CNI News
3 Sept 2022
An increasing number of Myanmar citizens are buying properties including condominium apartments in Thailand, real estate agents and residents told the CNI.
In the past, Myanmar citizens purchased only one condominium in Thailand but the number has increased to about 10 since June and the Thai property market is booming, according to them.
Ma Khaung Khaung, a company staff in a Thai company told the CNI, “A large number of people from Myanmar are buying properties in Thailand and the demand is growing as Thai property sellers and companies launch direct promotions. Since people from Myanmar do not want to hold the kyat in their hands, the sale is brisk. It is incredible. There are many Myanmar citizens who purchased properties through our company. We have been very busy recently. In the past, Myanmar citizens mostly bought properties in Dubai and Singapore. I don’t know why they are now eyeing properties in Thailand. Buying properties and registering ownership are very easy in Thailand. As the Thai government has offered property rights to foreigners, not only people from Myanmar but also other foreigners are purchasing properties in Thailand in large numbers.”
Most Myanmar nationals who purchased properties prefer condominium apartments in commercial hubs like Bangkok and Maesot. Some Myanmar buyers purchased condominium apartments in Bangkok to send their children to study in Bangkok.
A property agent conducts buyers around a condominium building.
Property prices in Thailand vary depending on their locations. Condominium apartments in the suburb are sold at more the Baht 1 million (about MMK 100 million) per 100-square feet while those at commercial centres fetch as much as Baht 8 million (about MMK 800 million) per 100-square feet, Ko Thein Oo, a condominium sale agent, told the CNI.
He said, “As the kyat has collapsed in Myanmar, they are investing here. However, there are some Myanmar citizens who invested in the Thai property market after the coup. Many of them I know are people from the film industry. The condominium sale business is brisk. In places like Phalansong,
which ranks third or fourth in Bangkok, a Myanmar buyer has to pay more than Baht 8 million per 100-square feet on the eighth floor. That is an enormous sum of money in Myanmar. In commercial centres like places near the airport, condominium prices are much higher.”
Although foreigners are allowed to buy condominium apartments only, investment visa holders who have invested in Thai companies are permitted to buy other types of properties.
Myanmar nationals who hold Myanmar passports can transfer money via Yoma Bank in Myanmar but it is very difficult to transfer a large sum of money in Myanmar. Therefore, Thai condominium sale companies arrange other means for Myanmar nationals.
