_Condominium Market in Q4 2024

March 14, 2025

Market Overview

The overall condominium market in Q4 2024 experienced a slowdown in demand compared to the previous quarter due to weakened purchasing power, coupled with strict lending policies from commercial banks that remained at a high level. Additionally, the overall economy continued to face uncertainties, and although household debt had slightly decreased, it still remained at a high level. While the tourism sector showed signs of improvement, foreign purchasing power declined, as reflected in the 9.49% drop in foreign ownership transfers this quarter. However, overall ownership transfers improved as investor buyers anticipated a rise in condominium and housing prices in the near future due to increasing construction costs, rising land prices, domestic policy uncertainties, and strict credit access conditions. Consequently, investors sought to secure assets at a time deemed favorable for investment to mitigate risks associated with future market fluctuations.

Supply

· Newly launched supply in this quarter saw a significant increase of 368.20% compared to Q3, with 9,799 new units entering the market. Listed developers accounted for 56% of this new supply. The majority of new launches were in the areas surrounding Bangkok’s central business district (CBD), making up 51% or 5,024 units, while suburban areas accounted for 45%. New project launches in the heart of Bangkok represented only 4% of the total. Developer confidence increased as unsold inventory was partially absorbed, aligning with the 5.05% rise in ownership transfers from Q3.

· In the super-prime and prime condominium segment, only 22 new super-prime units were introduced in the second half of the year, while no new prime condominiums were launched since the first half of the year. The accumulated supply for the super-prime market stood at 6,569 units, while the prime segment had a total supply of 7,282 units. The high-end condominium market remained relatively inactive in recent periods.