Bangkok Residential Figures Q4 2023

February 21, 2024 10 Minute Read

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In the last quarter of 2023, the downtown condominium market showed significant improvement in activity, with the highest number of newly launched projects compared to the first nine months of the year, particularly within the High-end segment.  Among these launches, Rhythm Charoen Nakhon ICONIC, located opposite ICONSIAM, received a very good response during initial presales, with a starting unit price of just under THB 8 million.

However, despite these positive signs, the overall downtown market is still not on par with 2019 levels, when annual newly launched units exceeded 10,000. In contrast, the midtown/suburban areas have been much more active, returning to pre-pandemic levels as of the end of 2022. In 2023, however, the total number of newly launched units in the midtown/suburban areas decreased by 11.4% compared to the same period the previous year.

In Q4 2023, the highlights are as follows:

-   The number of newly launched condominium units in Bangkok totaled 13,910 units, marking an increase of 84.9% Q-o-Q and 9.6% Y-o-Y. Of the newly launched units, 82.5% were concentrated in the midtown/suburban areas. In 2023, newly launched units totaled 46,225, a Y-o-Y decrease of 11.4% Y from 52,224 units in 2022.
-   The majority of newly launched projects in both the downtown and midtown areas were by listed developers, accounting for nearly 90% of total launches in 2023. The top three developers with the highest number of units launched were Origin Property, Assetwise and Sena Development, respectively.
-   A total of 10,059 condominium units were completed in this quarter, with 5% in the downtown area and the remaining 95% in the midtown/suburban area. In 2023, the number of newly completed units totaled 28,574 units, a decrease of 36.5% Y-o-Y.