Since the coup in Myanmar in February 2021, wealthy Myanmar citizens have increasingly invested in Thai real estate. This surge has led Myanmar’s military government to crack down on such purchases to prevent capital outflow and potential financial collapse.
Key Takeaways
- Myanmar nationals are the second-largest group of foreign property buyers in Thailand, after the Chinese.
- Significant increases in property transfers by Myanmar nationals have been recorded since 2021.
- Chonburi and Bangkok are the top provinces for foreign property transfers in Thailand.
Surge in Property Transfers
Updated figures from the first quarter of 2024, compiled by the Government Housing Bank’s Real Estate Information Center (REIC), reveal that Myanmar nationals accounted for 10.0 percent of all foreign property transfers and 12.3 percent of the total value of foreign property transfers in Thailand.
REIC’s data shows a remarkable increase in property transfers by Myanmar nationals over the years:
- 2021: 30 property transfers (25th place)
- 2022: 349 property transfers (6th place), a 1,063.3% increase from 2021
- 2023: 564 property transfers (4th place), a 61.6% increase from 2022
- Q1 2024: 392 property transfers (2nd place), a 415.8% increase from the same period in 2023
Financial Impact
In terms of value, the total value of property transfers by Myanmar nationals reached 2.2 billion baht (12.3 percent of the total) in the first quarter of 2024 alone. This marks a 344.1 percent increase compared to the first quarter of 2023, when 76 transfers worth 497 million baht took place.
Top Provinces for Property Transfers
The five provinces with the highest number of property transfers to foreigners are:
- Chonburi: 1,521 transfers (38.6% of the total)
- Bangkok: 1,498 transfers (38.0% of the total)
- Chiang Mai
- Phuket
- Samut Prakan
Together, Chonburi and Bangkok account for 76.6 percent of the national total.
Value Distribution
In terms of value, the top five provinces are:
- Bangkok: 10.6 billion baht (59.4% of the total value)
- Chonburi: 4.1 billion baht (23.1% of the total value)
- Phuket
- Chiang Mai
- Samut Prakan
Bangkok and Chonburi together account for 82.5 percent of the national total value.
Conclusion
The political instability in Myanmar has driven its wealthy citizens to seek safer investments in Thai real estate. This trend has significantly impacted the Thai property market, particularly in provinces like Bangkok and Chonburi, which have seen the highest number of foreign property transfers.
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