A stronger baht is emerging as another major headwind for Thailand’s property sector, particularly the condominium market that relies heavily on foreign high-spending buyers, with signs some are delaying both title transfers and new deals amid exchange-rate uncertainty.
Industry assessments say the baht’s appreciation against major currencies such as the US dollar and the yuan makes Thai condominiums instantly more expensive for foreign investors—even if developers do not raise prices—reducing investment yields, especially for buyers planning to rent out units or hold them for medium- to long-term gains.
Foreign buyers slow down, waiting for a weaker baht
Major developers say foreign buyers—especially from China, Hong Kong and Singapore—are increasingly adopting a “wait and see” approach, delaying transfers to watch the baht’s direction.
This has left developers carrying higher interest costs, while some buyers have sought to postpone final instalments or negotiate additional discounts to offset currency-related costs.
Analysts note that a rapidly strengthening currency often spooks investors more than a gradual depreciation, because it is harder to predict where the currency will peak—prompting investors to delay decisions on high-value assets such as property.