外国人一年买走14899套公寓：中国买家减少，泰国房市正在重新洗牌

如果说过去十几年泰国公寓市场有一条始终绕不开的主线，那一定是外国买家。

For more than a decade, one defining thread has run through Thailand’s condominium market: foreign buyers.

原因其实很简单。按照泰国法律规定，一栋公寓项目中最多49%的产权可以出售给外国人。也正因为这个规则，海外资金的进出，几乎直接影响着市场的温度。

The reason is straightforward. Under Thai law, foreigners can own up to 49% of the units in any condominium project. As a result, the ebb and flow of overseas capital has a direct impact on market momentum.

在很多热门城市，这种影响尤其明显。像曼谷、芭提雅、普吉这些核心区域，公寓市场长期依赖国际买家支撑需求。如果某一段时间外国买家减少，成交节奏通常都会明显放缓。

This influence is especially visible in major destinations such as Bangkok, Pattaya, and Phuket, where condominium demand has long been supported by international buyers. Whenever foreign demand softens, transaction activity in these markets tends to slow almost immediately.

过去几年，泰国房地产市场其实经历过几轮明显波动，其中很大一部分原因，就是外资流入节奏的变化。所以，每当新的外国人购房数据公布，业内都会格外关注。

Over the past few years, Thailand’s real estate market has experienced several waves of volatility—much of it tied to shifts in foreign capital inflows. That is why every new release of foreign purchasing data is closely watched by industry insiders.

因为这些数字，往往就是市场走势最直接的信号。而刚刚公布的2025年数据，也确实透露出一些新的变化。

These figures often serve as the most direct signal of market trends. The newly released data for 2025 indeed reveals some new changes.

数据出现变化

Changes in the Data

从最新公布的数据来看，2025年泰国外国人购房市场确实出现了一些变化。

According to the latest figures, Thailand’s foreign property market did show some changes in 2025.

泰国房地产信息中心（REIC）的数据显示，2025年第四季度，外国人共过户公寓3,888套，环比增长1.1%，同比增长9.3%。从季度表现来看，市场确实出现了一些回暖迹象。

Data from the Real Estate Information Center (REIC) shows that in the fourth quarter of 2025, foreigners transferred ownership of 3,888 condominium units, up 1.1% quarter-on-quarter and 9.3% year-on-year. From a quarterly perspective, the market has shown signs of recovery.

如果把时间拉长到全年，数据会更完整一些。2025年全年，外国人一共过户了14,899套公寓，相比2024年增长约2.2%。从成交数量来看，市场确实比前一年略有恢复。

Looking at the full year provides a clearer picture. In 2025, foreigners transferred ownership of a total of 14,899 condominium units, representing an increase of about 2.2% compared with 2024. In terms of transaction volume, the market recovered slightly from the previous year.

但如果再看成交金额，就会发现另一面。2025年外国人购买公寓的总成交金额为609.21亿泰铢，反而比上一年下降了10.7%。

However, when looking at transaction value, a different story emerges. The total value of condominiums purchased by foreigners in 2025 was 60.921 billion baht, which actually represents a 10.7% decline year-on-year.

也就是说，市场出现了一个比较明显的现象：买房的人稍微多了一点，但买的价格整体低了一些。

In other words, a noticeable phenomenon appeared in the market: slightly more people bought homes, but the overall purchase prices were lower.

从结构上看，外国人依然是泰国公寓市场的重要力量。全年外国买家占公寓总过户数量的14.7%，但成交金额占比却达到25%。

Structurally, foreign buyers remain a key force in Thailand’s condominium market. Throughout the year, foreign buyers accounted for 14.7% of total condominium transfers, yet represented 25% of the transaction value.

这说明一个事实：外国买家依然更偏向购买中高价位的公寓产品，只是整体价格结构发生了一些调整。如果再进一步看城市分布，就能发现这些资金主要流向哪里。

This indicates that foreign buyers still prefer mid-to-high-priced condominium products, although the overall price structure has shifted somewhat. A closer look at city distribution reveals where these funds are mainly flowing.

外国人主要买在哪些城市

Where Foreigners Are Buying

如果把数据进一步拆开来看，外国买家的购房城市其实非常集中。

When breaking down the data further, the cities chosen by foreign buyers are actually highly concentrated.

曼谷仍然是最大的市场。2025年外国人在曼谷一共过户7,029套公寓，成交金额达到353.86亿泰铢。无论是交易规模还是成交金额，都远远领先其他城市。

Bangkok remains the largest market. In 2025, foreigners transferred ownership of 7,029 condominium units in Bangkok, with a transaction value of 35.386 billion baht, far exceeding other cities in both volume and value.

排在第二位的是春武里府，其中最主要的市场就是大家熟悉的芭提雅。这一地区全年外国人购买4,164套公寓，成交金额约115.90亿泰铢。

The second place is Chonburi Province, primarily the well-known city of Pattaya. Foreign buyers purchased 4,164 units there during the year, totaling 11.59 billion baht.

第三名则是近年来热度持续上升的普吉岛。2025年外国买家在普吉共购买1,190套公寓，成交金额60.87亿泰铢。

The third place is Phuket, whose popularity has been rising in recent years. In 2025, foreign buyers purchased 1,190 units there, with transactions totaling 6.087 billion baht.

除了这三个核心市场，其他进入前十的地区还包括：清迈：848套，24.09亿泰铢；华欣：491套，22.49亿泰铢；Samut Prakan：429套，13.94亿泰铢；苏梅岛：212套，5.52亿泰铢。

Other regions in the top ten include: Chiang Mai: 848 units, 2.409 billion baht. Hua Hin: 491 units, 2.249 billion baht. Samut Prakan: 429 units, 1.394 billion baht. Koh Samui: 212 units, 552 million baht

值得注意的是，罗勇（Rayong）虽然成交规模不大，但近两年开始逐渐进入市场视野。2025年当地外国人购买公寓167套，成交金额2.71亿泰铢。

It is also worth noting Rayong, which, although still small in scale, has begun attracting attention in recent years. In 2025, foreigners purchased 167 units there with a transaction value of 271 million baht.

罗勇本身是泰国东部经济走廊（EEC）的核心工业区，随着近几年中国新能源汽车产业链加速出海，包括比亚迪、长城汽车等企业陆续在当地投资建厂，工业人口和外籍管理人员数量也在逐步增加。

Rayong is a core industrial area within Thailand’s Eastern Economic Corridor (EEC). In recent years, as China’s new energy vehicle industry has accelerated its global expansion, companies such as BYD and Great Wall Motor have invested in factories there. As a result, the number of industrial workers and foreign managers has been gradually increasing.

在这种产业背景下，一部分与制造业相关的居住需求开始出现，例如企业派驻人员、工程师以及供应链企业员工。虽然目前规模仍然有限，但随着产业投资持续落地，罗勇未来的住房需求有可能逐步增长。

Under this industrial backdrop, some manufacturing-related housing demand has started to emerge, including accommodation for corporate staff, engineers, and employees of supply-chain companies. Although still limited in scale, housing demand in Rayong may gradually grow as industrial investment continues.

整体来看，外国买家的选择其实非常清晰：要么是大城市，要么是旅游城市。曼谷代表的是商业、就业和长期居住需求；而芭提雅、普吉、华欣、苏梅、罗勇等地，则更多与度假、养老以及投资出租有关。

Overall, foreign buyers’ choices are very clear: either major metropolitan areas or tourism cities. Bangkok represents business, employment, and long-term living demand, while places such as Pattaya, Phuket, Hua Hin, Samui, and Rayong are more related to vacation homes, retirement living, and rental investment.

买家国籍开始变化

Changes in Buyer Nationalities

如果再往下看外国买家的国籍结构，变化就变得更加明显。

Looking further into the nationality structure of foreign buyers reveals even more obvious changes.

中国买家仍然是第一名，但规模正在收缩。2025年，中国买家共过户4,940套公寓，同比下降12.9%；成交金额185.85亿泰铢，同比下降幅度更大，达到30%。

Chinese buyers remain the largest group, but their scale is shrinking. In 2025, Chinese buyers purchased 4,940 condominium units, down 12.9% year-on-year. Transaction value totaled 18.585 billion baht, a sharper decline of 30%.

尽管如此，中国买家仍然占外国人购房数量的33%，成交金额占比约31%。也就是说，中国依然是泰国房地产市场最大的海外买家来源，只是整体规模出现了明显回落。中国买家的购房城市主要集中在曼谷、春武里（芭提雅）以及清迈。

Despite this, Chinese buyers still accounted for 33% of foreign purchases by volume and 31% by transaction value, meaning China remains the largest source of overseas buyers for Thailand’s property market. However, the overall scale has clearly declined. Chinese buyers mainly purchased properties in Bangkok, Chonburi (Pattaya), and Chiang Mai.

排在第二位的，是这两年增长非常明显的缅甸买家。2025年缅甸买家共购买1,968套公寓，同比增长41.8%，成交金额61.59亿泰铢。从数量来看增长很快，不过成交金额同比反而下降12.5%，说明买家主要集中在中等价位产品。缅甸买家的购房区域主要在曼谷、Samut Prakan以及清迈。

The second-largest group is buyers from Myanmar, whose growth has been remarkable in recent years. In 2025, Myanmar buyers purchased 1,968 condominium units, up 41.8% year-on-year, with transactions totaling 6.159 billion baht. Although the number increased rapidly, transaction value fell 12.5%, indicating that purchases are concentrated in mid-priced properties. Their main buying areas include Bangkok, Samut Prakan, and Chiang Mai.

第三位是俄罗斯买家。2025年俄罗斯买家购买1,172套公寓，同比增长8.6%，成交金额达到47.73亿泰铢，同比增长30.3%。俄罗斯买家的购买力相对较强，主要集中在普吉、芭提雅以及华欣等旅游城市。

Third place goes to Russian buyers, who purchased 1,172 units in 2025, up 8.6% year-on-year, with transaction value reaching 4.773 billion baht, a 30.3% increase. Russian buyers tend to have stronger purchasing power and mainly focus on tourism cities such as Phuket, Pattaya, and Hua Hin.

除此之外，其他国家和地区买家也出现了一些值得注意的变化。

Other regions also showed noteworthy changes.

中国台湾地区买家在2025年购买1,036套公寓，同比增长23.9%，成交金额46.99亿泰铢，同比增长9.3%。数量增长明显快于金额增长，说明买家更多选择中价位产品。

Buyers from Taiwan purchased 1,036 units, up 23.9%, with transactions totaling 4.699 billion baht, up 9.3%. The faster growth in volume than value suggests more purchases in mid-priced properties.

美国买家则略有回落。全年购买537套公寓，同比下降11.8%；成交金额28.10亿泰铢，同比下降7.2%。而欧洲买家整体出现回温迹象。

Meanwhile, U.S. buyers declined slightly, purchasing 537 units, down 11.8%, with transaction value falling 7.2% to 2.81 billion baht. Overall, European buyers have begun to show signs of recovery.

住宅市场开始明显分层

The Residential Market Is Becoming Clearly Segmented

除了外国买家的变化，泰国房地产市场内部其实也在发生另一种结构调整——住宅市场正在逐渐分层。很多人提到房地产时，仍然习惯把市场看成一个整体。但从近两年的数据来看，不同价格段、不同类型的住宅表现已经开始明显分化。

Beyond the changes among foreign buyers, another structural adjustment is taking place within Thailand’s real estate market — the residential market is gradually becoming segmented. Many people still tend to view the property market as a single unified market. However, data from the past two years shows that housing performance has already begun to diverge significantly across different price ranges and property types.

高端公寓市场依然相对稳定。根据CBRE的数据显示，目前曼谷二手豪宅公寓的平均价格大约在 310,131泰铢/平方米。而新开发的豪宅公寓价格更高，平均达到 349,125泰铢/平方米，同比上涨约 9%。

The high-end condominium market remains relatively stable. According to data from CBRE, the average price of second-hand luxury condominiums in Bangkok is currently about 310,131 baht per square meter. Newly developed luxury condominiums are even more expensive, averaging 349,125 baht per square meter, representing a year-on-year increase of about 9%.

这种上涨背后的原因其实不难理解。购买高端公寓的群体，大多属于高净值人群，购房目的通常是自住、资产配置或长期持有。这类需求受短期经济波动影响相对较小，因此市场表现也更加稳定。

The reasons behind this increase are not difficult to understand. Buyers of high-end condominiums are mostly high-net-worth individuals, whose purchasing motivations typically include personal residence, asset allocation, or long-term holding. Such demand is less affected by short-term economic fluctuations, which helps keep the market relatively stable.

不过另一边，豪宅别墅市场则开始降温。在疫情期间，由于居家办公成为趋势，大面积住宅和别墅一度非常受欢迎，市场需求快速增长。但随着疫情结束和办公模式逐渐恢复正常，别墅市场的热度开始回落。

On the other hand, the luxury villa market has started to cool down. During the pandemic, remote work became common, and large homes and villas were once extremely popular, causing demand to surge rapidly. However, as the pandemic ended and working patterns gradually returned to normal, demand for villas began to decline.

从2025年的成交情况来看，目前市场上的主力成交价格主要集中在两个区间：3000万 – 7000万泰铢和1亿泰铢以上，中间价格区间的需求反而相对有限。

Based on transaction data in 2025, the main price ranges for luxury housing transactions are currently concentrated in two segments: 30–70 million baht and above 100 million baht, while demand for the mid-range price segment is relatively limited.

面对这种变化，不少开发商已经开始调整策略。相比过去一次性推出大规模项目，现在行业普遍更倾向于分阶段开发项目，通过控制供应节奏来降低市场风险。

Facing these changes, many developers have begun adjusting their strategies. Instead of launching large-scale projects all at once as in the past, the industry now generally prefers phased development, controlling the pace of supply to reduce market risks.

新的房地产趋势正在出现

New Real Estate Trends Are Emerging

在传统住宅市场之外，一些新的趋势也开始逐渐浮现。

Beyond the traditional housing market, several new trends are gradually emerging.

第一个趋势，是二线旅游城市开始吸引投资。随着热门旅游城市的土地价格不断上涨，一部分开发商开始把目光转向其他具有旅游资源的地区，推出主打康养、度假以及长期居住体验的项目。这类项目通常结合医疗、养老、旅游等功能，目标客户多为希望长期居住或度假的海外买家。

The first trend is that second-tier tourism cities are beginning to attract investment. As land prices in popular tourist destinations continue to rise, some developers are turning their attention to other areas with strong tourism resources. They are launching projects focused on wellness living, vacation residences, and long-term lifestyle experiences. These developments often combine medical services, retirement living, and tourism facilities, targeting overseas buyers who wish to stay long-term or spend extended vacations in Thailand.

第二个趋势，是“品牌住宅”（Branded Residence）正在变得越来越受欢迎。所谓品牌住宅，通常是由知名酒店品牌参与管理或合作开发的公寓或别墅项目，例如与国际酒店集团合作的住宅产品。这类项目往往在设计、服务和物业管理方面更接近高端酒店，同时也具备酒店品牌带来的溢价能力。

The second trend is the growing popularity of “Branded Residences.” Branded residences usually refer to condominium or villa projects that are managed or co-developed with internationally recognized hotel brands. Examples include residential properties developed in partnership with global hotel groups. Such projects typically offer design, services, and property management standards similar to luxury hotels, while also benefiting from the premium associated with the hotel brand.

在市场上，品牌住宅的售价通常明显高于普通住宅，但由于产品定位清晰、服务标准化，反而更容易受到高端买家的青睐。随着旅游业恢复以及国际买家回流，这类产品未来很可能会成为泰国房地产市场的重要增长板块之一。

In the market, branded residences are usually priced significantly higher than ordinary housing. However, because their positioning is clear and services are standardized, they often attract high-end buyers more easily. As tourism continues to recover and international buyers gradually return, branded residences could become one of the most important growth segments in Thailand’s property market in the coming years.

市场结构正在变得更健康

The Market Structure Is Becoming Healthier

如果把前面的数据和变化放在一起看，其实可以看到一个比较清晰的趋势。过去几年，泰国公寓市场在某些阶段对单一国家买家的依赖度非常高。尤其是在部分项目中，中国买家的比例一度占据主导地位，一旦资金流入节奏发生变化，市场波动也会随之放大。

When we look at all the data and changes mentioned above together, a relatively clear trend begins to emerge. In the past few years, Thailand’s condominium market was at times highly dependent on buyers from a single country. In particular, in some projects Chinese buyers once accounted for a dominant share. Whenever the pace of capital inflows changed, market fluctuations tended to be amplified.

而现在，这种情况正在慢慢改变。虽然中国买家的规模有所下降，但来自缅甸、俄罗斯、中国台湾地区以及欧洲国家的买家正在逐渐增加，市场的买家来源开始变得更加多元。

Now, however, this situation is gradually changing. Although the number of Chinese buyers has declined, buyers from Myanmar, Russia, Taiwan, and several European countries are steadily increasing, making the overall buyer base more diversified.

这种变化带来的一个直接结果，就是市场结构更加分散。当不同国家的需求同时存在时，市场就不会再过度依赖某一个资金来源。即使某一类买家短期减少，也不会对整体市场产生太大的冲击。

One direct result of this shift is that the market structure has become more dispersed. When demand comes from multiple countries at the same time, the market is less reliant on a single source of capital. Even if one group of buyers temporarily declines, it will not have a major impact on the overall market.

从这个角度来看，2025年的数据虽然显示成交金额有所下降，但市场并没有出现明显萎缩，反而更像是一种温和调整后的稳定状态。简单来说，现在的泰国公寓市场，正在从过去的高速增长阶段，逐渐进入到结构调整阶段。

From this perspective, although the 2025 data shows a decline in total transaction value, the market has not experienced any obvious contraction. Instead, it appears more like a stable state following a mild adjustment. Simply put, Thailand’s condominium market is gradually moving from a period of rapid expansion into a phase of structural adjustment.

投机型资金减少，而真正用于长期居住、资产配置或稳定出租的需求开始增加。对于房地产行业来说，这往往意味着市场正在走向一个更加成熟、更加稳健的发展阶段。

Speculative capital is decreasing, while demand driven by long-term residence, asset allocation, or stable rental income is beginning to increase. For the real estate industry, this often indicates that the market is evolving toward a more mature and stable stage of development.

2026年市场会怎么走？

What Will the Market Look Like in 2026?

那么接下来，2026年的泰国房地产市场会如何发展？

So how will Thailand’s real estate market develop in 2026?

从目前的趋势来看，外国买家的需求大概率不会出现爆发式增长，但也不太可能突然消失。市场更可能维持一种缓慢恢复、逐步调整的节奏。

Based on current trends, demand from foreign buyers is unlikely to experience explosive growth, but it is also unlikely to disappear suddenly. The market will more likely maintain a slow recovery and gradual adjustment.

未来走势，其实主要取决于三个关键变量。

Future trends will largely depend on three key variables.

第一，是中国资本流动政策。中国仍然是泰国房地产最大的海外买家来源之一，一旦资金流动政策出现变化，市场往往会很快产生反应。如果未来相关政策有所放松，中国买家的规模很可能会出现明显回升。

The first is China’s capital flow policies. China remains one of the largest sources of overseas buyers in Thailand’s property market. Once capital control policies change, the market tends to respond quickly. If these policies are relaxed in the future, the number of Chinese buyers could rebound significantly.

第二，是泰铢汇率的变化。对于海外买家来说，汇率直接影响购房成本。如果泰铢走弱，泰国房地产在国际市场上的价格吸引力就会提高，外国投资者的兴趣也可能随之增加。

The second factor is the exchange rate of the Thai baht. For overseas buyers, exchange rates directly affect purchasing costs. If the baht weakens, Thai real estate will become more attractive in the international market, which could increase foreign investors’ interest.

第三，是泰国本地经济的恢复节奏。旅游业、制造业和服务业的复苏情况，会直接影响就业、人口流动以及住房需求。如果整体经济环境持续改善，房地产市场也更容易保持稳定增长。

The third factor is the pace of Thailand’s domestic economic recovery. The recovery of tourism, manufacturing, and service industries will directly influence employment, population movement, and housing demand. If the overall economic environment continues to improve, the property market is more likely to maintain steady growth.

综合来看，泰国房地产市场正在从过去依赖单一外资的阶段，逐渐走向一个更加多元和稳定的结构。

Overall, Thailand’s real estate market is gradually shifting away from its previous stage of relying heavily on a single source of foreign capital, and moving toward a more diversified and stable structure.

简单说一句就是：外国人还在买房，只是比过去更理性了。而从长期来看，这种更加分散、更加稳定的买家结构，对泰国房地产市场来说，未必是一件坏事。

Put simply, foreigners are still buying property in Thailand — they are just doing so more rationally than before. In the long run, a more diversified and stable buyer base may not be a bad thing for Thailand’s real estate market.