To attract potential buyers and investors, developers of residential complexes in Bangkok are being forced to offer significant discounts on unsold homes.
“2025 will be an even more challenging year for the Bangkok residential property market than the previous one. I predict an influx of unsold homes on the market, lower prices and an increase in inventory. “Buyers will continue to dictate market conditions,” said Frank Khan, CEO and head of residential at real estate consultancy Knight Frank Thailand.
Prasert Taedulayasathit, president of the Condominium Association of Thailand, said the total value of newly built residential buildings in Greater Bangkok reached 178.4 billion baht last year and is expected to decline to 140.6 billion baht in 2025. A significant portion of these properties remain unsold, and tightening mortgage lending regulations are making the situation worse.
Financial statements from registered developers show that 24 companies own residential buildings with a total long-term debt of more than 156.4 billion baht, which is due this year. This is forcing developers to offer significant discounts to attract investors.
Many developers are shifting to the Phuket market, where demand is more promising thanks to foreign buyers, or are targeting the low-rise housing market. However, the luxury and super-luxury apartment segment, as well as branded housing priced from 320,000 to 500,000 baht per square meter, are showing strong sales.
The real estate market is slowing down. New project launches are expected to decline this year due to high supply and reduced purchasing power. However, the increase in the number of expats in Bangkok (by 7.1% in 2024) and the recovery of tourism could stimulate the demand for rental housing.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be seen HERE