Real Estate Information Center (REIC) of the Government Housing Bank (GHB) has conducted an analysis on the topic “Bangkok and Perimeter Housing Market Situation – Q4 2025 and Trends for 2026.” The findings indicate that the overall housing market in Bangkok and its surrounding areas has slowed down in both demand and supply compared to the same period last year (YoY). The demand for property transfers has decreased in both the number of units and value, similarly reflected in the supply side with a decline in land allocation permits, housing construction permits, new housing for sale, and completed housing registrations. This reflects the caution of developers regarding launching new projects. However, when considering quarterly changes (QoQ), property transfers have improved in both the number of units and value, partly due to government measures such as reducing transfer and mortgage fees to 0.01% and relaxing LTV criteria across all price levels. Additionally, towards the end of the year, the market received further momentum from the government's Quick Big Win measures aimed at stimulating the economy in the short to medium term and boosting buyer confidence, resulting in a continuous positive trend in the overall housing market. The details are as follows:

  1. Housing Supply Situation
    1. Land Allocation Permits in Bangkok and Perimeter

In Q4 2025, the number of housing units approved for land allocation in Bangkok and its surrounding areas was 4,306 units, a decrease of -2.6% compared to the same period last year (YoY). Among the total permits, single-family homes received the most permits at 1,837 units, accounting for 42.7%. The types that saw an increase in permits included duplex homes at 72.4%, single-family homes at 20.9%, and slightly increased land allocations at 1.0%. Conversely, commercial buildings saw a significant decrease of -90.6%, and townhouses decreased by -21.1%. This resulted in a total of 19,802 land allocation permits for the entire year of 2025, a decrease of -47.5% compared to the same period last year (YoY). Townhouses had the highest number at 8,705 units, accounting for 44.0%, followed by single-family homes at 8,082 units, accounting for 40.8%. When considering by province, Bangkok had the most land allocation permits at 7,181 units, accounting for 36.3%, followed by Samut Prakan with 6,584 units, accounting for 33.2%. All provinces saw a decrease in land allocation permits for housing, with Nakhon Pathom and Nonthaburi having no projects approved for land allocation in 2025.

    1. Housing Construction Permits in Bangkok and Perimeter

In Q4 2025, there were approximately 9,253 housing construction permits in Bangkok and its surrounding areas, including self-built homes, homes in allocated projects, and condominiums, a decrease of -31.7% compared to the same period last year (YoY). This was divided into horizontal housing at 8,321 units, a decrease of -7.7%, while condominiums numbered approximately 932 units, a decrease of -79.5% compared to the same period last year (YoY). This resulted in a total of approximately 61,304 housing construction permits in Bangkok and its surrounding areas for the entire year of 2025, a decrease of -12.5%, with horizontal housing at 32,357 units, a decrease of -24.4%, and condominiums at 28,947 units, an increase of 6.2% compared to the same period last year (YoY). When considering by province, only Bangkok saw a slight increase in construction permits of 0.1%, while horizontal housing permits decreased in every province, with Pathum Thani experiencing the largest drop at -35.6%. For condominiums, only Bangkok and Samut Prakan saw an increase in permits of 13.7% and 1.8%, respectively, compared to the same period last year (YoY). However, Samut Sakhon was the only province with no condominium construction permits in 2025.

    1. New Housing Projects Launched in Bangkok and Perimeter

In Q4 2025, the number of new housing projects launched totaled 6,162 units, a decrease of -64.1%, with a total project value of 47,673 million baht, a decrease of -65.3% compared to the same period last year (YoY), which had 17,151 new housing units with a total project value of 137,523 million baht. This resulted in a total of 252 new housing projects launched for the entire year of 2025, a decrease of -30.0%, with a total of 32,887 units, a decrease of -47.2%, and a total project value of 253,720 million baht, a decrease of -49.0% compared to the same period last year (YoY). When considering by type, new allocated homes had a total of 13,890 units, a decrease of -57.2%, with a total value of 151,097 million baht, a decrease of -54.7% compared to the same period last year (YoY). For condominium projects, there were 18,997 units, a decrease of -36.3%, with a total value of 102,623 million baht, a decrease of -37.3% compared to the same period last year (YoY).

    1. Newly Registered Completed Housing in Bangkok and Perimeter

In Q4 2025, the number of newly registered completed housing units was 17,796, a decrease of -25.3% compared to the same period last year (YoY). This included horizontal housing (including allocated homes and self-built homes) totaling 8,808 units, and condominiums totaling 8,988 units. Among the newly registered completed housing, nearly all types saw a decrease except for duplex homes, which increased by 90.5%.

For the entire year of 2025, the total number of newly registered completed housing units was 72,584, a decrease of -25.4% compared to the same period last year (YoY), which had 97,284 units. This was due to a decrease in horizontal housing (including allocated homes and self-built homes) of -27.9% and condominiums of -22.7%. When considering by province, newly registered completed housing decreased in every province, with Pathum Thani experiencing the largest drop at -41.8%, while only Nakhon Pathom saw an increase in completed condominiums by 112.7% compared to the same period last year (YoY). Notably, Samut Sakhon had no registered completed condominiums in 2025.

  1. Housing Demand Situation
    1. Property Transfers in Bangkok and Perimeter

In Q4 2025, there were a total of 41,848 property transfers in Bangkok and its surrounding areas, valued at 143,774 million baht, representing a decrease in both the number of units and value by -13.0% and -12.7%, respectively, compared to the same period last year (YoY). Among the total property transfers, horizontal housing accounted for 20,834 units valued at 89,902 million baht, while condominiums accounted for 21,014 units valued at 53,872 million baht.

For the entire year of 2025, the total number of property transfers in Bangkok and its surrounding areas was 147,347 units, a decrease of -13.9% compared to 2024. The transfers of condominiums totaled 71,718 units, a decrease of -16.4%, while horizontal housing transfers totaled 75,629 units, a decrease of -11.4%. The total value of property transfers was 499,157 million baht, a decrease of -15.8%, with the value of condominium transfers at 177,058 million baht, a decrease of -22.2%, and horizontal housing valued at 322,099 million baht, a decrease of -11.8%. Overall, property transfers decreased across all types and price levels, except for condominiums priced between 1.01 – 1.50 million baht, which saw increases in both units and value by 5.4% and 4.3%, respectively. It was noted that the transfers of newly constructed housing (or housing transferred from legal entities) totaled 67,297 units, a decrease of -17.5%, with a value of 310,216 million baht, a decrease of -17.8%. Meanwhile, the transfers of second-hand housing (transferred from individuals) totaled 80,050 units, a decrease of -10.6%, with a value of 188,941 million baht, a decrease of -12.3%. This resulted in a ratio of newly constructed housing transfers to second-hand housing in 2025 being 46:54, while the value of transfers had a ratio of 62:38.

When considering by province, Bangkok had the highest number of property transfers at 75,852 units, valued at 308,975 million baht. It was observed that property transfers in Bangkok and its surrounding areas decreased in both units and value across all provinces, with Pathum Thani experiencing the largest decrease in both units and value by -21.5% and -20.5%, respectively, compared to the same period last year (YoY).

Looking ahead, the trend for property transfers in Bangkok and its surrounding areas in 2026 is expected to be around 153,462 units, an increase of 4.2%, with a forecast range of 137,261 - 177,527 units. This represents a change between -6.8% to 20.5% compared to 2025, which had 147,347 units. The expected value is 513,114 million baht, an increase of 2.8%, with a forecast range of 508,473 - 539,215 million baht, reflecting a change between 1.9% to 8.0% compared to 2025, which had a value of 499,157 million baht.

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