The overall condominium market in Bangkok is still recovering from the pandemic’s effects and the slowdown of Thailand’s economy. We have seen some improvement in developer confidence in the midtown/suburban areas, where the number of new launches has rebounded back to the pre-pandemic period, with six projects reporting a sales performance of more than 40% sold. However, the condominium market in the downtown area remained quiet, with only one new project launched.
The majority of developers that announced plans to launch new projects intend to focus on developing new condominium projects in the midtown/suburban areas, while few developers planned to launch projects in the downtown area this year.
We have seen some developers put their future projects in the downtown area on hold to rebrand and re-adjust the price and design of their projects to better match current demand before considering relaunching later this year.