M A R K E T B E AT

BANGKOK CONDOMINIUM
Condominium 1H 2023

HoH 12-Mo. Thailand’s Economy Continues to Expand

Chg Forecast
Thailand’s economy expanded by 2.7% in Q1 2023, up from a rise of 1.4% in Q4 2022. This was mainly attributable to continual expansion of the
0.3% services sector stemming from the tourism industry recovery, growing private consumption, and a decelerated rate of inflation. Thailand’s economic
Selling Price Growth (H-o-H) growth projections for 2023 now range from 2.7% to 3.7%, owing to the recovery of the tourism sector, rise of private consumption, and expansion
in both private and public investments. Exports are expected to recover gradually. The inflation rate in Q1 2023 fell to 3.88%, down from 5.81% in
Q4 2022. The unemployment rates dropped to 1.05% in Q1 2023, down from 1.15% in Q4 2022. The central bank raised the policy rate by 0.25
52.2% percentage point from 1.75% to 2%, bringing the key policy rate to its highest level since 2015.
Sold Rate*

Condominium Market Sustains Gradual Recovery

-42.1% Bangkok’s condominium market gradually recovered over 1H 2023, with market sentiment improving with the growing Thai economy. New supply
New Supply Growth (H-o-H)
was limited, with just 12,282 new condominium units launched in 1H 2023, down 42.1% on 2H 2022. Three new projects in the inner-city area
accounted for 491 units, while 19 projects in the outer city area delivered 11,791 units. The outer city area continued to be the main contributor to
* In the last 6 months
market growth. Of the total new inventory, 96% was in the outer city area, with only 4% in the inner-city area. Most of the new supply in the outer
district emanated from the Bangna-Trad road district, totaling 3,882 units, or 33% of the total new units in the outer city area. The overall pre-sale
rate was 52.6% in 1H 2023, meaning 6,414 units of the new stock were sold. The pre-sale rate was up from 51.6% in 2H 2022. The average unit
selling price for newly launched projects was recorded at THB157,175 per sq m, up by 0.3% compared to the 2H 2022 level. In the inner-city area,
Sathorn submarket commanded the highest unit selling prices, averaging THB250,000 per sq m.

THAILAND ECONOMIC INDICATORS

Market Demand Expected to Rise
Q1 2023
Looking head, the Bangkok condominium market is expected to continue to grow in the second half of 2023, especially in the outer city area, with
YoY 12-Mo. demand expected to rise, particularly from domestic buyers. Demand in the inner-city area is also expected to increase with the removal of entry
Chg Forecast restrictions for international visitors. New condominium supply will slowly expand in 2H 2023, with more new launches in the outer city area. New
2.7% launches in the inner-city districts are expected to drop off as development sites become scarce, resulting in higher land prices. Condominium unit
GDP Growth selling prices in the inner-city area are expected to increase as construction costs rise.

AVERAGE SELLING PRICE AND GROWTH RATE ANNUAL SUPPLY PIPELINE

3.88% THB/SQM
200,000 20.0%
55,000
Inflation Growth 50,000
15.0% 45,000
150,000 40,000
10.0% 35,000
1.05%

Number of Units
5.0% 30,000
Unemployment Rate 100,000 25,000
0.0% 20,000
-5.0% 15,000
Source: NESDC (National Economic and Social 50,000
10,000
Development Council) -10.0% 5,000
0 -15.0% 0
H2 18 H1 19 H2 19 H1 20 H2 20 H1 21 H2 21 H1 22 H2 22 H1 23 2015 2016 2017 2018 2019 2020 2021 2022 2023F
Average Selling Price Growth (H-o-H) Inner City Area Outer City Area
M A R K E T B E AT

BANGKOK CONDOMINIUM
Condominium 1H 2023
MARKET STATISTICS
CURRENT SUPPLY AVG. PRICE AVG.PRICE
SUBMARKET SOLD (UNITS) SOLD RATE (%)
(UNITS) (THB/SQM) (US/SF)
Mid Sukhumvit 276 138 50.0% 120,000 $320.1
Phayathai 35 21 60.0% 165,000 $440.2
Sathorn 180 126 70.0% 250,000 $667.0
INNER AREA 491 285 58.0% 178,333 $475.8
Bang Kaen 144 79 55.0% 106,786 $284.9
Bang Na 3,882 2,324 59.9% 92,678 $247.3
Bang Plad 73 37 50.0% 72,683 $193.9
Bangkae 1,477 591 40.0% 50,000 $133.4
Bangkok Noi 1,482 741 50.0% 79,600 $212.4
Bangsue 1,003 552 55.0% 48,000 $128.1
Lat Krabang 706 388 55.0% 55,603 $148.3
Late Sukhumvit 342 174 50.8% 128,958 $344.0
Pinklao 340 170 50.0% 130,769 $348.9
Ramkhamhaeng Road 737 295 40.0% 84,375 $225.1
Ratchada - Rama 9 469 267 57.0% 110,396 $294.5
Thonburi 1,136 511 45.0% 96,322 $257.0
OUTER AREA 11,791 6,129 52.0% 93,700 $250.0
OVERALL 12,282 6,414 52.2% 157,175 $419.3

Remark: 1 US$/THB 34.826 SARAWUT TIKHACHON

Senior Market Analyst
KEY NEW CONDOMINIUM PROJECTS IN 1H 2023 Thailand
+66 2168 3101
PROPERTY SUBMARKET DEVELOPER UNITS AVG. PRICE (THB/SQM)
sarawut.tik@cushwake.com
Quintara MHy’Den Pho Nimit Thonburi Eastern Star 628 86,522
Origin Plug & Play Sri Lasalle Station Bang Na Origin Property 1429 117,727 GARETH MICHAEL POWELL
Origin Place Bangna Bang Na Origin Property 774 91,923
Senior Director
QUINTARA MHy’ZEN Phrom Phong Mid Sukhumvit Eastern Star 276 120,000
FLO By Sansiri Thonburi Sansiri 508 106,122
Thailand
The Origin Bangkae Bangkae Origin Property 1477 50,000 +66 2168 3101 (Ext. 110)
Pridee Luxe Residence Sukhumvit 71 Late Sukhumvit Deeluxe Property 14 166,667 gareth.powell@cushwake.com
Na Vara Phaholyothin 8 Phayathai Na Vara Phaholyothin 8 35 165,000
HI 48 Sutthisan Ratchada - Rama 9 Utility Real Estate 207 56,786
cushmanwakefield.com
Origin Plug & Play Sri Lasalle Station Bang Na Origin Property 1429 117,727 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION
KLOS Ratchada Ratchada - Rama 9 Frasers Property 128 149,286 About Cushman & Wakefield
Regent Home Pracha Chuen Bangsue Regent Green Power 1003 48,000 Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate
Origin Place Phahol 59 Station Bang Kaen Origin Property 144 106,786 services firm for property owners and occupiers with approximately 52,000 employees
in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of
Atmoz Season Ladkrabang Lat Krabang AssetWise 706 55,603
$10.1 billion across its core services of property, facilities and project management,
SIRI Sri-Lasalle Bang Na Sirisak Industrial Estate 250 43,333 leasing, capital markets, and valuation and other services. It also receives numerous
Blue Sukhumvit 89 Late Sukhumvit Grand Unity 328 91,250 industry and business accolades for its award-winning culture and commitment to
Origin Place Ramkhamhaeng 153 Ramkhamhaeng Road Origin Property 737 84,375 Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG)
and more. For additional information, visit www.cushmanwakefield.com.
Artem Bang Phlat-Jarun 79 Bang Plad Modern House Property 73 72,683
Romm Convent Sathorn Proud Real Estate 180 250,000 ©2023 Cushman & Wakefield. All rights reserved. The information contained within
Lumpini Ville Charan-Fai Chai Bangkok Noi LPN 1482 79,600 this report is gathered from multiple sources believed to be reliable. The information
The Moment Ratchada 19 Ratchada - Rama 9 Moment of Living 134 125,116 may contain errors or omissions and is presented without any warranty or
representations as to its accuracy.
Whizdom COEX Pinklao Pinklao MQDC 340 130,769