After hitting bottom post-pandemic, Bangkok's condo market is set to rebound next year, with projects in outer areas continuing to perform well as existing stock is depleted because of price reductions by developers. Sumitra Wongpakdee, managing director of property researcher Terra Media and Consulting, said the market across all price segments showed signs of recovery, though it is unlikely to reach pre-pandemic levels. "Absorption rates are bottoming out after hitting the low point in 2021–22," she said.
"The primary factor driving this trend is the depletion of existing stock, as new supply in all segments has sharply declined." However, growth is expected to be gradual rather than steep as purchasing power remains weak, dampened by high mortgage rejection rates, said Ms Sumitra. The best-performing segment will be the mass market, with prices ranging between 80,000 and 150,000 baht per square metre, she said.
This segment had the highest growth in average absorption rates from 2021 to the third quarter of 2024, increasing 7% per year. The absorption rate in the first nine months of 2024 for the mass segment rose to 11.6 units per project per month, up from 10.
6 in 2023 and a low of 8.8 in 2022. The luxury segment, with prices of 200,000 baht per sq m and higher, had the second-largest growth rate, rising 6% annually.
The absorption rate increased to 3.9 units per project per month in the first three quarters, up from 3.6 in 2023 and 3.
0 in 2022, which was the lowest ye.