Bangkok Residential Figures Q3 2023
November 20, 2023 10 Minute Read
As the market remains subdued in the downtown area, developers continue to show a preference for launching new projects in the midtown/suburban area. This location caters to the demand from both own-stay and buy-to-rent buyers. A starting unit price of no more than THB 3 million is still the most common offering among the newly launched condominium units in Bangkok.
During the first nine months of 2023, a total of 61 newly launched condominium projects comprising 31,622 units were observed in the midtown/suburban areas. In comparison, only two newly launched projects with a total of 723 units were introduced in the downtown area during the same period.
In Q3 2023, the summary highlights were as follows:
- The number of newly launched condominium units in Bangkok totaled 7,522 units, showing a decline of 38.2% Q-o-Q, and 15.4% Y-o-Y. All of the newly launched units were concentrated in the midtown/suburban area.
- The majority of newly launched projects were by listed developers. The top two developers that launched the highest number of units were Nirvana Development PLC with 1,832 units from one project, and Sena Development PLC with 1,675 units from four projects. As of 9M 2023, the majority of the newly launched units were in the Entry-level and Mid-range segments.
- A total of 10,602 condominium units were completed in this quarter, 20% in the downtown area and the remaining 80% in the midtown/suburban area.