Myanmar condo transfers see surge

Condo transfers to buyers from Myanmar in the first half of 2024 surpassed the total for 2023, which had set a record.
A report by the Real Estate Information Center (REIC) showed that in the first half of 2024, 638 condo units worth 3.24 billion baht were transferred nationwide to Myanmar nationals.
This figure exceeded 564 units worth 3.7 billion baht transferred in the whole of 2023, the highest level ever recorded.
The number of condo units transferred to Myanmar nationals nationwide began to surge in 2022, with 349 units worth 2.55 billion baht, up from only 30 units worth 274 million baht in 2021.
“Among all foreign nationals receiving condo transfers, Myanmar nationals ranked in the top 10 for the first time in 2022, compared to only 20-50 units per year previously,” said Vichai Viratkapan, REIC’s acting director-general.
In 2022, Myanmar nationals ranked sixth in number, following Chinese, Russian, American, British and French nationals, who were ranked first to fifth, respectively.
In terms of the value of the condos transferred, Myanmar nationals ranked third, following only Chinese and Russian buyers.
Last year, buyers from Myanmar rose to fourth in terms of the number of condos transferred, trailing Chinese, Russian and American nationals. They were ranked third in terms of value, following Chinese and Russian nationals.
In the first half of 2024, Myanmar nationals ranked second both by the number and value of condos transferred, overtaking Russians, who had held second place for several years, behind Chinese nationals.
When broken down by quarters, the second-quarter figures reflected the impact of the Myanmar government’s crackdown on Thai condo purchases by Myanmar nationals in April 2024.
In the second quarter of 2024, the number of condo transfers to Myanmar nationals dropped to 246 units worth 1 billion baht, compared to 392 units worth 2.2 billion baht in the first quarter.
According to a source in the property sector, it wasn’t just the stricter enforcement of money transfer regulations in Myanmar, but also the situation in Thailand. The Lands Department has become more stringent regarding foreign exchange transactions (FET), the source noted.
“If an FET is unclear, that transaction will be frozen,” the source said. “This practice by the department is not only applied to transactions by Myanmar nationals, but also Chinese.”
The REIC reported the total number of condo transfers nationwide to foreigners in the second quarter of 2024 dropped by 6.2% year-on-year to 3,342 units, with a total value of 14.8 billion baht, reflecting a decrease of 17.7%.
This decline resulted in the proportion of condo transfers to foreigners dropping to 11.8% by number and 21.1% by value, compared to 13.6% and 24.6%, respectively, during the corresponding period last year.