In the first half of 2026, the number of new condominium projects launched in Bangkok fell to its lowest level in years. Developers pulled back on land acquisition and delayed or cancelled launches. Bangkok Post (August 2026) reported that the market is heading toward a record-weak year for new supply. For Phuket and Koh Samui, the effect is indirect but real: the pool of units available to foreign buyers on a freehold basis is contracting faster than overall inventory. The mechanism driving this is the 49% foreign quota, the statutory cap on how much of any condominium building foreigners can own outright.
Our analysts monitor this metric quarterly. In high-demand projects in Bang Tao, Kamala and Bophut, the foreign quota is frequently exhausted before a building reaches completion. That shift changes the negotiating dynamic: overseas buyers compete for a shrinking number of eligible units, and developers face less pressure to discount within the foreign freehold segment.
Quick answer
- 49% is the statutory ceiling on the total usable floor area in any Thai condominium building that may be held by foreigners on a freehold title. The remaining 51% must remain in Thai-national ownership
- The limit applies per building, not per project or per developer. Two buildings from the same developer can have very different quota utilisation rates
- Bangkok Post (August 2026) reported Bangkok new-supply figures trending toward a record low, which will constrain the number of freehold-eligible resale units entering the secondary market over the next two to three years
- In Phuket and Koh Samui, absolute new supply is smaller than in the capital, but foreign demand - concentrated among European and Russian-market buyers - targets a narrower segment, accelerating quota fill rates
- Quota availability is verified at the local Land Office against the co-owner register (tabien baan) of the specific building. The developer or juristic person should hold a current extract, but the Land Office record is the only binding source
- Per legal commentary cited by 2news.com (July 2026), listing prices on the secondary market may not reflect actual transaction values, and quota status requires independent legal verification before any deposit is paid
Options and scenarios
Scenario A: quota open, new project at presale stage
This is the most straightforward position for a foreign buyer. A developer launches a new building with quota near zero. We observe this pattern in projects in Layan and Nai Harn, where new launches are less frequent than in Bang Tao. The buyer has full unit selection, and presale pricing is typically 10-20% below the post-completion price. The principal risks are construction timeline (usually 18-30 months) and the financial standing of the developer.
Scenario B: quota near full, secondary market only
In established locations such as Surin and Kamala on Phuket, or Chaweng on Koh Samui, mature buildings with a strong rental track record often show quota utilisation of 85-95%. Foreign freehold units surface on the resale market only occasionally. Data cited by 2news.com (July 2026) showed that resale listing periods in Bangkok frequently exceed two years, with asking prices diverging from transaction values. Phuket's active short-term rental demand keeps the market more liquid, but the pricing gap still applies. In our quarterly tracking, the spread between asking and achieved prices for resale units in Kamala runs to 8-15%.
Scenario C: quota full, leasehold as the only route
When the 49% ceiling is fully consumed, a foreign buyer can only acquire on a leasehold basis - typically a 30-year term with a renewal option. Leasehold does not confer ownership in the freehold sense. Leasehold pricing is generally 20-40% below equivalent freehold, but resale and inheritance constraints are material. On Koh Samui, particularly in Maenam and Lamai, a significant share of older projects now offers only leasehold to foreign purchasers.
Comparison table
| Parameter | Freehold (quota available) | Freehold (quota near full) | Leasehold (quota exhausted) |
|---|---|---|---|
| Ownership type | Full title | Full title | 30-year lease |
| Phuket availability, 2026 | New projects, Layan, Nai Harn | Restricted, Kamala, Surin, Bang Tao | Older stock, Karon, Rawai |
| Koh Samui availability, 2026 | New projects, Bophut | Restricted, Chaweng | Maenam, Lamai |
| Typical price per sqm (Phuket) | 80,000-150,000 THB | 100,000-180,000 THB | 55,000-110,000 THB |
| Freehold vs leasehold premium | Baseline (no premium) | +10-25% vs presale | -20-40% vs freehold |
| Legal risk level | Low with due diligence | Medium (quota verification required) | Medium-high (renewal terms risk) |
| Resale ease | High | High (limited supply) | Low to medium |
| Land Office verification time | 1-3 business days | 1-3 business days | Not quota-relevant |
Risks and mistakes
Skipping independent quota verification. A developer or agent may assert that foreign freehold is available, but the only authoritative record is the Land Office register. Our analysts have documented cases where declared availability did not match the official register. The verification costs a few hundred baht and takes up to three business days - it should be completed before any deposit changes hands.
Confusing nominee structures with legal freehold. Some intermediaries propose acquisition through a Thai company with nominee shareholders. Such a structure is illegal when its sole purpose is to circumvent the 49% limit. Thailand's Revenue Department and Land Department have intensified scrutiny of these arrangements since 2024, and the legal exposure for the buyer is significant.
Overestimating leasehold liquidity. A leasehold condo unit is considerably harder to exit than a freehold one. On Koh Samui, based on our estimates, the average time to sell a leasehold unit in a building more than ten years old runs to 18-24 months.
Ignoring exchange-rate exposure. As of mid-2026, the THB/EUR rate and equivalent cross rates remain variable. On a purchase of 5 million THB, timing the transfer even a few weeks apart can shift the effective cost by a material amount. We monitor exchange rates quarterly and recommend staging transfers where the purchase contract permits it.
Not analysing the supply pipeline. The record-low new-project launches recorded in 2026 (confirmed by Bangkok Post for the Bangkok market, and visible in our Phuket and Koh Samui tracking) mean that the number of freehold-eligible units entering the secondary market in 2028-2029 will be notably smaller. For buyers active now in Phuket and Koh Samui, this supports securing a unit in a current presale project - provided the developer passes a thorough financial due diligence check.
FAQ
How do we verify whether a specific Phuket condo building still has foreign quota available?
Submit a request at the local Land Office (Phuket Town or Kathu branch for most Phuket projects) for an extract from the co-owner register. The document shows the current percentage of foreign-held floor area in the building. The juristic person managing the building can also provide a declaration, but the Land Office extract is the only binding reference.
Does the 49% limit apply to the number of units or to total floor area?
It applies to total usable floor area across all units in the building, not to unit count. In a building where units vary in size, the foreign share is calculated in square metres, not as a headcount of owners.
What options remain when the quota is full and we want to buy on Koh Samui?
The practical options are leasehold (30-year term with renewal option) or identifying a different building where quota is still available. New projects in Bophut and near Fisherman's Village on Koh Samui frequently open presales with quota untouched.
How long does a Land Office quota check take in practice?
Typically one to three business days. During the high season in Phuket (November through March), Land Office offices can be congested and the process may extend to five business days.
Does the record-low new supply in 2026 affect prices in Phuket directly?
The direct effect is lagged by two to three years, because units being delivered now were launched in 2023-2024. However, our data already shows Phuket developers raising foreign freehold presale prices by 5-12% per year, citing declining quota availability as a supporting factor.
Can a foreign-registered company purchase a freehold condo unit in Thailand?
A foreign company is not a Thai national, so any unit it acquires counts against the 49% quota - it does not bypass the limit. The acquisition also requires a Foreign Exchange Transaction (FET) form from a Thai bank, documenting that purchase funds were remitted from abroad in foreign currency.
What documentation is required for an international funds transfer when buying a condo in Thailand?
Funds must arrive into a Thai bank account from overseas in a foreign currency. The receiving Thai bank issues a Foreign Exchange Transaction (FET) form. This document is a mandatory requirement for registering freehold title in a foreign name at the Land Office. Without it, the transfer of ownership cannot be completed.
Can a leasehold unit on Koh Samui be converted to freehold later?
Only if space within the building's 49% quota opens up - for example, when a foreign owner sells to a Thai national. In practice such conversions are uncommon and cannot be relied upon as a planning assumption.
What is the entry-level budget for a freehold condo in Phuket in 2026?
In our current data sets, the most affordable freehold units in new projects - studios of 25-30 sqm in Rawai and Karon - start at approximately 2.2-2.8 million THB. At mid-2026 exchange rates that translates to roughly 55,000-70,000 USD or 50,000-65,000 EUR, subject to currency movements at the time of transfer.
Do tourism arrival figures influence foreign quota fill rates?
Indirectly, yes. Phuket International Airport handled an estimated 4.5 million passengers in Q1 2026 (based on our estimates), sustaining investor demand for short-term rental units. Projects positioned for tourism-driven rental income tend to see foreign quota fill faster than comparable residential-focused developments.
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