Myanmar citizens actively purchasing properties in Thailand

21 Nov 2024 CW Team

Buyers from Myanmar have been actively purchasing condominiums in Bangkok and other parts of Thailand, offering a rare boost to the kingdom's struggling real-estate market. This trend reflects an effort to move funds out of an economy severely impacted by civil war.

The Real Estate Information Centre (REIC) reported that Thai condominium sales to Myanmar nationals in the first nine months of 2024 had tripled compared to the same period in the previous year. This made Myanmar buyers the second-largest group of foreign purchasers, following those from China.

REIC’s acting director-general, Kamonpop Veerapala, commented that during times of conflict in neighbouring countries, foreign nationals often look to Thailand as a peaceful haven.

Between January and September 2024, more than 1,000 condominium units, valued at 5.46 billion baht, were sold to Myanmar nationals, according to REIC data. Myanmar, which shares a 2,500-km border with Thailand, has been experiencing political and economic instability since a 2021 military coup disrupted a decade of gradual democratic and economic reform, triggering widespread violence.

The country’s currency, the kyat, has also faced significant depreciation, driving up the cost of essential goods. The World Bank projects Myanmar’s economy to grow by just 1 per cent in the current fiscal year.

In an effort to curb the kyat's volatility, Myanmar's junta took legal action in June, charging five individuals for purchasing Thai condominiums. While foreign property purchases were not previously prohibited in Myanmar, the junta is now tightening controls to limit foreign currency outflows.

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