Condo sales rebound as low-rise housing stock takes 67 months to clear

Thailand’s Greater Bangkok housing market is showing an increasingly sharp divide, with condominium sales rebounding while low-rise housing remains weighed down by weak purchasing power, tight lending conditions and a prolonged inventory overhang.

New condominium sales in Bangkok and five surrounding provinces rose 19.5% year on year in the second quarter of 2026, while developers slowed new launches and total unsold inventory fell 10.2%, according to the Real Estate Information Center (REIC).

Low-rise housing, however, continued to struggle. New sales dropped 11.4%, with a monthly absorption rate of just 1.4%, compared with 2.4% for condominiums.

At the current pace, condominium inventory would take about 39 months to clear, while low-rise housing would require around 67 months.

Mana Nimitvanich, director of the Real Estate Information Center, said the Bangkok metropolitan housing market was entering a new balance, as developers increasingly chose to slow launches while buyers became more selective.

Remaining inventory across Bangkok and the five surrounding provinces fell to 202,414 units, down 10.2% from a year earlier, while overall new sales increased 2.6%.

Developers pull back as condo demand improves

Sitthipen Sitthattapong, assistant director for research and innovation and acting director of REIC, said total housing supply across Bangkok and the five surrounding provinces stood at 214,083 units in the second quarter, down 9.6% year on year.

This comprised 85,249 condominium units, down 5.8%, and 128,834 low-rise units, down 11.9%.

New supply fell 15.6%, driven by a 28.6% decline in launches of low-rise housing. The value of newly launched projects plunged 51.9%, reflecting greater caution among developers and a shift towards products that better match current purchasing power.

Despite the pullback in launches, new sales increased 2.6% in unit terms and 8.6% in value. Condominium sales rose 19.5%, while low-rise housing sales fell 11.4%.

Purchasing power splits into two markets

Mana said the housing market was undergoing a transition driven by the expansion of urban rail networks, higher land and construction costs and an increasingly polarised customer base.

Demand in the high-end and luxury market remains supported by buyers seeking business locations, larger living spaces, health-related home features and stronger security systems.

The mass market, by contrast, continues to face pressure from high mortgage rejection rates.

Developers therefore need to look beyond simply offering lower prices, Mana said. Projects must demonstrate the value of their location, align prices with household incomes and respond to changing consumer behaviour through features such as smart-home technology, artificial intelligence and environmental, social and governance considerations.

Bangkok develops into a ‘network city’

REIC also sees Bangkok’s urban structure shifting away from a single concentrated centre towards a “Network City”, connected by rail systems, employment centres and services.

The attractiveness of a location is therefore increasingly determined not just by its distance from central Bangkok, but also by rail access, proximity to workplaces, shopping centres and hospitals, and its ability to meet lifestyle needs.

Two areas are attracting particular attention.

The Rama IX-Ratchada corridor is developing as a new central business district capable of supporting offices and premium condominiums.

Meanwhile, the Bang Na-Suvarnabhumi-Eastern Economic Corridor axis is emerging as an Eastern Business District, supported by industry, logistics and major infrastructure projects, potentially creating opportunities for luxury detached housing.

Bangkok condo market strengthens

Bangkok alone had 88,528 housing units available for sale in the second quarter, down 6% year on year, with a combined value of THB692.411 billion, down 8.2%.

Although newly launched units jumped 77.2%, their combined value fell 35.2%, reflecting a marked shift towards lower-priced products. The average value per newly launched unit fell from about THB20 million to THB7.3 million.

Overall new sales increased 3.8%, led by a 14.7% rise in condominiums, while low-rise housing sales fell 18.4%.

Sukhumvit was among the strongest condominium locations, with new sales surging 138.6%. Its monthly absorption rate reached 5.2%, implying that available stock could be cleared in around 16 months.

Low-rise housing sales in Bueng Kum, Khan Na Yao and Saphan Sung rose 52.4%.

However, homes priced above THB10 million in some areas, including Phra Khanong-Bang Na and Sukhumvit, require close monitoring as new launches have not been matched by strong sales.

Suburban condo markets gain momentum

Nonthaburi had 31,687 units available for sale, down 9% year on year. Developers cut new project launches by 67.7%, helping new sales rise 5.8% and reducing unsold inventory by 9.6% to 30,269 units.

Condominium sales in the Bang Yai-Bang Bua Thong-Bang Kruai-Sai Noi zone rose 59%, with an absorption rate of 3.3% per month and an estimated inventory clearance period of 27 months.

Low-rise housing in some Nonthaburi locations, however, could take 72–76 months to sell.

Pathum Thani showed an even sharper contrast. Total supply declined 12.2% to 46,024 units, while new launches collapsed 93.6%. New sales nevertheless rose 9.9%, driven largely by condominiums, where sales jumped 70.2%.

In Khlong Luang, condominium sales increased 59.1%, while the absorption rate reached 7.9% per month, reducing the estimated stock-clearance period to around 10 months.

Low-rise housing remained far weaker, with average inventory expected to take 92 months to clear.

In Nong Suea, the absorption rate was only 0.2% per month, implying a clearance period of as much as 490 months, while low-rise housing in Khlong Luang could take 108 months.

The figures underline how different types of housing can perform very differently even within the same location.

Samut Prakan sees slowdown in launches and sales

Samut Prakan had 30,189 units available for sale, down 14.4%.

New project launches fell 45.1%, with all new projects consisting of low-rise housing and no new condominiums launched during the period.

New sales declined 29.6%, although lower new supply helped reduce remaining inventory by 13.7% to 29,035 units.

Condominiums in Mueang Samut Prakan, Phra Pradaeng and Phra Samut Chedi continued to show positive signs, with sales up 18.2% and a monthly absorption rate of 2.8%.

By contrast, low-rise sales in Bang Phli, Bang Bo and Bang Sao Thong fell 40.1%, leaving an estimated 92 months of inventory.

Samut Sakhon bucks wider trend

Samut Sakhon presented a different picture, with total supply falling 10.2% to 11,169 units while new sales surged 107.8%, driven primarily by low-rise housing.

The stronger demand reduced remaining inventory by 13.6% to 10,427 units, while the absorption rate improved to 2.2% per month.

Low-rise housing sales in Mueang Samut Sakhon jumped 168.7%, reducing the estimated stock-clearance period to 38 months.

The condominium market in Krathum Baen and Ban Phaeo remained weak, however, with an absorption rate of only 0.4% and inventory potentially taking 252 months to clear.

Nakhon Pathom recovery remains slow

Nakhon Pathom had 6,486 units available for sale, down 14.6%, while developers cut new launches by 91.6%.

New sales dropped 32%, although remaining inventory declined 13.8% to 6,263 units.

At the current sales rate, the province would need approximately 84 months to clear existing stock.

Condominiums in Mueang Nakhon Pathom and the Phutthamonthon-Salaya area continued to benefit from university-related demand, with estimated clearance periods of between 15 and 48 months.

Low-rise housing in Kamphaeng Saen and Bang Len-Don Tum recorded absorption rates of only 0.5% per month, resulting in estimated inventory clearance periods of 183–186 months.

Greater Bangkok remains Thailand’s dominant housing market

Across 27 provinces surveyed nationwide in the second quarter of 2026, total residential supply stood at 359,433 units worth THB2.023 trillion.

Bangkok and the five surrounding provinces accounted for 214,083 units, or 59.6% of the national total, with a combined value of THB1.357 trillion, equivalent to 67.1% of the market surveyed.

Remaining inventory in Greater Bangkok stood at 202,414 units worth THB1.284 trillion.

The overall monthly absorption rate improved to 1.8%, comprising 2.4% for condominiums and 1.4% for low-rise housing.

If no new supply entered the market, REIC estimated that the overall inventory would take around 52 months to clear, compared with 39 months for condominiums and 67 months for low-rise housing.

The figures point to a housing market in which condominium demand is recovering more quickly, while low-rise developers continue to face longer inventory cycles, tighter mortgage conditions and increasingly selective buyers.

Source: Krungthep Turakij