The super prime and prime condominium market grow continuously despite slowed down economy.

There is still high demand for luxury condominiums in Bangkok from both Thai and foreign investors, especially from China, Hong Kong and Singapore. Demand from foreigners increased during 2H 2023, reflected by the increased value of foreign money transfers. Foreign investors were looking for a second-hand condominium in the city center area as there is less supply in this segment. In addition, the selling prices of a second-hand condominium in these areas are cheaper compared to newly launched projects.

The Summary Highlight of 2H 2023

• The average selling price increased by 1.9% from the first half of the year, resulting from a higher price of newly launched projects.
• Foreigners were more interested in a second-hand condominium and focused in the city center area.
• The competitive advantage of the super prime and prime condominium market was supported by buyers with financial wealth.

Overall Supply

The condominium with a selling price of 200,000 baht per square metre and above in Bangkok and surrounding areas totaled 67 projects, accounting for 1.7% of total condominiums at all price ranges. The total supply of super prime & prime condominiums was 12,750 units. In the past, the super prime & prime condominiums were located in the city center and the river front areas, including the Sukhumvit area with the highest supply, accounting for 34.5% of the total, followed by the Sathorn/Silom area at 20.2%, the Lumpini area at 18.9%, and the Charoenkrung and the Rama 4 area at 4.8% and 3.3% respectively. As the land for development in the area is limited, the development of this group of condominiums has been expanded to nearby areas, including the Phahonyothin/Phayathai area, accounting for 7.2%, the Eastern Bangkok area at 1% and the Sukhumvit 44-70 and 65-103 area at 0.4%.

The total supply of condominium with a selling price of 200,000 baht per square metre and above in Bangkok and surrounding areas at the end of 2003 consisted of the super prime condominiums amounted to 5,468 units and the prime condominiums amounted to 7,282 units. The total new supply consisted of the super prime condominiums amounted to 640 units and the prime condominiums amounted to 1,137 units.

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