Bangkok Apartment Research

Bangkok Apartment Research: Data Source

This is an extract of the Bangkok Property Report, is a quarterly subscription report. The report brings professional analysis and transparency to the Bangkok property market which can, for the right projects, generate some of the highest returns in Thailand. Full Bangkok Property Report

Bangkok apartment listings

The report provides detailed information and analysis from CBRE's comprehensive and unrivaled Bangkok and Thailand property databases, combined with our own exhaustive market and property surveys, coupled with the latest and most reliable secondary data from governmental agencies and private operators. The reliability and value of the research is the market understanding and expert opinion drawn from over 25 years of CBRE's full-scale operations in Thailand.

The data in this page focuses specifically on the Bangkok apartment market.

Bangkok Apartment Classifications
Our survey covers apartments in the downtown area of Bangkok which match expatriates’ requirements, with rents of more than THB 20,000/month. The survey concentrates on four areas: Sukhumvit, Silom/Sathon, Central Lumpini and Riverside/Rama III. We have covered single-ownership buildings and excluded multiownership condominium buildings with units for rent.
Grade A
Bangkok Apartment projects in the most favorable locations with a high level of unit features and amenities (fully-equipped kitchen, laundry, high-quality finishes) and community amenities (fitness center, garden & park, swimming pool). Grade A apartments have a good design, a high standard of decoration and are well-maintained. Moreover, Grade A apartments provide a secure environment and adequate car parking. They target tenants who are willing to pay rents above the average for the area.
Grade B
Bangkok Apartments in less favorable locations and with buildings which are typically older than Grade A apartments. Grade B apartments provide good to moderate amenities, design, decoration, maintenance and security.For the purposes of this report, we have combined freehold condominiums, leasehold condominiums and leasehold apartments. We classify units into four categories based on price per unit. Classifications are based on the maximum number of units in a project that fall into a category; for example, a project with three luxury, five high-end and two midrange units would have all apartments classified as high-end, because we consider the project to be high-end, since the highest number of apartments in the project are high-end.
Bangkok Apartment Areas: Definition


The area incorporating Silom, Sathon, Surawong, and Narathiwas-Ratchanakarin (north of Chan Road) Roads, as well as the sois in between

Central Lumpini

The area incorporating Wireless, Ploenchit, Rajadamri, Chidlom, Langsuan, Sarasin and Ruamrudee Roads, and other sois in between


The area incorporating Sukhumvit Road from Soi 1-65 and Soi 2-44, as well as other sois in between

Riverside/Rama III

The area incorporating Charoenkrung, Charoennakorn, Rama III, and Narathiwas- Ratchanakarin (south of Chan Road) Roads, as well as the interlinking sois

Bangkok Apartment - Quarterly Highlights 

Bangkok apartment rent

  • The demand for apartments in Q2 2016 remained strong with an occupancy rate of 95.7%, up by 0.6 percentage points Q-o-Q and 1.7 percentage points Y-o-Y. A total of 10,618 units were occupied.
  • Officially the number of expatriates holding work permits in Bangkok has slightly decreased by 0.2% Q-o-Q but continued to increase by 4.3% Y-o-Y, from 82,985 in Q1 2016 to 82,805 in Q2 2016.
  • Chinese nationals accounted for 12% of the total number of expatriates with work permits, the second the largest nationality after the Japanese, and have doubled their population in Thailand within a five year period from 9,618 in 2011 to 19,576 in 2016.
  • The total supply of apartment units in this quarter was 11,090 units, an increase of 0.4% Q-o-Q but a decrease of 5.6% Y-o-Y.
  • Two new apartment projects with a total of 43 units in the Sukhumvit area were completed in this quarter.
  • The Central Lumpini area continued to post the highest average asking rents, with an average Grade A rent of THB 480 per sq.m. per month, decreasing by 4.4% Q-o-Q but increasing by 1.7% Y-o-Y.
  • This was followed by Grade A rent in the Sukhumvit area of THB 459 per sq.m. per month, up by 1.5% Q-o-Q and by 5.2% Y-o-Y. Meanwhile, the average Grade A rent in the Silom/Sathorn area was THB 420 per sq.m. per month.
Bangkok Apartment - Total Supply

Bangkok apartment rent total supplyIn Q2 2016, two Grade B apartment projects with a total of 43 units were completed within the Sukhumvit area.

The supply of apartments in Bangkok’s downtown area totalled 11,090 units, increasing by 43 units on a quarterly basis but decreasing by 655 units on a yearly basis. This decrease was a result of the revision to the apartment database in Q4 2015. CBRE Research removed old apartment buildings that had decreased their rental prices to below 20,000 Baht/month as well as apartment buildings that have begun to offer a full service package complete with kitchen utensils and bedding sets.

For the possible supply of units in the future, CBRE Research estimates that nine projects with a total of 311 units will be finished by 2017 in the most popular expatriate locations, all in Sukhumvit area.
Apartment units in the Sukhumvit area accounted for 74.9% of the total supply, while Silom/Sathorn had 13.0% of total downtown apartments, followed by Central Lumpini with 8.2% and Riverside/Rama III with 3.9%.

Bangkok Apartment Rental 

Bangkok apartment rent

In Q2 2016, the asking rents per square metre at apartments in general stabilised on a quarterly basis and slightly increase on a yearly basis. The Central Lumpini area still had the highest asking rents with an average Grade A rent of THB 480 per sq.m. per month, down by 4.4% Q-o-Q and up by 1.7% Y-o-Y. This decrease on quarterly basis was due to Ploenrudee Residence, a project with high asking rent, which has offered a discount to gain transactions in this quarter. This was followed by the Sukhumvit area with an average Grade A rent of THB 459 per sq.m. per month, increasing by 1.5% Q-o-Q and by 5.2% Y-o-Y. The average Grade A rent in the Silom/Sathorn area amounted to THB 420 per sq.m. per month, increasing by 0.5% Q-o-Q but decreasing by 2.7% Y-o-Y. There are no apartment buildings in the Riverside/Rama III area that rank as a Grade A apartment.

Bangkok apartment rental price

Despite the limited amount of new apartment supply and the increasing in the number of expatriates on a yearly basis, there has not been a significant increase in lump sum monthly rents over the last 25 years.

CBRE Research calculates rents for apartments based on a “basket” of buildings.

The analysis of over 2,800 CBRE rental transactions in condominiums and apartments showed that there has only been a slight change in median lump sum rental since 2009. CBRE Research chose to compare the lump sum achieved rent of two- and three-bedroom condominiums and apartments since they match the demand of the market.

This is an extract of CBRE Bangkok Property Report.  Click to subscribe or for further details.

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Executive Director
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