At least four new condominium projects in the luxury and super-luxury segments are set to debut in Bangkok’s inner-city areas between November 2024 and mid-2025, driven by strong demand from foreign buyers and limited new supply this year. Developers are positioning themselves to capitalize on a market rebound anticipated next year.
Artitaya Kasemlawan, head of residential sales and projects at CBRE Thailand, noted that both established developers and new entrants are preparing to launch these high-end projects. “The residential market slowed this year, causing some developers to act cautiously,” she said. “However, not all segments and locations have been equally affected.”
Luxury condominium sales remain stable, but performance depends on factors such as location, product offerings, and pricing. Ms. Artitaya stressed that prices should remain competitive to align with market expectations.
In the super-luxury segment, where prices exceed 350,000 baht per square meter, and in branded residences, sales remained strong throughout the first half of 2024, achieving sales rates of 86% and 90%, respectively. This momentum is partly attributed to limited available units in the market.
Between January and September 2024, only three new projects in the luxury and ultra-luxury segments were introduced, with one launch per quarter: Muniq Phrom Phong in the first quarter, The Embassy Wireless in the second, and Adler Chan Road in the third. Another launch, Marquis Phayathai, is expected next month to round off the year.
Foreign buyers have played a crucial role in driving demand for these high-end condos. Ms. Artitaya reported a notable recovery in foreign interest, particularly from Taiwanese buyers between 2022 and mid-2024, while Chinese buyers dominated the market from 2018 to 2021. CBRE’s data shows that foreign buyers accounted for 33% of total luxury condo sales in the first half of 2024, compared to 25% in 2022-23 and just 12% in 2020-21. Before the pandemic, the share of foreign buyers stood at 23% in 2018-19.
The global and Thai economic outlook will continue to shape developer strategies, affecting various segments differently. According to Ms. Artitaya, prospective buyers in the luxury segment remain cautious, particularly when purchasing second homes or investment properties, as their decisions hinge on economic confidence. In contrast, the super-luxury market appears resilient, with affluent buyers largely unaffected by economic concerns.
The Bangkok condominium market is expected to see more activity in 2025, driven by these new high-end developments and growing interest from international buyers.
