Bangkok Condominium Market Expected to Recover by 2027 Amid Lingering Economic Slowdown
BANGKOK, Thailand — October 2025 — Bangkok’s condominium sector is not expected to see a full recovery until 2027, as the market continues to grapple with weak economic conditions and cautious consumer sentiment ahead of Thailand’s next general election, according to property consultancy Cushman & Wakefield Thailand.
Market analysts say developers are likely to remain restrained in launching new projects through 2026, waiting for greater political and economic clarity that could help restore investor and homebuyer confidence.
“Recovery will likely take hold only after 2027, as the general election expected in mid-2026 will keep market sentiment largely unchanged,” said Surachet Kongcheep, head of research at Cushman & Wakefield Thailand. “Until then, the broader economy is expected to remain sluggish.”
The firm reported that new condominium launches in Bangkok totalled 13,504 units in the first nine months of 2025, roughly flat compared with the same period last year. Total supply by year-end is projected at 17,000 units, mirroring 2024 levels.
Developers, Surachet noted, are concentrating on clearing unsold inventory—particularly completed projects that are ready for transfer. Tens of thousands of such units remain on the market nationwide, with an estimated combined value exceeding 100 billion baht.
One of the main obstacles facing developers is tighter bank lending. “The biggest challenge for buyers today is obtaining mortgage approval,” Surachet said. “Financial institutions are now assessing not only individual borrowers, but also their employers’ performance and even the repayment history of co-workers who bank with them.”
Demographic changes are also weighing on domestic demand. Thailand’s population is ageing, and from 2026, Thais born before 1971—the first year the national birth rate began to decline—will begin entering retirement. This trend is expected to further dampen new home purchases among local buyers.
To offset softer domestic demand, developers are increasingly turning to overseas markets. Many are partnering with international real estate agencies or forming joint ventures to attract foreign buyers, particularly from China.
“Interest from Chinese purchasers has started to return,” said Surachet. “Concerns about safety in Thailand have eased, and the country continues to rank among the top choices for Chinese nationals buying residential property.”
He added that while economic conditions in China have constrained some buyers, confidence is slowly improving as the mainland property market stabilizes.
According to Cushman & Wakefield Thailand, 6,618 new condominium units were launched in Bangkok during the third quarter of 2025. Average prices rose to 131,419 baht per square metre, up from 89,500 baht in the previous quarter.
Most new developments were located along Bangkok’s expanding Skytrain routes. Many developers adopted “soft launch” strategies—releasing a limited number of floors for presale to gauge interest before proceeding with full-scale marketing.
“Developers are no longer focused on quick sell-outs or hitting 60 percent sales within the first year,” Surachet said. “The market has shifted toward more sustainable, long-term business strategies that reflect a slower, more measured pace of recovery.”