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 property report, apartment quickstats

  • Most of the landlords reported that there was no change in their rental policy and demand was steady regardless of the new law on residential leasing contracts, which aims to protect tenants from unfair contract terms, becoming effective from 1 May 2018 onwards.
  • The Sukhumvit area had the highest asking rents this quarter with an average Grade A asking rental price of THB 500 per sq. m. per month, exceeding the Siam/Lumpini area with an average Grade A asking rental price of THB 499 per sq. m. per month. This was due to the completion of new units in the Sukhumvit area with smaller sizes resulting in higher price per sq.m.
  • The demand for apartments in Q3 2018 decreased with an occupancy rate of 92%, down by 0.9 percentage point Q-o-Q and 5.2 percentage point Y-o-Y with a total of 9,171 units occupied.
  • As of September 2018, the number of expatriates holding work permits in Bangkok decreased by -0.02% Q-o-Q and increased 2.7% Y-o-Y from 88,142 in Q2 2018 to 88,125 in Q3 2018.
  • The number of expatriates by nationality was not available for Bangkok, so CBRE Research used the number for the whole Thailand. Japanese expatriates remained the largest expatriate group in Q3 2018 with 20.3% of all work permits, but the number has remained flat since 2015.
  • Chinese nationals were the second largest expatriate group, accounting for 14.9% of all work permits, increasing 6% Q-o-Q and 10.9% Y-o-Y. The number has more than doubled over the past seven years from 9,021 in 2011 to 25,308 in Q3 2018.
  • The total supply of apartment units in Q3 2018 was 9,964 units, decreasing by -6.5% Y-o-Y. This decrease was due to the elimination of apartments that were no longer expatriate-standard and of apartments that had closed.
  • The total supply of condominium units in popular areas for expatriate tenancy continued to increase, creating more competition for apartment owners.
  • The average asking rent for Grade A apartments in Downtown Bangkok was THB 484 per sq. m. per month, increasing by 6.2% Y-o-Y due to new units with smaller areas resulting in higher price per sq.m.; but, overall, monthly budgets of expatriates did not increase.
Bangkok Apartment - Total Supply

Bangkok apartment rent total supplyThe total supply of apartments in Bangkok’s downtown area was 9,964 units, decreasing by 90 units, or down by -0.9% Q-o-Q, and -6.5% Y-o-Y.

Please note that the change in supply in 2017 was a result of the revision of the data for the Downtown Bangkok area in CBRE’s apartment database in Q1 2017. CBRE Research removed buildings that were closed and underqualified. As a result, there are now no apartments in the Riverside area.

Expatriates prefer to live in specific areas of Bangkok. Most of them choose to live in three main areas: Sukhumvit between Sois 1-65 and 2-42, Silom/Sathorn and Central Lumpini/Siam. Of these three areas, the most preferred location is the Sukhumvit area due to large number of residences, restaurants and shops, with convenient access to the BTS mass transit system, which make the area very attractive.

The apartment units in the Sukhumvit area accounted for 79.7% of the total supply, while Silom/Sathorn accounted for 13.2%, followed by the Central Lumpini/Siam area with 7.1%.

The supply in the Central Lumpini/Siam area decreased by -0.8% Q-o-Q and -11% Y-o-Y due to the apartments that had closed down, such as the Yoo Rong Apartment that will be replaced by a community mall, The Market Place Nanglin Chee.

The total supply of Grade A and Grade B apartment units in Q3 2018 was at 2,615 and 7,349, respectively. Grade B units made up 73.8% of the total apartment supply in Downtown Bangkok, whereas Grade A units accounted for only 26.2% of the total supply.

Bangkok Apartment Rental 

Bangkok apartment rent

CBRE Research calculated rents for apartments based on a “basket” of buildings. In Q3 2018, the average asking rent for Grade A expatriate apartments in Downtown Bangkok was at THB 484 per sq. m. per month, which increased by 1.1% Q-o-Q, and by 6.2% Y-o-Y.

The Sukhumvit area had the highest asking rents this quarter with an average Grade A rental price of THB 500 per sq. m. per month, followed by the Central Lumpini/Siam area and the Silom/Sathorn area with average rents of THB 499 per sq. m. per month and THB 454 per sq. m. per month, respectively.

This was due to the smaller unit sizes of new apartments in the Sukhumvit area, so the rent per square meter effectively increased, while the total monthly rental budget of expatriates has remained flat.

In the Central Lumpini/Siam area, old apartments closed down, such as the Embassy Place and White Court, causing the existing supply to decrease while the future supply in this area is also very limited due to the increasing land price. Although some Grade A apartments in this area have been renovated, it is still difficult to ask for higher rent per sq. m. due to the fixed unit size in the old building structure and the limited budget of expatriates.

Bangkok apartment rental price

Overall, there has not been a significant increase in lump sum monthly rents over the last 25 years. Even though apartment supply has not grown significantly over the last five years, the number of condominiums has increased with 30-40% of condominium stock for rent. The increase in rental property supply combined with the limited growth in the number of expatriates especially those with higher housing allowances means that there is not much potential for rental growth. Much of the new condominium supply is one-bedroom units and there may be downward rental pressure for this unit type.

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

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Rathawat Kuvijitrsuwan

For information or any advice,
please contact
Rathawat KuvijitrsuwanAssociate Director of Research & Consulting

Phone: +66 2 119 2930
Fax: +66 2 685 3305

Associate Director of Research & Consulting
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