CBRE reveals that in 2025, large condominiums in central Bangkok are considered rare items, while the Phuket market has seen significant growth for the third consecutive year, with new projects set to launch this year.

Ms. Atithya Kasemlawan, Head of Residential Project Sales at CBRE Thailand, a global real estate consulting firm, summarizes the residential market in central Bangkok, noting that the average sales of ready-to-move-in condominiums have reached 93%. This is due to a limited number of new projects being launched and an accelerated stock clearance of completed units. Additionally, there is unprecedented demand for residential properties from foreign buyers, with a total of 14,573 units transferred nationwide by the end of 2024, an increase of 5.27% compared to 2023. There are also reports of new projects being launched in prime locations that have been well-developed in terms of design, functionality, and quality.

Ms. Atithya Kasemlawan, Head of Residential Project Sales at CBRE Thailand

As of the end of 2024, the overall condominium market in central Bangkok saw only 11 new projects launched, totaling 3,029 units. This is because most developers are focused on clearing their completed stock to maintain liquidity and are uncertain about the overall situation, waiting for positive signals from various sectors. However, while waiting for the right timing to launch new projects, there has been a push to develop projects that create significant and tangible selling points to meet their target audience's needs. It is believed that the projects set to launch in 2025 will have undergone thorough design and analysis, clearly showcasing their unique selling points to compete in the market. The average sales figure for ready-to-move-in condominiums in prime locations last year was 93%, which is considered high. The top three locations with the highest sales were along the Chao Phraya River, central Lumpini, and outer Sukhumvit. Buyers in this segment are looking for products that meet their lifestyle needs, with comprehensive services and amenities, good value for money, and the potential for future rental income or asset retention.

From the sales of luxury condominiums by CBRE at the end of 2024, it was found that the proportion of units sold to Thai customers was 82%, while foreign customers accounted for 18%. The largest number of units sold to foreign buyers came from Taiwanese, Australian, Chinese, American, and Burmese customers, respectively. However, when considering sales value, the percentage of Thai customers decreased to 61%, while foreign customers increased to 39%, which is significant. The highest-value unit sold was to a Taiwanese buyer, who primarily purchased a luxury ready-to-move-in condominium in central Lumpini, followed by buyers from Myanmar, China, Canada, and Hong Kong. The highest-value unit sold was priced at 230 million baht, located in central Sukhumvit.

The popular locations for both Thai and foreign customers purchasing condominium projects include central Lumpini, due to its comprehensive amenities and convenient access to transportation via BTS and MRT. This has led to positive responses for condominium projects in this area, such as The Residences at Dusit Central Park, which has already sold over 85% of its units before completion. Following this are Sukhumvit and Silom-Sathorn, with 73% of purchases intended for personal residence and 27% for investment. CBRE also sees a continued demand for large luxury condominiums in central locations from both Thai and foreign buyers last year, while the market has limited supply of large units, which is expected to remain attractive in 2025.

The luxury home market in Bangkok continues to attract interest, though not as fervently as in previous years, with sales of luxury homes at 59%, indicating a slowdown compared to the previous year. Over the past 5-6 years, there has been a high rate of new project launches, providing customers with more options. From studying customer behavior, CBRE found that the most popular locations for luxury home purchases are in central Bangkok, followed by the eastern and northern parts of the city. The purpose of purchase is 94% for personal residence and 6% for investment, with a preference for homes with 4-5 bedrooms, over 400 square meters of usable space, and land sizes greater than 100 square wah. CBRE predicts that popular home projects in 2025 will continue to follow last year's trend, focusing on locations with convenient access to the central business district (CBD), close to amenities, and leading international schools. Developers must be cautious in developing products that meet the changing lifestyles and needs of customers, which include not only the demand for larger living spaces and higher project quality but also considerations of price and value, as the increasing options in the market allow customers to compare and choose the best value.

Last year, the residential project sales department at CBRE Thailand achieved sold-out sales in several locations, such as the Tonson One Residence, a super-luxury freehold condominium in central Lumpini, and the COMMON TU condominium adjacent to Thammasat University Rangsit, which is the first premium high-rise project in this area. CBRE provided marketing and sales management consulting, focusing on targeting customers with genuine needs to achieve 100% ownership transfer, whether for personal residence, as a second home, or for long-term investment, rental, or asset retention for future profit. Additionally, CBRE has collaborated with partners both domestically and internationally, including Taiwan, Hong Kong, China, Japan, Singapore, Cambodia, and the Middle East, as well as joining forces with partners in various industries such as luxury brands, banks, high-end furniture, and leading hospitals to enhance business opportunities in offering luxury residential properties that are in continuous demand from both investors and homeowners, both Thai and foreign.

“For 2025, CBRE predicts that the residential market for both homes and condominiums in Bangkok will gradually recover, with residential projects that CBRE has been appointed to consult on marketing and sales expected to start launching this year and next, including super-luxury condominiums in central Bangkok, as well as Branded Residences and luxury home projects in various locations. Most projects will have distinct characteristics, having undergone thorough development,” Ms. Atithya added.

Ms. Prakaiphet Meesusarn, Head of Phuket Real Estate Sales at CBRE Thailand, revealed that the vacation property market in Phuket continues to grow, with both local operators already dominating the Phuket market and operators from Bangkok recognizing business opportunities and actively investing to create market share. CBRE reported that sales of condominium projects at the end of 2024 increased by over 201% from the previous year, while 2023 also saw a 96% increase from 2022. Meanwhile, villa sales at the end of 2024 increased by 148% from the previous year, marking the highest sales on record, with the highest-value villas sold totaling over 700 million baht, located in the Bang Tao beach area. Customer behavior for vacation property purchases shows that 75% are for investment and 25% for personal residence, with 70% being Thai customers and 30% foreign customers, primarily from Europe and Asia, including Russia, Australia, the UK, China, and Germany.


Ms. Prakaiphet Meesusarn, Head of Phuket Real Estate Sales at CBRE Thailand

CBRE has observed a diversity of foreign customers, such as Japanese and Swiss buyers, investing in condominium projects for both short-term and long-term purposes, recognizing the growth potential of the real estate market in Phuket. Additionally, there is another group of foreign customers to watch, including those from the Middle East and India, who have inquired about vacation properties. CBRE anticipates that in 2025, Thai customers will remain the primary group, while demand from the aforementioned foreign customers will continue to be evident, indicating a sustained interest in the Phuket vacation property market in 2025.

“Last year, the Phuket real estate sales department at CBRE Thailand was entrusted to provide marketing consulting and sales representation for various projects, such as The Standard Residences, Phuket Bang Tao, which achieved over 70% sales, and the PEYLAA Phuket Bang Tao luxury resort-style condominium in the heart of Bang Tao lifestyle area, as well as the Sri Panwa Lagoon Phuket, a new mega mixed-use project located in the Cherng Talay area. Other projects managed by CBRE also received positive responses, such as Veranda Villas and Suites Phuket, which has only 3 units remaining,” Ms. Prakaiphet added.