Chinese Buyers Dominate Luxury Property Sales in Thailand Says Prominent Businessman


On December 8th, 2023, Thai reporters publicly revealed that Mr. Prasert Taedullayasatit, the Chief Executive Officer of Property of Ananda Development PCL, showed the overall performance in sales and profit from January to November 2023 has exceeded their goals as compared to the previous year.

The profit reportedly exceeded 13.5 billion baht which increased by 10% compared to the previous year. The company deployed a new strategy of targeting luxury property markets and foreigners, especially condo residences that cost less than 3 million baht, said Prasert.

“In 2023 from January to November, the overall sales was over 5.2 billion baht or a 350% increase compared to the previous year. More than 90% of the buyers were Chinese people who work abroad and Myanmar nationals, Taiwanese, and Singapore nationals, respectively, who buy the property with cash to invest in real estate,” remarked Prasert.

Prasert added that the overall picture in real estate markets in 2023 was not fully recovered from unfavorable economic situations, inflation, and trust in real estate from foreigners.
Prasert hoped the public sector would issue measures to stimulate the real estate sector, especially canceling the loan-to-value ratio (LTV) measure.

The original version of this article appeared on our sister website, The Pattaya News, owned by our parent company TPN media.

Goongnang Suksawat
Goong Nang is a News Translator who has worked professionally for multiple news organizations in Thailand for many years and has worked with The Pattaya News for more than four years. Specializes primarily in local news for Phuket, Pattaya, and also some national news, with emphasis on translation between Thai to English and working as an intermediary between reporters and English-speaking writers. Originally from Nakhon Si Thammarat, but lives in Phuket and Krabi except when commuting between the three.