REIC publishes quarterly data on every foreign condo transfer in Thailand by nationality. Most agents have never opened it. Here is what it says, verified figure by verified figure.
Why this data matters
Most Phuket property coverage treats ‘foreign buyers’ as a single category. REIC’s official data drawn from Land Department transfer registrations. Russian buyer, the Chinese buyer, and the Indian buyer have completely different price points, product preferences, ownership motivations, and right now they are moving in opposite directions.
Full year 2025: the headline numbers
Nationally, 14,899 foreign condo units were transferred across Thailand in 2025 up 2.2% on 2024. Total value fell 10.7% to ฿60.92 billion, and the average price per unit dropped from ฿4.7 million to ฿4.09 million. More transactions at lower prices: the national market tilted toward smaller, cheaper units.
Phuket sits entirely outside this trend. Foreign buyers transferred 1,190 condo units in Phuket in 2025, worth ฿6.09 billion the third-largest province nationally for foreign condo activity, behind Bangkok and Chonburi. Both the 1,190 unit figure and the ฿6.09 billion value are directly reported by REIC, not derived.
14,899 Foreign condo transfers Thailand full year 2025 +2.2% units, 10.7% value Source REIC
1,190 Foreign condo units transferred in Phuket 2025 ฿6.09 billion #3 nationally Souce REIC
Russia: the quality-over-quantity shift
The Russia figure is the most important number in the 2025 dataset for anyone focused on Phuket specifically.
Full year 2025: Russian buyers transferred 1,172 condo units across Thailand up 8.6% on 2024. Their total transfer value jumped 30.3% to ฿4.77 billion. More buyers spending dramatically more per transaction. REIC confirmed Russian activity was concentrated specifically in Phuket, Chonburi and Prachuap Khiri Khan.
Note on Q1 2025 data: the Nation Thailand report from 24 May 2025 showed Russia at 288 units in Q1 alone, down 2.4% on Q1 2024, with value up 6.9%. This is Q1 only the full-year trajectory reversed to positive. Both figures are correct; they cover different periods.
Russians own approximately 40% of all foreign-held condominiums in Phuket by stock a figure REIC itself reported. Since 2022, Russian buyers have shifted profile: from opportunistic condo purchases toward high-commitment family relocations, buying 3–5 bedroom pool villas at ฿20–60 million in areas with international schools.
1,172 Russian condo unit transfers Thailand — full year 2025 +8.6% YoY REIC via Khaosod English
฿4.77bn Russian transfer value 2025 +30.3% YoY concentrated in Phuket, Chonburi, Prachuap KK
70% Russian share of foreign-held condo stock in Phuket REIC-reported figure
Source: REIC full-year 2025 via Khaosod English, 4 Mar 2026; REIC via Thaiger (Russian Phuket stock %)
China: three years of structural decline
2023: 6,614 condo units, ฿34.1 billion. Chinese nationals at 45.8% of all foreign transfers. Peak.
2024: 5,670 units, ฿26.6 billion. Down 14.3% in volume, 22.2% in value.
2025: 4,940 units, ฿18.59 billion. Down a further 12.9% in volume, 30% in value.
Over two years from peak: −25% in volume, −45% in value. REIC cited stricter capital outflow controls from China and Thailand’s tightened enforcement against illicit capital flows as primary drivers. Chinese buyers remain active in Phuket in the freehold condo segment — but they are no longer the dominant force.
25% Chinese condo units: 2023 peak to 2025 6,614 → 4,940 units
45% Chinese condo value: 2023 peak to 2025 ฿34.1bn → ฿18.59bn
Source: REIC 2023 via Nation Thailand, Apr 2024; REIC 2024 via Nation Thailand, 2 Mar 2025; REIC 2025 via Khaosod English, 4 Mar 2026
India: the highest value-per-unit buyer in the entire dataset
Indian buyers are not in REIC’s top ten by unit volume 260 condos nationally in 2024. But REIC has flagged them in consecutive annual reports for one reason: their spend profile is unlike any other nationality in the data. Jan–Sep 2025 (REIC via Nation Thailand, 8 Jan 2026): Indian buyers averaged ฿6.9 million per unit the highest average transaction value of any nationality tracked. Average unit size: 73.6 sqm, nearly double the overall market average of 41.1 sqm. REIC’s characterisation: end-users making lifestyle purchases, not investors buying for yield.
2024 baseline (REIC via Nation Thailand, 2 Mar 2025): 260 units, ฿1.53 billion, average ฿5.9 million per unit, units over 70 sqm. India made its first appearance in REIC’s top 10 that year.
India is Phuket’s largest international tourist source market. The conversion gap between tourist volumes and condo purchase volumes is one of the clearest market opportunities in this data.
฿6.9m India average spend per unit, Jan–Sep 2025, highest of any nationality, REIC direct figure
73.6 sqm India average unit size, Jan–Sep 2025 vs market average 41.1 sqm REIC direct figure
260 Indian condo purchases nationally in 2024 ฿1.53 billion, avg ฿5.9m/unit REIC 2024
Source: Nation Thailand, 8 Jan 2026 (REIC Jan–Sep 2025); Nation Thailand, 2 Mar 2025 (REIC 2024)
Q1 2025: the verified full top 10
Nation Thailand (24 May 2025) published the complete REIC Q1 2025 nationality breakdown. These are official Land Department registration figures:
- China: 1,481 units (−7.2%) | value ฿6.12bn (−19.2%)
- Myanmar: 439 units (+12%) | value ฿1.59bn (−28.1%)
- Russia: 288 units (−2.4%) | value ฿987m (+6.9%)
- Taiwan: 197 units (+37.8%) | value ฿910m (+33.9%)
- France: 158 units (+22.5%) | value ฿612m (+11.2%)
- USA: 147 units (−10.4%) | value ฿820m (−10.7%)
- UK: 131 units (+21.3%) | value ฿744m (+99.7%)
- Germany: 115 units (−23.8%) | value ฿407m (−16.1%)
- Singapore: 93 units (+63.2%) | value ฿511m (+52.5%)
- Australia: 61 units (−26.5%)
- India: not in top 10 by units, ฿373m in value (+2.1%), separately flagged by REIC for highest ticket size
Source: Nation Thailand, 24 May 2025, REIC Q1 2025 official data
2024 vs 2025: the full-year comparison
2024 full year (REIC via Nation Thailand, 2 Mar 2025): 14,573 total foreign condo transfers, ฿68.18 billion. China: 5,670 units (−14.3%), ฿26.6bn. Myanmar: 1,388 units (+146%), ฿7.04bn. Taiwan: 836 units (+57%), ฿4.3bn. India first entered the top 10.
2025 full year (REIC via Khaosod English, 4 Mar 2026): 14,899 units (+2.2%), ฿60.92bn (−10.7%). China: 4,940 units (−12.9%), ฿18.59bn (−30%). Myanmar: 1,968 units (+41.8%), ฿6.16bn (−12.5%). Russia: 1,172 units (+8.6%), ฿4.77bn (+30.3%).
The market is rebalancing. China is in structural retreat. Russia is spending more per transaction, concentrated in Phuket. India is a rising quality signal. The investor who understands this distinction is positioned ahead of the market.
DATA SOURCES & VERIFICATION — BLOG 02 — WHO IS ACTUALLY BUYING PHUKET
Every figure in this post is drawn from a named primary source. Where a figure is derived from a percentage or estimated, the text says so. No developer projections are presented as market benchmarks.
[S1] 14,899 units / ฿60.92bn full year 2025 / Phuket 1,190 units / ฿6.09bn
REIC full-year 2025 via Khaosod English
khaosodenglish.com/featured/2026/03/04/
Published: 4 Mar 2026
[S2] Russia 1,172 units +8.6% / ฿4.77bn +30.3% full year 2025
REIC full-year 2025 via Khaosod English
khaosodenglish.com/featured/2026/03/04/
Published: 4 Mar 2026
[S3] China 4,940 units −12.9% / ฿18.59bn −30% full year 2025
REIC full-year 2025 via Khaosod English
khaosodenglish.com/featured/2026/03/04/
Published: 4 Mar 2026
[S4] India ฿6.9m avg / 73.6 sqm avg / 41.1 sqm market avg (Jan–Sep 2025)
REIC Jan–Sep 2025 via Nation Thailand
nationthailand.com/business/property/40060923
Published: 8 Jan 2026
[S5] Full Q1 2025 top 10 nationality breakdown (all units and values)
REIC Q1 2025 via Nation Thailand
nationthailand.com/business/property/40050378
Published: 24 May 2025
[S6] 2024 full year: 14,573 units / China 5,670 / Myanmar 1,388 / India 260 / ฿1.53bn
REIC 2024 via Nation Thailand
nationthailand.com/business/property/40046926
Published: 2 Mar 2025
[S7] 2023 full year: 6,614 Chinese / 45.8% / ฿34.1bn peak
REIC 2023 via Nation Thailand
nationthailand.com/business/property/40036969
Published: Apr 2024
[S8] 40% Russian share of foreign-held Phuket condo stock
REIC via Thaiger
thethaiger.com/news/phuket/russians-own-40-of-foreign-owned-condos-in-phuket
Published: Feb 2023
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