2026年第一季度曼谷公寓市场

knightfrank.co.th/research by Knight Frank Thailand The Bangkok condominium market remainedsubdued in Q1 2026, with demand constrained byhigh household debt, stricter mortgage approvals, andcautious consumer spending. Developers continued to While prices remained broadly stable, marketabsorption weakened and unsold inventory stayedelevated, reinforcing a buyer’s market environment.Looking ahead, market recovery will depend on Sunchai KooakachaiSenior Director,Head of Research and AdvisoryKnight Frank Thailand Market Overview Newly launched condominiumprojects in Q1 2026 remainedconcentrated in the mid- tolower-priced segments, with mostdevelopments located in city fringeand suburban areas to align withpurchasing power among owner- During the quarter, no newcondominium projects were launchedwithin the Central Business District(CBD). Instead, new launches wereprimarily distributed across suburbanareas, accounting for 42% of totalnew supply, and city fringe locations,accounting for 58%, with a combinedtotal of approximately 6,174 units. In terms of pricing, the majorityof newly launched projects wereconcentrated in the segmentpriced below THB 80,000 per sq m,representing as much as 68% of totalnew supply. This reflects developers’strategic adjustments to better alignwith current market purchasingpower. Developers are increasingly Demand & MarketAbsorption The volume of newly launchedunits during the quarter reflectsthat market demand continues torely primarily on buyers within theTHB 1.5–3 million price segment.However, this demand base remainsrelatively fragile and constrained,particularly among lower- to middle- The reservation rate of newlylaunched condominium projectsstood at approximately 24.3%,declining by around 19.5% from the Meanwhile, condominium transfervolumes increased by approximately12.7% year-on-year, supported in partby government stimulus measures However, the improvement is not yetsufficient to indicate a strong marketrecovery, as fundamental demand-side factors continue to face pressurefrom high household debt levels,stricter mortgage approval criteria, SupplyOverhang Situation The condominium market currentlyfaces a high level of unsold inventory,estimated at approximately 350,000 Based on the current absorption rate,it is estimated that the market mayrequire approximately 5–6 years toabsorb the existing overhang supply, This situation reflects an ongoingsupply-demand imbalance, wherethe volume of available units in themarket remains inconsistent withactual purchasing demand. The Furthermore, developers arebecoming increasingly cautious inlaunching new projects, focusing onlyon locations and market segments Asking Price In the Central Business District(CBD), the average asking pricedeclined slightly to approximatelyTHB 236,800 per sq mcompared In the City Fringe area, the averageasking price decreased slightly toapproximatelyTHB 123,500 persq m.Prices remained relatively In the Bangkok Suburbs, theaverage asking price adjusted toapproximatelyTHB 71,200 per sq Overall, average condominiumselling prices across the marketremained largely stable rather thandemonstrating clear upward growth.This is particularly evident in the CBDarea, where increasing price pressure However, overall price growthremains constrained by fragilepurchasing power, persistentlyhigh household debt levels, andthe substantial volume of unsold projects only within segmentsthat demonstrate clear underlyingdemand and genuine real demandpurchasing potential. This approachaims to minimize absorption riskwhile preserving project liquidity and to remain in a buyer’s marketenvironment due to the continuedhigh level of unsold inventoryand intense competition among In the short term, the condominiumOutlook market is expected to remain in aslowdown phase due to continuedconstraints on purchasing power andpersistently high household debt promotional offers, and paymentconditions. Meanwhile, developerswill need to adopt more aggressive For the upper-middle and CBDsegments, new project launchesare expected to remain limitedand increasingly focused on nichedemand. This is because the upper-end market continues to face pressurefrom slowing purchasing power, highdevelopment costs, and competition The market recovery in the next phasewill depend on several key factors,particularly interest rate movements,which directly impact buyers’repayment burdens and financingcosts. Additional government supportmeasures, such as further mortgage At the same time, consumerconfidence toward the economicoutlook continues to recover onlygradually, leaving the market withouta significant demand-side growthcatalyst. Consequently, the overall Developers are expected to continueadopting increasingly conservative Over the next 1–2 years, the We like questions, if you’ve got one about our research, or would like some property advice,we would love to hear from you. Recent Research Phanom KanjanathiemthaoChairman +66 (0) 2 64