Thailand Condo Market Update Q2/23

Curious about the latest trends in Thailand’s real estate market? Dive into our Q2/23 overview and gain insights into the condominium landscape!

Demand vs. Supply: While new supply continues to increase, demand struggles to keep pace, especially among middle-income buyers. Low liquidity has led to credit denials for some.

New Projects on the Rise: Entrepreneurs are launching new projects with optimism, hoping for a rebound once the country fully reopens and the tourism industry recovers.

Supply Stats: The Q2/23 supply of new sales saw a significant increase, with 11,930 units available. Most new condos are in the suburbs, and Grade B condos are leading the way.

Investors’ Shift: With limited demand for new condos, investors are turning to the second-hand market, considering factors like location, room size, and affordability.

Condo Prices: Condo prices rose across all zones, reflecting higher construction costs. CBD condos averaged 248,000 baht per sqm.

Second Half Outlook: The market is expected to remain stable, with foreign buyers eyeing suburban and upcountry locations. NPL properties also draw attention due to attractive prices.

Debt Concerns: Higher household debt could impact the lower-middle-class condo market, with banks hesitant to lend to certain buyers.

Stay informed and make informed real estate decisions in Thailand!

Source: Knight Frank Real Estate Consultant”