Thailand’s foreign residential market is entering an interesting phase of change. Data from the first half of 2026 points to a broader mix of international buyers, with different nationalities demonstrating distinct purchasing patterns across locations and property types.
From Cushman & Wakefield’s perspective, it is still too early to characterize these developments as a permanent structural shift. Full-year data will provide a clearer picture. Nevertheless, the market is clearly becoming more diverse, creating new opportunities for developers to refine their products, marketing strategies and customer engagement according to specific buyer segments.
China Remains the Largest Market as the Buyer Base Diversifies
Chinese buyers have historically played the most significant role in Thailand’s foreign condominium market. While Chinese condominium transfers declined in H1 2026, China remains the largest foreign buyer market.
According to data from the Real Estate Information Center (REIC), Chinese buyers accounted for approximately 1,813 condominium transfers in H1 2026. This was still around twice the number recorded by Russian buyers, the second-largest foreign buyer group, while the total transfer value was approximately 48% higher than that of Russian buyers.
The current market therefore appears less like a direct replacement of one nationality by another and more like a gradual diversification of Thailand’s foreign buyer landscape.
Cushman & Wakefield believes it is too early to determine whether the recent change in Chinese buyer activity represents a permanent trend. Condominium purchases and ownership transfers do not necessarily occur at the same time. Buyers may purchase units during construction and complete the ownership transfer six months to two years later, meaning current transfer figures can reflect purchasing decisions made well before the actual transfer date.
Russia and India Highlight the Emergence of New Buyer Segments
One of the most notable developments in 2026 has been the increase in Russian buyers, particularly during the first half of the year.
Developers have increasingly focused on the Russian market through partnerships with Russian-speaking brokers, travel agencies and existing Russian owner networks. Russian-language marketing has also become an increasingly important channel, helping buyers access information and navigate the purchasing process more comfortably.
Russian demand is particularly visible in Thailand’s resort markets, especially Pattaya and Phuket. Russian buyers generally show a preference for beach-oriented condominiums priced below THB 6 million per unit, with purchases often linked to holiday homes or second-home ownership.
At the same time, India is emerging as another market attracting significant attention from developers. Indian buyers have strong purchasing power, travel frequently to Thailand and often travel with family members. This makes Thai condominiums attractive for both personal use and family holiday residences.
Location Matters: Different Markets, Different Buyer Profiles
The diversification of Thailand’s foreign buyer market is also visible at the local level.
In Bangkok, Chinese buyers remain the largest foreign buyer group, followed by Myanmar and Taiwanese buyers. In Chonburi, Chinese buyers are followed by Russian and German buyers, while Phuket has seen Russian buyers emerge as the largest group, followed by Chinese and French buyers.
These differences highlight why the foreign buyer market should not be viewed as a single segment. Nationality, location, purchasing purpose, price point and unit size all contribute to different buyer profiles.
For example, H1 2026 data shows that Indian buyers purchased units with an average size of approximately 72.1 square metres, significantly above the overall foreign-buyer average of 43.9 square metres. Chinese buyers recorded an average unit size of 38.2 square metres, while Russian buyers averaged 41.8 square metres.
These differences provide developers with opportunities to tailor products and marketing strategies more precisely to individual customer groups.
From “Foreign Buyers” to “Segmented Buyers”
From Cushman & Wakefield’s perspective, the most important change is not simply the number of buyers from each country, but also why they are buying property in Thailand.
Foreign condominium buyers can broadly be grouped into three main purposes:
- Owner-occupation – purchasing for primary residence
- Second home – purchasing a holiday home or second residence
- Investment – purchasing primarily for investment purposes
Different nationalities demonstrate different motivations. Chinese buyers have traditionally been associated with investment and second-home ownership, while Russian buyers are more closely linked to holiday and second-home purchases. Myanmar buyers demonstrate both investment demand and the perception of Thailand as a safe-haven market for holding assets.
This means the key question for developers is increasingly not simply “Which nationality should we target?”, but rather “What does each buyer segment want, where do they want it, what price point suits them, and why are they buying?”
The Growing Importance of Targeted Marketing
The evolution of the foreign buyer market is also increasing the importance of targeted marketing.
Developers are increasingly adapting their strategies by nationality, including the use of local-language sales teams and brokers, dedicated events, roadshows and established networks in buyers’ home markets.
In the Russian market, relationships with Russian brokers and established networks in Pattaya and Phuket have become important. Meanwhile, Chinese buyers continue to benefit from extensive business networks and a high level of familiarity with Thailand’s condominium market, following years of dedicated marketing, roadshows and project launches targeting Chinese customers.
This suggests that competition in the foreign buyer market will increasingly depend not only on reaching potential customers, but also on developing local connections, trusted networks and customer experiences tailored to individual markets.
Looking Ahead: Diversification Rather Than Replacement
Over the next three to five years, Cushman & Wakefield expects foreign buyers to remain an important source of demand for Thailand’s condominium market, while the composition of this demand is likely to become increasingly diverse.
In addition to investors and second-home buyers, foreign professionals who live and work in Thailand may represent a growing segment, as this population continues to expand and become more diverse in terms of nationality.
For developers, this could mean moving beyond a “one-market-fits-all” approach toward more targeted product development, pricing and communications based on individual buyer profiles.
From Cushman & Wakefield’s perspective, the key development is therefore not simply which market is growing or slowing, but that Thailand is becoming a more diverse foreign real estate market.
Different buyer groups are bringing different lifestyles, purchasing motivations and ownership objectives into the market. This creates opportunities for developers and the broader real estate industry to become more sophisticated in how they approach product design, marketing, sales channels and after-sales services.
Ultimately, the evolution of Thailand’s foreign buyer market is less about one nationality replacing another and more about the emergence of a broader and more segmented international demand base.
