Affordable Condo Options in Bangkok's Sky Train Area!

The condominium market in Bangkok’s Sky Train area has seen significant adjustments in response to the high land prices. Developers are now focusing on smaller, low-rise condos priced at approximately 70,000 baht per square meter, making them more accessible to buyers.

In the first quarter of 2023, Property DNA reported a 57% decrease in new condo unit launches compared to the previous quarter. Most projects were located along existing Sky Train routes, with only one project in the inner city area. The majority of developers chose to target the affordable segment to align with the purchasing power of the majority of Bangkok residents.

Around 13% of condos launched were situated along under-construction lines, set to open in 2023, while 14.4% were outside the current and future Sky Train routes. This differs from previous years when new projects were launched across various areas, including the inner city.

The condo market in 2023 may not fully recover due to purchasing power constraints and other negative factors affecting buyer decisions. However, the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce reported an increasing confidence in purchasing housing among Thai people since the middle of last year.

Developers have been opting for low-rise buildings with eight floors or less since 2020, representing less than 50% of total condo launches. This shift aims to provide more affordable options, considering the market conditions and purchasing power that have yet to fully rebound.

In the first quarter of 2023, condos priced below 100,000 baht per square meter accounted for approximately 77% of the market, with those below 70,000 baht per square meter representing 51% of the total units.

The average selling price of newly launched condos has been on a downward trend since 2019, reflecting developers’ continuous efforts to offer more affordable options. This year, developers are focusing on locations along the existing Sky Train routes and pricing condos below 100,000 baht per square meter.

Cr.Thansettakij