According to the estimates of TTB Center for Economic Analysis, the residential real estate market in Bangkok in 2022 was determined by the low-rise development market.
There is a change in the behavior of a group of buyers at an age when people create families and buy separate housing. The number of individual homes purchased this year increased by 11.6% compared to 2019 (before the pandemic).
The condominium market is starting to recover compared to 2021, but compared to the period before COVID-19, it is still lower by more than 26.5% due to a significant decrease in investment purchases. The level of purchases from foreign buyers has especially decreased.
Villas in the upper price group in Bangkok have become more popular. Sales increased by 14.8% compared to 2019. The average price of villas in this segment reached 8.23 million baht per house (an increase of 24.4% compared to the period before COVID-19).
In the medium-low segment, townhouses are the most popular. Sales growth of 17.7%. The average price for townhouses is 2.97 million baht per unit, the average price for duplexes is 5.5 million baht. Duplexes and townhouses on the outskirts of the city are 20-25% lower than one-bedroom apartments in the central districts.
On the territory of greater Bangkok (the nearby province from where it is convenient to commute to work in the city center), in Samutsakhon, Samut Prakan and Pathumthani, the number of purchased villas increased by 40.9% compared to 2019.
Duplexes and townhouses on the outskirts of the city are 20-25% lower than one-bedroom apartments in the central districts.
As for the condominium market in Bangkok, although in the first 9 months of 2022, the number of units purchased increased by 7.3% compared to last year. However, the figures for 2021 fell by 30% compared to 2019.
This year also demonstrates understated indicators of apartment purchases by foreigners, including as an investment. Foreign investment in real estate in Thailand fell by 40% compared to the period before COVID-19.
With the increase in demand for low-rise construction, a shortage is possible due to the limited availability of land in the districts of Bangkok.
People prefer to buy houses closer to Bangkok, as they go to work in the city center. Buying a new home is still concentrated in the area bordering Bangkok. Because most of the buyers go to work in Bangkok.
However, the younger generation prefers to rent apartments near work, as they are easier to change jobs and do not want to buy real estate based on the location of the office.