Bangkok, Chiang Mai and Phuket attract property buyers from Myanmar

Bangkok, Chiang Mai and Phuket attract property buyers from Myanmar

According to real estate management firm Colliers, wealthy purchasers from Myanmar have been acquiring an increasing number of upscale properties in Thailand's major cities over the last two years, positioning them as the top foreign consumers in the real estate market.

Karlo Pobre, Colliers’ deputy managing director, said that according to the Government Housing Bank's Real Estate Information Centre (REIC), Myanmar buyers are most interested in properties in Bangkok, Phuket and Chiang Mai.

REIC reported that buyers from Thailand’s western neighbour spent some 2.25 billion baht on Thai properties in 2023, putting them in third place as top spenders following Chinese and Russian buyers, he added.

“It’s notable that properties bought by Myanmar nationals have an average price of 6.5 million baht, higher than those of Chinese or Russian buyers,” he said. “This makes them a highly promising customer for property developers in the post-pandemic era when demand in Thai properties among foreigners is skyrocketing.”

Pobre added that properties in Bangkok bought by Myanmar customers are mostly luxury condos priced from 10 to 20 million baht. The most popular locations include Sukhumvit, Phrom Phong, and Asoke where the projects are close to hospitals, international schools, shopping malls, and hotels.

Mid-level spenders from Myanmar meanwhile are interested in condos priced at 5-10 million baht in the Aree and Phaya Thai zones, especially along the BTS/MRT routes, which provide convenient transport as well as a good opportunity for rent or resale.

“Buyers in this group are mostly young generation looking to invest in condos for rent or resale, and they often snatch up prime units during the pre-sale period,” Pobre noted.

He added that Myanmar’s super-rich are also interested in luxurious pool villas in Phuket, especially in the Laguna and Bang Thao zones, with units costing over 40 million baht sold out even before they are finished.

In Chiang Mai, Myanmar buyers are hoarding detached houses worth 20-30 baht for their own retirement homes or family vacation homes, as the northern city is not far from Myanmar and has almost as many facilities and tourist attractions as Bangkok. Popular locations include San Kamphaeng and Hang Dong districts.

“Political instability in Myanmar is an important factor that has driven millionaires to buy second homes in Thailand, just in case,” said Karlo. “Myanmar buyers are different from Chinese in the sense that they prefer privacy instead of living together in a community like Chinatown. Property developers should keep this in mind when trying to attract big spe

nders from Myanmar.”