In the Bangkok housing market, demand is almost equally divided between private homes and condominiums, although foreign buyers have not yet fully returned to the market. This means that developers should continue to focus on the domestic sales market. Last year, 96% of the demand for private homes and 83% of the demand for condominiums came from local buyers. The figures for private homes are not surprising, given the restrictions on land ownership for foreign buyers, but the total number of apartments remains low compared to the pre-pandemic level. Apartments priced at 3 million baht and below aroused the greatest interest in 2022. Nevertheless, it seems that the demand for luxury real estate is really growing. The second most popular price range was from 5 to 10 million baht, followed by 10-20 million baht. The once stable segment of 3-5 million baht has fallen largely due to its dependence on overseas buyers.
Accessibility is the key to the housing market in Bangkok
Bangkok's housing market was driven by affordability: local buyers were most interested in properties priced at 10 million baht or less. They accounted for almost 75% of all housing requests in Bangkok last year. In the period from March to May, interest in houses exceeded condominiums, which is relatively rare for the Thai capital in our time.
The most popular places to live in Bangkok are in suburban areas where prices remain low due to the abundance of land. These areas are connected to the city center by expressways.