Foreign investors show growing interest in Bangkok and Phuket condos

Data from CBRE Research showed that the Downtown Bangkok condominium market recorded more new project launches in the first half of 2026 than in the same period a year earlier.

Luxury and super-luxury developments were the main drivers, with both segments again attracting developers’ attention.

This trend contrasted with property market conditions in recent years, when economic pressure and weakening purchasing power weighed on the sector.

The upper end of the market nevertheless demonstrated resilience, particularly projects in high-potential locations with selling points that distinguished them from mainstream developments.

Completed condominium projects recorded an average sales rate of 93%, led by the luxury segment at 95%.

Projects under construction had an average sales rate of 52%, with the super-luxury segment achieving the highest rate at 85%.

The figures indicated that although purchasers had become more cautious, upper-end properties supported by strong locations, products and brands continued to attract spending.

Bangkok sales rise over 300% as Lumpini exceeds THB2 billion in one quarter

Artitaya Kasemlawan, head of residential project sales at CBRE Thailand, noted that although many regions around the world continued to face uncertainty arising from conflicts and economic pressure, demand for high-quality homes remained firm.

This was reflected in CBRE’s residential sales in Bangkok and Phuket, which grew by more than 182% in the first half of 2026 compared with the same period in 2025.

In Bangkok alone, sales expanded by more than 300%, supported by new developments in high-potential locations.

Projects in Central Lumpini generated combined sales of more than THB2 billion in the second quarter alone.

The increase represented more than higher sales figures, also pointing to consumer confidence in high-quality property in central urban locations.

For affluent purchasers, a ‘home’ or ‘condominium’ serves not only as a residence but also as an asset reflecting personal taste, identity and long-term lifestyle values.

Distinctive projects that meet individual lifestyle requirements may therefore still have the potential to generate demand even when overall market conditions are unfavourable.

Foreign buyer share in central Bangkok reaches 32%

Another important change was the composition of purchasers, with Thai buyers accounting for 68% of central Bangkok condominium purchases and foreign buyers for 32%.

The foreign buyer share rose significantly in 2026 from a year earlier, moving closer to the level recorded in Phuket, one of Thailand’s upper-end property destinations.

In the super-luxury condominium segment, the main foreign buyers came from Japan, the United Kingdom, Taiwan and Russia, in that order.

By comparison, foreign purchasers represented an average of just 18% over the five years from 2021 to 2025.

The increase reflected a broader international buyer base and made Bangkok’s upper-end condominium market more international in character.

One important source of momentum was the expansion of branded residences, which strengthened international recognition and confidence while enhancing the image and value of developments among investors and buyers worldwide.

Central Lumpini leads as ‘location and quality’ outweigh freehold tenure

Although ownership structure remains an important consideration, CBRE’s data indicated that ‘location’ and ‘project quality’ could carry more weight than tenure in high-potential areas.

Central Lumpini remained the most popular location in the upper-end market, with transactions divided between leasehold projects at 55% and freehold projects at 45%.

The figures pointed to changing buyer behaviour.

When developments occupy exceptional locations or form part of large mixed-use projects, purchasers may place greater emphasis on project quality, location potential and the residential experience than on ownership structure alone.

Central Lumpini and Sukhumvit also remained the principal locations for branded residences.

Both are established premium residential districts surrounded by business centres, amenities, major retail developments and world-class mixed-use projects, allowing them to serve both Thai and foreign purchasers.

Lumpini records THB8 billion amid three-year market slowdown

The recovery at the upper end of the market nevertheless faced constraints.

From 2023 through the first half of 2026, Thailand’s property market remained subdued, while luxury and super-luxury condominium launches were at historically low levels.

Even under these conditions, CBRE generated more than THB8 billion in sales from flagship projects in Central Lumpini alone, including The Residences at Dusit Central Park, ONE89 wireless, EI8HTEEN SEVEN and SCOPE Langsuan.

The results suggested that ‘the high-end market still has money’, although purchasers were deploying it more selectively and rationally.

Developers must therefore do more than create expensive products.

Their projects must be distinctive, offer strong quality and respond precisely to the requirements of their intended buyers.

Changing buyer landscape demands deeper customer insight

In Artitaya’s view, changes in the buyer landscape meant that both developers and property advisers had to adjust their strategies to match evolving purchasing behaviour.

Competition in the luxury and super-luxury markets was therefore no longer determined solely by the number of units or price levels, but by the ‘value’ that each project could deliver.

Location, architecture, brand, amenities, services and the overall residential experience must work together to distinguish a project in a market where purchasers have more choices.

Phuket sales rise over 45% as foreign buyers take 67% share, strengthening Thailand’s global investment appeal

Phuket’s property market continued to expand strongly, with sales growing by more than 45% in the first half of 2026 compared with the same period in 2025.

The increase reflected continued investor confidence and growing demand for premium homes.

Prakaipeth Meechoosarn, head of Phuket property sales at CBRE Thailand, noted that Phuket’s luxury property market continued to attract exceptionally strong interest.

PEYLAA Phuket, Autograph Collection Residences received a strong response after its show residences opened late in the first quarter.

CBRE’s transaction data for the first half showed that condominiums in Bang Tao and Cherng Talay remained the most popular strategic locations.

Foreign buyers accounted for 67% of purchasers, compared with 33% for Thai buyers.

The buyer base was diverse, including purchasers from the United Kingdom, Russia, Canada, India, the United States and various European countries.

This reflected Phuket’s shift from a holiday-home market towards becoming one of the world’s destinations for investment in high-quality property.

Bangkok and Phuket pursue upper-end market as ‘quality’ outweighs price

Across the luxury market in the first half of 2026, the clearest development was not simply the growth in sales but the change in buyer behaviour.

From the significant increase in Bangkok’s foreign buyer share to the 67% recorded in Phuket, Thailand’s upper-end market was developing a more international customer base.

The success of projects in Central Lumpini and Bang Tao pointed to the same conclusion: purchasers remained willing to pay for assets offering genuine ‘value’.

In the next phase, competition in the luxury market may no longer be determined by which developer launches the most projects.

Instead, it may depend on which developer understands purchasers most deeply and can turn a strong location into a residential experience offering long-term value.

For Phuket, the growth further underscored the province’s potential as a global property hub capable of consistently attracting capital from affluent purchasers.

Bangkok, meanwhile, was demonstrating that even under wider market pressure, the ‘right location, right product and right brand’ could continue to attract upper-end purchasing power.