CNI News

13 June 2024

In spite of the fact that some buyers of condo apartments from Thailand were arrested by the State Administration Council, the Myanmar citizens didn't stop buying the apartments on the Thai side, real estate agents and condo apartment dealers from Thailand told CNI News. 

In addition to opening illegal condo apartment showrooms to sell the apartments in Bangkok without asking permission from authorities concerned, two Myanmar citizens who sold and three Myanmar citizens who bought used illegal hundi in paying for the purchase of condo apartments, so they were arrested. 

However, condominium trading activities on the Thai side didn't worry too much about it and there were daily purchases, a real estate and condo apartment trading business operator told CNI News.

" Sellers and buyers of condo apartments from the Thai side don't worry too much. There are daily purchases. Not long ago, to the best of my knowledge, Myanmar investors and Myanmar citizens who came to attend school arrived in Thailand. Maybe they are from the upper class. The second largest number of condo buyers Myanmar citizens. There has been a sharp increase in the number of Myanmar citizens who want to buy condo apartments. The other day, my acquaintances bought a condo apartment at over 40 million bahts." he said.

A condo showroom in Thailand

Those who open bank accounts in foreign countries without permission from the Central Bank of Myanmar and those who buy or sell condo apartments would be identified and taken action against, warned the SAC.

Although there are arrests, as the SAC didn't state clearly how to take action against, those who wanted to buy condo apartments would use various kinds of ways, Ko Naing Naing Aung, director of the Arakan Workers Organization, told CNI News. 

“When the authorities arrest buyers or sellers of the condos, by what laws are these individuals taken action against?  Most of us don't know about it. Those who conducted illegal money transferring, gold industry and condo apartment dealers were arrested, we heard. But the public doesn't know how these individuals have been punished. Whether these arrests are according to the law or to change the market is interesting. In any case, people will be buying condo apartments in various ways." he said.

At present, there has been a sharp increase in the number of the Myanmar citizens who are working as agents and brokers in the condo business of Thailand and in purchasing condo apartments, buyers are purchasing condo apartments starting at 10 million baht or so, according to real estate agents and entrepreneurs.

A condo fair in Thailand

In purchasing condo apartments, rather than buying from representative offices in Myanmar, more and more buyers directly purchase condo apartments in Thailand, a condo business operator, told CNI News.

" There are many Myanmar citizens who are working as agents and brokers in the brokerage companies in Thailand. So, more and more Myanmar citizens are directly buying condos in Thailand. Myanmar citizens on the Myanmar side bought the condos from Thailand because don't have a connection with the dealers here, I think. transferring money is conducted generally with agents. If we deposit money at the bank that they have designated, we can leave the rest to them. You can open a bank account in Thailand even if you come to Thailand on a visit visa." he said.

According to statistics from the Real Estate Information Center (REIC) of Thailand, among the countries that buy condos most in Thailand, Myanmar ranked 6th in 2022 and it bought 349 condo apartments worth 2.55 billion Thai baht reportedly.
In 2023, Myanmar ranked 3rd and bought 564 condo apartments worth 3.7 billion Thai baht. During the first three months of 2024, Myanmar overtook Russia and reached the 2nd place.