The issue of foreign ownership of real estate in Thailand has resurfaced following the Department of Business Development's release of a database on legal entities holding land and condominiums nationwide, along with an announcement to intensify efforts against the use of Thai nominees.
This data has raised questions about how much foreign ownership currently exists in Thai condominiums, especially given the law allowing foreigners to hold up to 49% ownership of condominium units.
However, the 49% figure does not mean foreigners can buy 49% of the entire Thai condo market, but rather refers to the proportion of units foreigners may hold within each condominium building. Some projects in popular foreigner areas may have fully used this quota, while others have few or no foreign buyers. Therefore, to determine the extent of foreign condo purchases, actual title transfer data must be examined.
A recent report by the Real Estate Information Center (REIC) of the Government Housing Bank states that in the first half of 2026, foreigners acquired title to 6,533 condo units nationwide, a decrease of 8.8% compared to the same period last year, with total transfer value of 28.267 billion baht, down 1.5%.
Compared to total condo transfers nationwide, foreign buyers accounted for 11.7% of units and 21.7% of market value. The nearly twofold difference indicates that although foreign buyers purchase less than 12% of units, their purchasing power significantly influences market value.
Based on these proportions, approximately 55,800 condo units were transferred nationwide in the first half of 2026, with a total value around 130 billion baht. To illustrate, for every 9 condo units transferred, about 1 is purchased by a foreigner, and in terms of value, over 1 baht out of every 5 circulating in the condo market comes from foreign buyers.
The average price of condos transferred to foreigners during this period was 4.3 million baht per unit, with an average size of 43.9 square meters, or about 98,566 baht per square meter.
Chinese nationals continue to be the top foreign condo buyers in the first half of 2026, purchasing 1,813 units worth 6.874 billion baht, representing about 27.7% of all foreign-purchased units and approximately 24.3% of the foreign buyer transfer value.
Despite maintaining the top position, Chinese purchasing power has clearly declined, with unit volume down 23.8% and value down 27.7% compared to the same period last year. The average price was 3.8 million baht per unit, with an average size of 38.2 square meters.
Meanwhile, buyers from some other countries are gaining ground. Russians rank second with 842 units worth 3.603 billion baht, showing increases of 50.4% in units and 75.9% in value.
Australian buyers purchased 185 units, up 63.7%, with a value of 814 million baht, up 61%.
American buyers have the highest average condo price at 6.6 million baht per unit, while Indian buyers purchase the largest units averaging 72.1 square meters and 6.3 million baht in value. Thus, while Chinese buyers still lead the foreign condo market, ownership is diversifying to Russians, Americans, Europeans, Australians, and Indians.
Beyond individual ownership, data from the Department of Business Development reveals foreign-invested legal entities also hold real estate, an area under scrutiny for nominee concerns. According to the Land Department, there are currently 14,878 legal entities holding a total of 244,115 condominium units.
Of these, Thai-only legal entities hold 167,275 units, while 7,082 entities with foreign investment hold 76,840 units, or 31.48% of all units in this dataset.
Breaking down by foreign investment ratio:
This means nearly 96% of these units are held by entities where foreign ownership does not exceed 49%, a range requiring further internal company scrutiny because shareholder registry numbers alone do not reveal who provides the actual funds, who controls the business, or who benefits from the assets.
This data cannot confirm that all 76,840 units are connected to nominee structures, but the scale of ownership warrants that the government clarify how many entities have been audited, how many irregularities were found, and where these holdings are concentrated geographically or by project.
The inquiry extends beyond condos: the Department of Business Development found 36,277 entities with foreign investment hold 305,838 land plots totaling over 1.06 million rai.
Among these, entities with up to 49% foreign investment hold the most—287,176 plots covering more than 901,596 rai. Nearly half of these plots cluster in Bangkok, Chonburi, Samut Prakan, Pathum Thani, and Nonthaburi.
Entities with foreign ownership over 49% up to 100% hold 18,662 plots totaling more than 162,668 rai, with concentrations in key industrial and investment provinces like Chonburi, Rayong, Samut Prakan, Chachoengsao, and Ayutthaya.
Some entities may legally hold land under investment promotion privileges, industrial estate operations, or other specific laws, but shareholder percentages alone do not clarify the origin or legitimacy of each holding.
The focus of the current investigation is on companies where foreign shareholders hold less than legal thresholds but may provide financing, control decisions, or reap benefits. If Thai shareholders lack financial capacity, have not paid for shares, or are uninvolved in operations, this signals potential nominee use, warranting government scrutiny on whether Thai names are used to circumvent foreign ownership restrictions.
The database release reveals the scale of foreign ownership via legal entities but leaves key questions unanswered: in which provinces and projects are the 76,840 condo units held by foreign-invested entities located, how many are under investigation, and how is the 1.06 million rai of land divided among investment promotion, industrial estates, or other legal rights?
Among entities with foreign ownership not exceeding 49%, how many have Thai shareholders who have genuinely invested funds, and how many show foreign financial or control links?
Meanwhile, REIC data confirms that in the first half of 2026, foreigners transferred 6,533 condo units, representing 11.7% of units and 21.7% of transfer value nationwide, indicating the market still relies significantly on foreign purchasing power despite an overall decrease from the previous year.
All these data form a crucial basis for tracking foreign real estate ownership, but the critical follow-up is how deeply the government will investigate to distinguish legitimate investments from structures designed to evade the law, since shareholder numbers alone do not reveal who funds, controls, and benefits from these assets ultimately.
Sources: REIC, Land Department, Department of Business Development
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