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 Q3 2016 remained strong with an occupancy rate of 94.7%, down by 1.0 percentage points Q-o-Q but up by 2.0 percentage points Y-o-Y. A total of 10,601 units were occupied.
  • Officially, the number of expatriates holding work permits in Bangkok has increased by 0.8% Q-o-Q and 3.0% Y-o-Y, from 82,805 in Q2 2016 to 83,463 in Q3 2016.
  • Chinese nationals accounted for 13% of the total number of expatriates with work permits, the second largest nationality after the Japanese, doubling their population in Thailand within a five-year period from 9,021 in 2011 to 21,402 in Q3 2016.
  • The total supply of apartment units in this quarter was 11,196 units, an increase of 1.0% Q-o-Q but a decrease of 4.7% Y-o-Y.
  • Two new apartment projects with a total of 106 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, remaining stable Q-o-Q and increasing by 1.7% Y-o-Y.
  • This was followed by Grade A rent in the Sukhumvit area of THB 455 per sq.m. per month, down by 0.9% Q-o-Q but up by 2.0% Y-o-Y. Meanwhile, the average Grade A rent in the Silom/Sathorn area was THB 418 per sq.m. per month.
Bangkok Apartment - Total Supply

Bangkok apartment rent total supplyIn Q3 2016, two apartment projects were completed within the Sukhumvit area: a Grade A apartment project with 81 units and a Grade B apartment project with 25 units, or a total of 106 new apartment units.

The supply of apartments in Bangkok’s downtown area totalled 11,196 units, increasing by 106 units Q-o-Q but decreasing by 554 units Y-o-Y. 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 10 projects with a total of 517 units will be finished by 2018 in the most popular expatriate location, the Sukhumvit area.

The apartment units in the Sukhumvit area accounted for 75.1% of the total supply, while Silom/Sathorn had 12.9% of the total downtown apartments, followed by Central Lumpini with 8.1% and Riverside/Rama III with 3.9%.

Bangkok Apartment Rental 

Bangkok apartment rent

In Q3 2016, the asking rents per square metre at apartments in general stabilised on a quarterly basis and slightly increased 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, remaining stable Q-o-Q and increasing by 1.7% Y-o-Y. It was followed by the Sukhumvit area with an average Grade A rent of THB 455 per sq.m. per month, decreasing by 0.9% Q-o-Q but increasing by 2.0% Y-o-Y.

The average Grade A rent in the Silom/Sathorn area amounted to THB 418 per sq.m. per month, decreasing by 0.5% Q-o-Q and 3.4% 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 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.

Our analysis of over 2,900 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 achieved lump sum rents 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.

Contact Us

For information or any advice,
please contact
James PitchonExecutive Director

Phone: +66 2 119 2901
Fax: +66 2 685 3307

Executive Director
Sales Staff


Dear Mr. Pitchon, We would like to take this opportunity to thank you so very much for attending our UBS...

James Woodward
Managing Director / Country Head & Head of Thai Equities
UBS Securities (Thailand) Ltd.

Useful Research

Bangkok Overall MarketView Q4 2016 More
Bangkok Residential MarketView Q4 2016 More
Bangkok Real Estate Market Outlook 2017 More
Global Real Estate Market Outlook 2017 More