Bangkok Property Market Monitor

Q2 2023

Bangkok Residential
Market Update
Q2 2023

The market is strengthening continually and keeps growing.

Demand improves slowly, making significant progress CBA prime indicators
(Q2 2023)
In 2Q23, sentiment in the Bangkok condominium market continued to
Sold Units
improve, especially for completed projects. While domestic demand 340 units
(q-o-q)
remained the primary driver, the tourism market has improved and there
has been increased interest in acquiring condominium units, making the Total Completed Supply 73,000 units
rental market particularly intriguing.

The unsold rate for condominiums decreased by 45 bps q-o-q to 4.4%, Unsold Rate 4.4%

equivalent to 3,200 available units across the market. Similarly, the

Average Selling Price
vacancy rate for apartments decreased to 6.5%, with 21 projects now fully THB 250,900
(per sqm)
occupied. Some expats have proactively shifted to larger units in
Source: JLL Thailand
anticipation of their families' arrival.
CBA prime physical indicators
New supply wave expected soon (Q2 2023)
10,000 6%
In 2Q23, two new condominium projects, Scope Langsuan (158 units) and
5%
Tonson One (80 units), were completed, contributing to the increase in 8,000
Number of units

4%
Prime condominium stock in the CBA to 73,000 units. No other new 6,000
Percent

3%
projects were launched during this period. Consequently, there are 5,674 4,000
2%
units from 19 projects in the pipeline for future development.
2,000 1%

The number of apartment units increased to 4,800 following the 0 0%

2Q23
2018

2019

2020

2021

2022

completion of GM Residence Ekkamai and the refurbishment of The

Pentacle. However, Garden View may soon cease operations, with the
Total Completion (units)
owner actively seeking to sell the property. While subsequent quarters will Unit Sold
see the arrival of renovated The Pentacle 2 units, no new initiatives have Unsold Rate
been announced at this time. Source: JLL Thailand

604 2.6% 8.8% 4.8% 340

Average Monthly Rent Rental Growth Rental Growth Market Yield New Completions
(Q2 2023, THB per sqm) (Q2 2023, q-o-q) (Q2 2023, y-o-y) (Q2 2023) (Q2 2023, q-o-q)

Source: JLL Thailand

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 Bangkok Property Market Monitor
Q2 2023

Rising rents following the influx of expats CBA prime financial indicators
(Q2 2023)
In the absence of new construction, capital values have increased in 2Q23, 10%
driven by the rising prices of existing inventories. Notably, certain projects
in the Sukhumvit area have raised their asking prices by 10% to 20%. As of
5%
2Q23, the market capital value reached THB 132,200 per sqm.

Percent
With an influx of expats and foreign residents, rents for buy-to-let 0%
condominiums have grown to THB 604 per sqm, per month. However, 2018 2019 2020 2021 2022 2Q23
apartment rents decreased slightly due to higher demand for prime
locations being absorbed in the quarter. Hence, apartment rents averaged -5%
Gross Rental Growth (y-o-y)
THB 374 per sqm, per month.
Capital Value Growth (y-o-y)
Market Yield
Outlook: Prime market set for a comeback
Source: JLL Thailand

Over the next 12 months, the completions of four Super Premium, one
Key economic indicators
Premium, and four High-end condominiums will add 2,400 units to the
(March 2023)
market. This may potentially drive up the unsold inventory to about 4,000
units. Real GPD Growth
3.1%
(y-o-y)

According to the developer's business strategy announcement, we Interest Rate

1.75%
anticipate several new launches in the Prime market in the coming (Central Bank Policy)
quarters, notably in the residential component of One Bangkok. Source: Oxford Economics

Nichakamol Horungruang Panitnun Ngamlikitlert

Senior Manager, Research Lead Analyst
nichakamol.horungruang@jll.com p.ngamlikitlert@jll.com

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