The overall condominium market in Bangkok remained similar to the previous quarter, and although the number of newly launched units in the midtown/suburban has dropped, it continues to be significantly higher when compared with the pandemic period. The uncertain economic situation and rise in construction costs have made both buyers and developers very mindful about making a purchase or launching a new project.
In Q3 2022, the summary highlights were as follows:
‒ Newly launched condominium units in Bangkok totalled 8,895 units, decreasing 42% Q-o-Q, though increasing 203.5% Y-o-Y. 2.2% (193 units) are in the downtown area while 97.8% (8,702 units) are in the midtown/suburban area.
‒ Most newly launched projects were by listed developers, including Sena Development, AP Thailand, Origin Property, LPN Development, Areeya Property, AssetWise, and Sansiri. The projects from these listed developers were all launched in the midtown/suburban area. No projects were launched by listed developers in the downtown area this quarter.
‒ There was only one project launched in the downtown area (in Rama III) by a non-listed developer.
‒ Condominium units with lump sum prices between THB 1-3 million continued to dominate the market, including the only downtown project launched, which was in the Mid-range segment.
‒ A total of 14,989 condominium units were completed in this quarter; 16.3% were completed units in the downtown area, while the remaining 83.7% were completed in the midtown/suburban area.