Bangkok Residential Figures Q1 2023

The condominium market in the midtown/suburban areas continued to see more activity than the downtown area, with 24 new launches, increasing 20% Q-o-Q but declining 14% Y-o-Y.

In Q1 2023, the summary highlights were as follows:

‒   Newly launched condominium units in Bangkok totaled 12,651  units, declining 0.3% Q-o-Q, and 17.4% Y-o-Y. Of the total, only 1.4% (181 units) are in the downtown area while 98.6% (12,466 units) are in the midtown/suburban area.  

‒   A majority of newly launched projects were by listed developers, namely Origin Property, Assetwise, Pruksa Real Estate, and Noble Development. Origin Property had the largest proportion of newly launched projects in Q1 2023.

‒   There was only one project launched in the downtown area, a High-end project from Proud Estate, a listed developer.

‒   Condominium units with lump sum prices between THB 1-3 million continued to dominate the market in the midtown/suburban area.

‒   A total of 4,699 condominium units were completed in this quarter; 11.6% were completed units in the downtown area, while the remaining 88.4% were completed in the midtown/suburban area.