Get all the data you need about the real estate market in Bangkok
SUMMARY
Bangkok condo prices are finally falling in parts of the market, even though the main city-wide indices have not yet turned negative.
The correction is showing up first where broad price indices are weakest at capturing it: negotiated resale prices, developer incentives, fee waivers, cashback, furniture packages and other reductions in the buyer's effective cost.
That explains the strange gap between what buyers see and what official statistics show. REIC's new-condo index was still up 1.6% year on year in Q2, while the Bank of Thailand's Bangkok and vicinity condo index was also above last year's level.
The pressure is very uneven. Ordinary fringe and suburban condos are weakening faster because their buyers depend heavily on mortgages, while prime central and luxury projects benefit from scarcer land and wealthier domestic and foreign buyers.
Resale owners look particularly exposed. Bangkok had 70,495 second-hand residential properties listed in Q1, up 117.9% from a year earlier, and individual sellers cannot defend prices with the same financing packages and incentives available to large developers.
Developers are also sitting on a meaningful inventory problem. Colliers found roughly 28.3% of the 214,849 condo units in its Bangkok market universe remained unsold, or around 60,800 units, which gives buyers plenty of alternatives in more interchangeable locations.
The apparent 78.4% quarterly jump in new-launch condo prices does not contradict the correction. Only 2,332 units launched in Q2, and the mix shifted sharply toward more expensive Sukhumvit projects, so the average moved because developers launched different condos, not because comparable units suddenly became 78% more valuable.
Sales rates have improved, but mainly because developers have become much more selective. New launches fell dramatically from 2023 levels, projects got smaller, and supply was concentrated where developers already knew buyers existed.
Foreign demand still protects parts of the market, especially luxury Bangkok, but it is not strong enough to rescue the mass market. Nationwide foreign condo transfers fell 17.3% year on year in Q1, while Chinese purchases dropped particularly sharply.
The clearest conclusion is that Bangkok is already in a fragmented condo-price correction. The headline indices may take longer to turn negative, but buyers do not need to wait for that moment to find cheaper resales, larger developer incentives and weaker pricing outside the strongest central locations.
Thinking of buying real estate in Bangkok?
Acquiring property in a different country is a complex task. Don't fall into common traps – grab our guide and make better decisions.
Are Bangkok condo prices actually falling now?
Bangkok condo prices are starting to fall in parts of the market, but a city-wide price decline still has not shown up in the main official indices.
REIC's latest index for new condominiums still being offered for sale in Bangkok and surrounding provinces was 1.6% higher than a year earlier in Q2. The Bank of Thailand's mortgage-based condo index tells a similar story. Its Bangkok and vicinity reading reached 204.1 in the latest available data, about 3.6% above the same period last year.
Those are meaningful numbers because they cover far more transactions than a handful of discounted listings. They rule out the idea that Bangkok condo values have already fallen across the whole city.
Look one level below those indices, though, and the market looks much weaker. Colliers says developers are increasingly keeping official selling prices intact while using promotions and incentives. Knight Frank sees asking-price weakness in more price-sensitive locations. REIC data also show a huge increase in second-hand homes being listed in Bangkok.
So, as of now, Bangkok looks like it is in the early stages of a fragmented price correction. Some condos are already getting cheaper. The broad indices have yet to follow.
| Bangkok condo measure | Latest reading | Change | What we see |
|---|---|---|---|
| REIC new-condo price index | 161.7 | +1.6% YoY | New-project prices still positive |
| BOT Bangkok condo index | 204.1 | About +3.6% YoY | Mortgaged values remain above last year |
| Developer incentives | Increasing | Negative for effective prices | Buyers are getting more for the same sticker price |
| Resale listings | Rising sharply | Negative for seller power | Owners face much more competition |
Why do Bangkok condos feel cheaper if the price indices are still rising?
Bangkok condos often feel cheaper today because the discount is increasingly hidden outside the advertised selling price.
A developer does not have to reduce a THB 5 million price tag to make the condo effectively cheaper. It can absorb transfer costs, include furniture, waive common-area fees, offer cashback or give another incentive worth several hundred thousand baht.
Colliers highlighted exactly this behavior in its latest Bangkok condominium research. Developers have generally tried to preserve headline prices while competing through incentives and promotional schemes.
We can see the same approach in actual campaigns. LPN has marketed stock-clearance offers across multiple completed developments, while Noble, AP, Chewathai and other large developers have advertised sizeable discounts or bundled benefits on selected inventory.
The largest promotional figures should be treated carefully. A THB 10 million discount on one expensive unit tells us very little about the average Bangkok condo.
The repetition across developers is much more useful. When unrelated companies are all finding new ways to sweeten completed inventory, buyers clearly have more leverage than they did during a strong seller's market.
A THB 300,000 benefit on a THB 4 million condo lowers the buyer's effective cost by 7.5%. A price index may barely notice that. The buyer certainly does.
Don't buy the wrong property, in the wrong area of Bangkok
Buying real estate is a significant investment. Don't rely solely on your intuition. Gather the right information to make the best decision.
Did new Bangkok condo prices really jump 78%?
No. The average price of newly launched Bangkok condos jumped 78.4% in Q2, but comparable Bangkok condos did not suddenly become 78% more valuable.
Cushman & Wakefield recorded an average launch price of roughly THB 150,420 per square metre in Q2, compared with about THB 90,300 in the previous quarter.
The explanation is unusually clear. Around 90% of the new projects launched during the quarter were concentrated along the Sukhumvit BTS corridor outside the CBD. Developers also focused much more heavily on buyers with stronger purchasing power.
Only 2,332 new units were launched during the quarter. With such a small and unusually expensive mix, a few large projects can move the average dramatically.
The longer history makes the distortion obvious. Average launch prices were about THB 84,500 per square metre in 2021, THB 87,625 in 2022, THB 95,500 in 2023 and around THB 100,000 in 2024. They reached roughly THB 120,360 across the first half of this year.
There has been a genuine move toward more expensive new projects. Reading this as a 78% quarterly price boom would be wrong.
| Period | Average launch price |
|---|---|
| 2021 | THB 84,500/m² |
| 2022 | THB 87,625/m² |
| 2023 | THB 95,500/m² |
| 2024 | About THB 100,000/m² |
| Q1 2026 | About THB 90,300/m² |
| Q2 2026 | About THB 150,420/m² |
| H1 2026 | About THB 120,360/m² |
Are Bangkok developers quietly cutting condo prices?
Yes. Bangkok developers are already cutting the real cost of many condos, even when they keep the official price list unchanged.
Developers have good reasons to avoid blunt price cuts. Someone who bought a unit for THB 5 million six months ago will not enjoy seeing the identical unit advertised at THB 4.3 million. Visible cuts can also hurt the perceived value of the remaining inventory.
Promotions give developers more room.
These days, that can mean furniture, fee waivers, transfer support, cashback, special payment terms or a direct discount on selected units. Colliers says competitive pricing and flexible payment arrangements have become increasingly important as developers work through inventory.
The latest Knight Frank research points in the same direction from another angle. Developers that can set attractive prices, structure payment terms and help buyers get mortgages are taking a bigger share of the limited demand that remains.
Pricing power has shifted. During a strong condo market, developers mainly compete over product and location. Currently, the financing package and final net cost are becoming part of the competition.
The negotiated net price is therefore the more useful number when judging whether a Bangkok development is getting cheaper. The brochure price increasingly gives an incomplete answer.
Get to know the market before buying a property in Bangkok
Better information leads to better decisions. Get all the data you need before investing a large amount of money.
Are Bangkok resale condos falling faster than new condos?
Yes. Bangkok resale condos currently face much stronger price pressure because individual owners have fewer ways to defend their asking price.
REIC reported 70,495 second-hand residential properties listed for sale in Bangkok during Q1, up 117.9% from a year earlier. Their combined asking value reached about THB 701.25 billion, an increase of 234%.
Those figures include houses as well as condominiums, so we should not pretend that all 70,495 listings are competing condos. Even with that limitation, the scale of the increase is hard to dismiss. Far more Bangkok owners are trying to sell property.
Colliers has separately pointed to growing resale supply as a source of pressure in the Bangkok residential market.
The difference between an owner and a developer becomes important here. A large developer can postpone a new phase, adjust payment terms, include furniture or hold inventory. An owner who needs cash may eventually have one practical lever left: accept a lower price.
Resale sellers also compete with discounted developer stock. A five-year-old condo asking THB 4.2 million can suddenly look expensive when the developer next door offers a new THB 4.5 million unit with furniture, transfer costs and other incentives included.
That is where we expect the most visible price cuts to appear first.
Which parts of Bangkok are already getting cheaper?
Bangkok condo prices are weakening fastest in ordinary fringe and suburban locations, while the strongest central areas are holding up much better.
Knight Frank's area data show a clear split. City-fringe asking prices have been around THB 126,900 per square metre and have come under downward pressure. Suburban asking prices around THB 72,200 per square metre have also weakened.
Prime central Bangkok is behaving differently. CBD asking prices around THB 239,500 per square metre have been much more stable, with strong Sukhumvit locations and prime central districts holding up better than outer, mortgage-dependent markets.
The buyer base explains a lot of the difference.
A THB 2 million to THB 4 million outer-Bangkok condo relies heavily on Thai salaried buyers who need bank financing. These are exactly the purchasers hit hardest by strict mortgage approvals and high household debt.
A THB 20 million or THB 30 million unit in Central Lumpini serves a much richer group. More of those buyers can use cash, put down large deposits or buy from overseas. Scarce land also makes the best central projects harder to replace.
The current correction therefore depends heavily on postcode and price point.
| Bangkok segment | Approximate asking price | Current direction | Main reason |
|---|---|---|---|
| Prime CBD | THB 239,500/m² | Mostly stable | Scarce sites and wealthier buyers |
| Prime Sukhumvit | Varies widely | Stable to firmer | Stronger domestic and foreign demand |
| City fringe | THB 126,900/m² | Weakening | More competition and softer purchasing power |
| Suburbs | THB 72,200/m² | Weakening | Heavy dependence on mortgage buyers |
Buying real estate in Bangkok can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Are mortgages now the biggest problem for Bangkok condo prices?
Yes. Tight mortgage approval is probably the biggest reason Bangkok's mass-market condo segment remains weak today.
The problem is straightforward. Plenty of people may want a THB 2.5 million condo. Far fewer can actually complete the purchase if a bank rejects the mortgage application.
Colliers continues to identify high household debt, subdued purchasing power and elevated mortgage rejection rates as major constraints on Bangkok demand. Knight Frank's newest market review also puts financial readiness at the centre of whether a reservation becomes a completed sale.
Thailand's authorities have already tried to loosen the constraint. The Bank of Thailand temporarily relaxed loan-to-value rules, allowing eligible borrowers to finance up to 100% of collateral value in categories that previously faced tighter limits.
That helps at the regulatory level, but a 100% LTV ceiling does not force a bank to approve a risky borrower. Commercial lenders still decide whether the buyer's income, debt and credit profile are strong enough.
This creates a frustrating market for developers. Cutting a THB 3 million condo to THB 2.85 million may improve affordability, but it cannot solve a buyer's debt-service problem by itself.
That is why mortgage support, payment structures and targeting financially stronger customers have become so visible lately.
Is Bangkok condo demand really recovering?
Only partly. Bangkok condo sales rates have improved sharply, but developers achieved much of that recovery by launching far fewer units and choosing projects more carefully.
Knight Frank's latest Q2 numbers are particularly useful.
The launch-period sales rate rose from 45.3% in Q1 to 51.7% in Q2. Across the first half, developers launched 8,501 units and secured 3,994 reservations during the respective launch quarters, giving a 47% sales rate.
At first glance, that looks encouraging.
Now compare it with 2023. Developers launched 35,761 units that year and reserved only 10,155 during their launch quarters, a rate of 28.4%. The market then hit an extreme low of 8.3% in Q1 2024.
Developers changed strategy. New supply fell to 17,409 units in 2025, less than half the 2023 total, while the launch-period sales rate recovered to 51.6%.
Knight Frank explicitly says the recent improvement reflects smaller projects and a tighter focus on locations where buyers already exist. Before the pandemic, launch-period sales rates generally exceeded 78%.
So the recovery is real, but narrower than the headline percentage suggests. Bangkok developers have become much better at matching supply to limited demand.
| Period | New units launched | Launch-period reservations | Sales rate |
|---|---|---|---|
| 2023 | 35,761 | 10,155 | 28.4% |
| Q1 2024 | — | — | 8.3% |
| 2025 | 17,409 | 8,980 | 51.6% |
| H1 2026 | 8,501 | 3,994 | 47.0% |
| Q1 2026 | — | — | 45.3% |
| Q2 2026 | — | — | 51.7% |
| Typical pre-Covid period | — | — | Above 78% |
Don't lose money on your property in Bangkok
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
Is Bangkok sitting on enough unsold condos to push prices lower?
Yes. Bangkok still has enough unsold condo inventory to keep buyers in a strong negotiating position, especially in locations with many similar projects.
Colliers tracked 214,849 Bangkok condominium units in its Q1 market universe and found that 28.3% remained unsold. That works out to roughly 60,800 units.
Other consultants sometimes publish much larger Greater Bangkok inventory estimates because they include a wider geography, different project stages or older stock. We should avoid mixing those datasets as though they measure exactly the same thing.
The Colliers number alone is large enough to make the point.
Roughly 60,000 unsold units represent years of competition when new annual launches are currently around the tens of thousands rather than the huge volumes seen during earlier boom periods.
The pressure is uneven. A unique building beside Lumpini Park does not really compete with hundreds of THB 2 million units near an outer transit station. In suburban markets, though, buyers can often compare many nearly interchangeable projects.
Developers have already reacted by delaying launches and concentrating new supply in locations where demand is easier to prove.
As seen above, that restraint has helped sales rates recover. It also tells us why developers became cautious in the first place.
Are foreign buyers still supporting Bangkok condo prices?
Yes, especially in higher-end Bangkok condos, but foreign demand currently looks too weak to lift the entire market.
REIC's latest foreign-buyer data show 3,241 condo transfers nationwide in Q1, down 17.3% from a year earlier. Their combined value fell 17.9% to THB 13.46 billion.
Chinese demand weakened even more sharply. Chinese buyers completed 906 transfers, 38.8% fewer than a year earlier, while their transferred value dropped 42.9%.
That is significant because Chinese buyers were central to the previous Bangkok condo boom.
The buyer mix is becoming more diverse. Russian purchases rose 33%, while Indian and Australian buyers also increased their activity. Those gains help, although they are still too small to fully offset the Chinese decline.
Bangkok's luxury market provides a useful counterexample. CBRE says international purchasers represented around 32% of Downtown Bangkok condo buyers in the first half, while Thai buyers still accounted for the majority.
Foreign demand therefore continues to matter a lot in selected buildings and central locations. It offers far less support to the mass-market developments where most buyers depend on Thai mortgages.
| Foreign condo measure | Latest Q1 reading | YoY change |
|---|---|---|
| Foreign transfers, Thailand | 3,241 units | -17.3% |
| Foreign transfer value | THB 13.46bn | -17.9% |
| Chinese transfers | 906 units | -38.8% |
| Chinese transfer value | THB 3.49bn | -42.9% |
| Russian transfers | 383 units | +33.0% |
| International share of Downtown Bangkok buyers | About 32% | Strong presence in luxury market |
Get the full checklist for your due diligence in Bangkok
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
Why are luxury Bangkok condos still selling so well?
Luxury Bangkok condos are holding up because their buyers have money, the best sites are genuinely scarce and demand is concentrated in a small number of high-quality projects.
CBRE's latest research shows how different this segment looks from the broader market. Completed Downtown Bangkok condominium projects in its tracked sample had an average sales rate of 93%. Completed luxury projects reached 95%.
Pipeline developments were much less sold at 52% overall, although the super-luxury pipeline segment stood at 85%.
Those numbers are dramatically stronger than the launch-period rates we see across Bangkok as a whole.
The buyer profile is the obvious difference. Someone shopping for a THB 30 million Central Lumpini residence is much less exposed to a bank tightening mortgage criteria than a salaried household buying a THB 3 million suburban unit.
Location also helps. There are only so many freehold sites near Lumpini Park, Wireless Road, Langsuan or the best stretches of central Sukhumvit. Developers cannot manufacture more prime land when demand appears.
Luxury therefore gives Bangkok a stronger top end than the city's weak economic backdrop might suggest. We should resist using that resilience as evidence that ordinary Bangkok condos are equally healthy.
Are older Bangkok condos becoming the real bargains?
Some older Bangkok condos are becoming much better value, especially when their owners compete directly with heavily promoted new developments.
Age by itself tells us surprisingly little.
An older condo in a weak location with small units, ageing common areas and several new projects nearby can struggle badly. The owner may need to lower the asking price simply to get noticed.
Yet a fifteen-year-old freehold building in a prime central location can have the opposite advantage. Older Bangkok condos often offer larger floor plans, and replacing that amount of space in a new luxury project can cost far more per square metre.
The useful comparison is therefore the replacement cost.
If an older 80-square-metre condo costs THB 120,000 per square metre while a nearby new project asks THB 220,000, the older unit has a huge price cushion even after allowing for renovation.
If a five-year-old suburban condo asks almost the same effective price as a brand-new unit after developer incentives, the resale owner has a problem.
These days, that second group is where bargain hunters should look hardest. Rising resale supply and aggressive new-project promotions give buyers unusually good opportunities to compare deals within the same neighbourhood, and sometimes within the same building.
Don't sign a document you don't understand in Bangkok
Buying a property over there? We have reviewed all the documents you need to know. Stay out of trouble - grab our comprehensive guide.
Have Bangkok condo prices already fallen after inflation?
Yes. A large part of Bangkok's condo market has already lost ground in real terms because nominal prices have barely moved over several years.
The Bank of Thailand's condo index makes this easier to see. The Bangkok and vicinity series stood at 200.8 in January 2024. The latest reading is 204.1.
That is only about 1.6% nominal growth across more than two years.
An owner can therefore have a condo whose nominal value looks stable while still losing purchasing power once inflation, common-area charges, maintenance, refurbishment and transaction costs are considered.
The investment result can look weaker again after brokerage fees and taxes.
This point matters particularly for people who bought Bangkok condos expecting steady capital gains. A unit bought for THB 5 million and sold several years later for THB 5 million may look flat on a property portal. Economically, the owner has gone backwards.
We would already call that a meaningful correction for investors, even though the nominal city-wide index has stayed above its previous level.
So, are Bangkok condo prices finally falling?
Yes, but the fall is still concentrated rather than city-wide: weaker resales, ordinary fringe projects and suburban condos are already under real pressure, while prime central and luxury stock continues to hold up much better.
The broad official data still stop us from calling this a Bangkok condo crash. REIC's new-condo index remains 1.6% above last year, and the Bank of Thailand's mortgage-based condo measure is also higher.
The market underneath those averages has clearly changed.
Developers are using larger incentives to close deals. Resale listings have surged. Outer locations are seeing weaker asking prices. Mortgage-dependent buyers remain constrained. Chinese demand has dropped sharply. At the same time, the apparent 78% quarterly jump in new-launch prices came from a radical change in what developers launched rather than an explosion in comparable condo values.
There is also less evidence today that developers expect an easy rebound. Knight Frank's newest Q2 assessment says the improved 51.7% launch-period sales rate mainly reflects smaller projects and a tighter focus on proven demand. Its expectation for the rest of the year is a stable market with tougher competition for the buyers who remain.
That leaves us with a fairly clear answer.
Bangkok's price correction has already started, but averages are hiding much of it. Buyers can see the change first through negotiable resales, developer incentives and weaker pricing outside the strongest central locations. A broad nominal decline could still come later if selling pressure keeps building, but we do not need to wait for the city-wide index to turn negative to say that many Bangkok condos are already getting cheaper today.
Get fresh and reliable information about the market in Bangkok
Don't base significant investment decisions on outdated data. Get updated and accurate information.
OUR METHODOLOGY
The question "Are Bangkok condo prices finally falling?" cannot be answered cleanly from one headline index. A falling market can show up through official price indices, negotiated resale prices, developer incentives, asking prices, different neighbourhoods and different buyer segments at different times, so we broke the question into those separate analytical dimensions before forming the overall conclusion.
We used the Real Estate Information Center and the Bank of Thailand as the main anchors for broad price direction. Those series cover far more of the market than individual listings or promotional campaigns, so they are the first check against claims that Bangkok condo prices have already fallen city-wide.
We then examined the layers those broad indices can miss. Research from Colliers, Knight Frank, Cushman & Wakefield and CBRE was used to assess unsold inventory, launch composition, sales rates, asking-price pressure, mortgage constraints and the very different behaviour of mass-market, fringe, suburban and luxury condos.
Developer promotions were treated more narrowly. Campaigns from LPN, AP Thailand, Noble and Chewathai were used as first-hand evidence that developers are competing through discounts, furniture, fee waivers and other benefits. We did not treat a large promotional discount on one unit as proof of the average Bangkok price decline.
We kept datasets with different coverage separate. For example, a Bangkok condo inventory estimate was not combined with broader Greater Bangkok or all-residential-property figures as though they measured the same stock. The same principle was applied to resale listings, which include houses as well as condominiums.
We also checked whether large movements in averages reflected genuine price changes or simply a different mix of projects. That was particularly important for the reported 78.4% quarterly increase in average new-launch prices, where the small number of launches and heavy concentration in more expensive Sukhumvit projects materially changed the composition of the sample.
The final answer comes from the convergence of these recent observations rather than from any single datapoint. Broad official indices establish whether Bangkok as a whole has turned negative, while resale competition, developer incentives, unsold stock, mortgage conditions, foreign demand and location-level pricing help identify where the correction is appearing first.
Key sources used for this analysis include REIC's Q2 2026 new condominium price index, the Bank of Thailand Residential Property Price Index, Colliers' Bangkok Condominium Market Q1 2026, Colliers' June 2026 Thailand Market Intelligence, REIC's Q1 2026 second-hand housing report, Cushman & Wakefield's Thailand MarketBeat research, Knight Frank's Q2 Bangkok condominium market assessment, the Bank of Thailand's LTV announcement, REIC's Q1 2026 foreign condominium transfer data, and CBRE's H1 2026 Bangkok luxury condominium research.
Get to know the market before buying a property in Bangkok
Better information leads to better decisions. Get all the data you need before investing a large amount of money.
Related blog posts
- Are property prices in Bangkok still rising?
- Will property prices rise in Bangkok?
- Is Bangkok’s condo market actually oversupplied?
- Is Bangkok heading for a condo crash?
