Thailand real estate prices in 2023

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According to the Bank of Thailand, between 2008 and 2016, the prices of housing in the country increased 1–5% per annum. In 2019, the average residential property price growth ran at 4.9%

The nationals of Australia, the UK, Germany, Russia, as well as the citizens of the Scandinavian and other European countries, prefer buying property in Thailand.

As for the demand seasonality, the most active buyers during the low season are those from Australia, while during the high season Russian buyers are the most active. Russian and European nationals account for the main share of the buyers in the country’s real estate market.

Most foreign citizens buy property in the city of Pattaya on the coast of the Gulf of Thailand and the island of Phuket in the Andaman Sea. European nationals and the Thai citizens themselves are interested in buying resort real estate, including for own use.

Pattaya is the most popular tourist resort located a two-hour drive from Bangkok. It has a well-developed entertainment industry: a lot of shows, discos, bars and restaurants. The active sports (windsurfing, paragliding, etc.) aficionados and beach holiday lovers take interest in the local real estate. The most popular properties are condominiums and residential complex apartments, available for purchase under a foreign quota. They are cheaper than homes and easier to rent out or sell.

Villas are not as popular as apartments, but they more often are leasehold. In 2020, residential property prices in Pattaya range from $745/m² to $10,938/m², depending on many factors such as location, the number of bedrooms, the class of real estate and its proximity to the sea or the city centre. You can buy a one-bedroom sea-view apartment in Pattaya for $100,000–140,000.

The Phuket Island is a favourite holiday spot for divers, water skiers, windsurfers and yachtsmen. In 2020, residential property prices in Phuket average $3,000-3,700/m². The prices for newly-built studios of about 30 m² start from $100,000 on average, those for one-bedroom apartments – from $150,000.

Another well-known resort — Rayong — is located on the coast of the Gulf of Thailand. This city is popular with affluent Thai citizens, and the beaches there are cleaner than in Pattaya. The infrastructure is not developed well enough in Rayong, and the residential property there is difficult to rent out.

Still other famous resorts of Thailand are the Chang and Samui Islands. These locations are less touristy and are good for those who would like to spend a quiet holiday close to the nature.

Cost of property in Thailand

Apartments in Thailand sell for $110,000-250,000 on average, homes — for $150,000-700,000. Property prices are the highest in Bangkok, while in Rayong, Hua Hin and Chonburi they are relatively low.

Residential property prices in Thailand, $/m², April 2020

Location

Lowest price

Highest price

Pattaya

745

10,938

Phuket

1,000

17,786

Koh Samui

882