property. An influx of long-term foreign residents would support demand for small office spaces, international schools and healthcare services, benefiting specific segments of the commercial property market.
However, Colliers noted that such opportunities will depend on government policy, including long-term visa schemes, investment incentives and clear regulations on foreign property ownership. If these measures are improved to better support long-term residency, Thailand’s ability to attract relocating buyers could increase significantly.
Foreign condo demand has already shifted
The shift is not hypothetical. Foreign buyer data from the Real Estate Information Center shows that Thailand’s condominium market is already rebalancing.
Condominium transfers to foreign buyers remained relatively stable at around 13,000 units per year during 2018-19, before plunging by 35.2% in 2020 due to Covid-19 and travel restrictions. The market began to recover strongly in 2022, soaring by 41%, and continued to grow in 2023, returning to near pre-pandemic levels. Growth slowed to below 3% annually in 2024-25, indicating stabilisation at a relatively high level.
In terms of value, condominium transfers to foreign buyers totalled 60.9 billion baht in 2025, down 10.7% from 2024. The decline was driven by global economic uncertainty, high interest rates and currency volatility, which have weighed on investment decisions by foreign buyers. A shift in demand towards mid-priced or smaller units has also contributed to the decline in total value, even as transaction volumes may not have decreased proportionally.
The transfer value of over 60 billion baht remains high compared with pandemic levels, underscoring the importance of foreign demand to Thailand’s property sector, albeit with more cautious growth.
China’s share drops, Myanmar and Russia surge
The top 10 foreign buyer nationalities in 2024 and 2025 showed a significant shift in demand patterns, particularly with a decline in the Chinese market.
While China remained the largest source of buyers, the number of units fell by 12.9% and the transfer value dropped by as much as 30%, reducing its share from 39% to 30.5%.
At the same time, the market has become more diversified. Myanmar recorded a sharp increase of 41.8% in unit transfers, although the total value declined, indicating growth in the mid-priced segment. Buyers from Russia, Taiwan and the UK posted growth in both volume and value, with Russia in particular recording more than a 30% increase in transfer value.
Phattarachai said 2025 marked a rebalancing of foreign demand, shifting from heavy reliance on the Chinese market towards a more diversified regional base. Although some nationalities showed weaker performance, the broader trend highlights the increasing diversity and resilience of foreign buyers in Thailand’s property market.
What this means for Phuket landlords and sellers
For Phuket property owners, the practical implication is that rental demand and buyer interest may increasingly come from nationalities that were previously smaller segments of the market.
Long-term rentals may become more important than short-term holiday lets for certain property types, especially if geopolitical migration accelerates. Buyers and landlords focused on mid-priced condos may benefit from Myanmar demand, while Russian buyers appear to be targeting higher-value properties.
The detail worth watching is whether government policy responds with clearer long-term visa frameworks, investment incentives or ownership regulation that makes it easier for foreign buyers to commit to Thailand for extended periods.
Colliers Thailand concluded that with clear and supportive government policies, Thailand has the potential to turn geopolitical challenges into a strategic opportunity for the property market over the medium to long term.
Frequently Asked Questions
Could Middle East relocations genuinely affect Phuket property demand?
Colliers Thailand says migration from countries affected by conflict could boost demand for long-term rentals and property purchases in Phuket, Bangkok, Pattaya, Samui and Chiang Mai, especially if relocations are prolonged and supported by clearer government visa and ownership policies.
Why has Chinese condo demand fallen in Thailand?
Chinese buyers remained the largest foreign buyer group, but unit transfers fell 12.9% and transfer value dropped 30% in 2025, reducing China’s share from 39% to 30.5%. The decline was driven by global economic uncertainty, high interest rates and currency volatility.
Which foreign buyer nationalities are growing in Thailand?
Myanmar recorded a 41.8% increase in unit transfers, indicating growth in the mid-priced segment. Russia posted more than a 30% increase in transfer value. Taiwan and the UK also posted growth in both volume and value.
What does foreign demand diversification mean for Phuket sellers?
Phuket property owners may increasingly find rental and buyer demand coming from a wider range of nationalities, including Myanmar, Russia, Taiwan and the UK, rather than relying heavily on Chinese buyers. This could favour mid-priced condos and long-term rental properties.
What government policy changes could boost foreign buyer demand?
Colliers Thailand says improved long-term visa schemes, investment incentives and clearer regulations on foreign property ownership could significantly increase Thailand’s ability to attract relocating buyers and long-term residents.
Sources
- Bangkok Post — War set to boost condo demand in major markets — link
- Colliers Thailand — research and communication by Phattarachai Taweewong
- Real Estate Information Center — foreign condominium transfer data
