In 2022, the number of property transfers for both new and second-hand homes in the Bangkok metropolitan area increased by 19.5% from 2021, driven by an improving economy and benefiting from low interest rates, relaxed LTV measures, and various property stimulus measures. This led to significant growth in condominiums priced between 1-2 million baht.

According to data from Kiatnakin Phatra Bank's business loan division, the number of new units expected to launch this year is projected to remain strong at 108,600 units, with approximately 51% being condominiums priced below 2 million baht and in the 2-3 million baht range. For single-family homes, particularly townhouses, over 28,000 units are expected to be launched, primarily in the 2-3 million baht and 3-4 million baht segments.

For single-detached homes, the main market segments are in the 5-7 million baht and 7-10 million baht ranges, while homes priced between 15-25 million baht and 25-50 million baht may see an increase in launches due to positive sales responses in 2022.

In 2023, the Bangkok metropolitan property market may not be able to expand significantly from 2022, particularly due to rising interest rates and stricter LTV measures, which could dampen purchasing power for certain customer segments. Sales forecasts for this year may decrease by about 3-4%, as some locations have a high inventory of unsold units, reaching the highest level in five years with over 230,000 units. The condominium market is expected to face potential oversupply, especially in areas like Bangna, Rangsit, Phetkasem, and Ram Inthra, as many projects focus on developing a large number of affordable condominiums to compete in the market.

However, single-family homes in the 3-5 million baht, 5-7 million baht, and 10-15 million baht segments in areas like Bangna, Rama 2-Bang Khae, Bang Bua Thong, and Ratchaphruek are still expected to grow steadily. This year, we will see more products in the semi-detached home segment priced between 5-10 million baht and single-detached homes in the 10-15 million baht range entering the market. Homes priced between 20-50 million baht in Bangna and the new Krungthep Kreetha area remain attractive, but developers must manage the stock levels and project sizes appropriately to match the target market size.