BANGKOK, Sept. 19 (Xinhua) -- Ownership transfers of condominiums in Thailand to foreign clients fell 6.2 percent year on year to 3,342 units in the second quarter of this year, indicating a slowdown in demand from overseas buyers, data showed on Thursday.
The value of condominium ownership transfers to foreigners in the Southeast Asian country amounted to 14.87 billion baht (about 449 million U.S. dollars) in the April-June period, reflecting a significant 17.7 percent decline from a year earlier, according to the Government Housing Bank's Real Estate Information Center (REIC).
The proportion of ownership transfers made by foreigners slowed to 11.8 percent in the cited quarter, compared with 13.6 percent over the same period last year, the REIC said in a statement.
In the first half of 2024, the kingdom's eastern coastal province of Chonburi and the capital Bangkok saw the highest proportion of condominium units transferred to foreign nationals at 38.4 percent and 36.4 percent, respectively, said REIC acting Director-General Vichai Viratkapan.
Vichai noted that the REIC was monitoring potential government measures aimed at increasing foreign investment, including raising the condominium foreign ownership cap to 75 percent and allowing long-term leases of up to 99 years. These initiatives were seen as vital in stimulating the Thai real estate market amid weakening domestic demand. ■