2025年第二季度曼谷公寓市场

Condominium An overview review of Bangkok’s Condominium market in Q2 2025by Knight Frank Thailand Q2 2025 knightfrank.co.th/research The condominium market continues to face challengesfrom subdued purchasing power and broader economicpressures. Developers must adapt by emphasizingvalue creation and addressing real demand in order tosustain sales in a highly competitive environment. Atthe same time, we anticipate a gradual market recoverytowards the end of the year, particularly if governmentsupport measures and a more accommodative interestrate direction come into play, which would help restoreconfidence and encourage buying decisions. Mr. Frank KhanPartner, Head of ResidentialKnight Frank Thailand MARKET OVERVIEW In the second quarter of 2025, the condominium market continued to remain in astate of slowdown, with only two new projects launched. This reflects developers’cautious stance toward new investments amid market conditions that remainunder pressure from multiple factors. In addition, the recent earthquake hascreated a psychological impact on the condominium market, particularly oncompleted projects with unsold units. This has led to a clear decline in ownershiptransfers compared to the COVID-19 pandemic period, while the number of newproject launches has also decreased accordingly. Many developers have thereforehad to extend the timeframe for clearing their stock, which may result in highermanagement costs. Furthermore, the debt repayment issues faced by somedevelopers during this quarter may affect the overall financial standing of the realestate sector, leading to price reductions or special sales strategies to acceleratesales and revenue in order to effectively manage cash flow and debt obligations.Despite facing multiple challenges, developers continue to adapt and implementproactive strategies to cope with the ongoing uncertainties in 2025. SUPPLY The supply trend showed a clear decline, reflecting developers’ continued cautionin launching new projects. In Q2 2025, the number of new condominium launchesreached the lowest level in 15 years, with only 405 units introduced, all locatedin the northern suburban area of Bangkok. The number of project launches inthis quarter was the lowest since 2020 and showed a sharp drop compared to theaverage levels in previous years, especially in Q2 2022 when new supply peaked at15,164 units — the highest point in five years. Thereafter, the market slowed againfrom 2023 to 2025, particularly since Q3 2023, with new supply per quarter notexceeding 8,000 units and falling below 3,000 units in some quarters, such asQ4 2023 and Q1 2024. Lowest in15 years, the number of new condominium launchesin Q2/2025, reflecting developers’ cautiousstance and a market yet to fully recover. In addition, condominium ownership transfers in Q2 2025 dropped significantlyto only 12,183 units, the lowest level in more than six years. This reflects thesevere market slowdown, which has persisted due to economic uncertainties andnegative factors undermining buyer confidence, including high household debt,rising living costs, and stricter mortgage lending criteriaby financial institutions. DEMAND In Q2 2025, demand for condominiums, measured by bookings, stood at 105units. Although slightly higher than the previous quarter, this figure remainedthe second-lowest in the past five years, highlighting the ongoing weakness inpurchasing power and the high level of consumer uncertainty amid an economythat has yet to fully recover. Household debt burdens, rising expenses, and tightmortgage lending requirements continue to weigh heavily, especially on thereal demand segment. Although new supply launched in this quarter amountedto 409 units, an increase from the previous quarter, it was still insufficient tostimulate a meaningful recovery in demand. ASKING PRICE In this quarter, the average asking price of condominiums remained relativelystable overall, reflecting a market that has yet to fully recover and the continuedhigh level of price competition across many locations. In the Central Business District (CBD), The average asking price stood atTHB 239,475 per square meter, maintaining a level close to the previous quarter.Within this area, Sukhumvit experienced a slight price increase, while Sathorn–Silom showed no change in selling prices, reflecting the slowdown in demandin the high-end market segment, which is still waiting for new positive factors. THB 239,475per sq.m. In the city fringe area,The average price declined to THB 126,897 per squaremeter, pressured by weakening purchasing power and intense competitionamong projects with a high level of unsold stock. As a result, developers werecompelled to offer more attractive pricing. was the average asking price in the CBD,with Sukhumvit showing a slight increasewhile Sathorn–Silom remained unchanged. THB 126,897per sq.m. was the average asking price in the CityFringe, dropping from the previous quarterdue to weaker purchasin