Bangkok's Condo Market Faces a Steep Decline

In 2024, Bangkok's condominium market experienced a significant downturn, with a 43.72% year-on-year decrease in new launches. Only 8,674 units, worth 49.37 billion baht, were introduced, largely due to a 70% mortgage rejection rate dampening demand.

Real Estate Sales Plunge in Q3

The third quarter of 2024 saw a sharp decline in Thailand's real estate sales, with condominium sales dropping by 60% and townhouses and detached houses falling by over 26%. Overall, sales decreased by more than 30% from the previous quarter and 45% year-on-year.

Phuket's Real Estate Market Surges

Contrary to Bangkok's slump, Phuket's real estate market boomed with over 12,000 new condominium units and a doubling of villa launches, totaling investments of 63 billion and 36.3 billion baht, respectively. This marked a significant shift in the market dynamics, especially in the Bang Tao–Cherng Talay area.

New Landmarks Transform Bangkok's Skyline

The launch of One Bangkok and Dusit Central Park, with investments of 120 billion and 46 billion baht respectively, has reshaped Bangkok's economic landscape, turning the Rama IV area into a bustling new economic zone.

Leadership Changes at Pruksa

Thongma Vijitpongpun's return as acting CEO of Pruksa signifies a strategic shift within the company, reflecting the broader challenges and adaptations within Thailand's real estate sector.

Luxury Homes and Branded Residences on the Rise

The luxury housing market and branded residences have seen significant growth, targeting affluent buyers with projects like Porsche Design Tower Bangkok, indicating a shift towards high-end, exclusive real estate offerings.

The Emergence of Generation Rent

Changing market dynamics have led to the rise of 'Generation Rent', with younger individuals preferring renting over buying due to financial constraints and lifestyle choices, marking a significant shift in the real estate landscape.