Thai condo market faces turbulence with Myanmar buyers blocked

The Thai condominium market is bracing for a storm as Myanmar’s crackdown on property purchases by its citizens threatens to halt a major influx of foreign investment.

According to the Thai Condominium Association, the clampdown could significantly impact condo transfers during the second and third quarters of this year.

Prasert Taedullayasatit, president of the association, revealed that Thai condo units valued at over 1 billion baht were prevented from being transferred to Myanmar buyers in April and May following the regime’s stringent measures.

“This will definitely affect developers’ condo transfers in the upcoming quarters. Myanmar buyers, who are an emerging market among foreign buyers, will face increased difficulties in purchasing Thai condos.”