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Thailand

Property Market Report


Q3 2022
Powered by PropertyGuru DataSense
Executive Summary
The real estate market has faced many challenges,
such as domestic and international economic slowdown,
rising construction costs, and the anticipation of higher
inflation and interest rates in Q3 2022.

Despite the decline in Price Index, the challenges


mentioned above are likely to raise property prices in the
last quarter of 2022 or at the beginning of 2023,
especially for new project launches.

Buyers and investors with strong purchasing power


should, therefore, capitalise on the current prices before
Q3 2022
they creep upwards and ahead of interest rate rises
Price Index expected soon.
82 (-2%)

Supply Index If the Monetary Policy Committee increases the


153 (-34%) interest rate by 0.25% for a THB1-million home loan,
the instalment amount will rise between four and five
Rental Price Index percent and the current three-year fixed-rate loans will
91 (0%)
be reduced to one year to counteract the additional
Rental Supply Index incurred costs. This will create less favourable conditions
255 (-27%)
for borrowers.

DDproperty Thailand Property Market Report


Q3 2022
Price Index Supply Index Demand Index

300 Sale
250
200

150
100

50

2018 Q1 2018 2018 2018 2019 Q1 2019 2019 2019 2020 2020 2020 2020 2021 Q1 2021 2021 2021 2022 2022
Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2

Price Index Supply Index Demand Index

500
Rent
388

275

163

50

2018 Q1 2018 2018 2018 2019 Q1 2019 2019 2019 2020 2020 2020 2020 2021 Q1 2021 2021 2021 2022 2022
Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2

Powered by PropertyGuru DataSense

*Source: Property listings on DDproperty

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Although the market has
some difficult hurdles to
overcome, there are still
some positives to draw on.
The Bank of Thailand’s
loan-to-value (LTV) policy
still allows buyers to access
a 100% loan, and the transfer
ownership fees remain
discounted at 0.01%. Real
estate prices are still yet to
rise, so now is the time to
buy property before they
and interest rates head
upwards too.

Kamolpat Swaengkit
Country Manager of
DDproperty

DDproperty Thailand Property Market Report Q3 2022 – Powered by PropertyGuru DataSense


Contents
1 Get the GuruView

2 Thailand Property Sale


Market Index
Sale Price Index, Supply Index
and Demand Index
Districts to Watch

3 Thailand Property Rental


Market Index
Rental Price Index, Supply
Index and Demand Index
Districts to Watch

4 Conclusion

5 Methodology

6 About DDproperty

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Now is the best opportunity for buyers
and long-term investors with strong
purchasing power to purchase properties
as prices remain relatively stable,
especially for condominiums. Prices and
interest rates are predicted to rise at
the end of 2022.

Price increases are likely for new projects,


creating a lucrative opportunity for
resale projects which have lower price
points. Sellers with landed properties
could gain the most profit as prices
for this property type have increased
by 5% QoQ, while demand has hiked
by 11%.

Locations enjoying price growth have


expanded to Bangkok's fringes, especially
Thonburi areas that benefit from skytrain
accessibility. For example, prices rose
by 6% QoQ in Thawi Watthana and by
3% QoQ in Taling Chan due to their
proximity to the SRT Light Red Line,
while prices in Wang Thonglang rose by
6% QoQ due to its closeness to the MRT
Yellow Line. City areas also showed
positive signs, including in Bang Rak,
Huai Khwang, and Khlong San, which all
increased by 2% QoQ, while Phra Khanong
rose by 1% for the same period.

The Rental Index increased across all


residential properties over the last quarter:
it increased by 1% for condominiums,
by 5% for single-detached houses, and by
4% for townhouses. The tremendous rise in
rental demand indicates signs of recovery,
with demand for condominiums increasing
by a staggering 105% QoQ, while
single-detached houses and townhouses
rose by 19% and 21%, respectively.
Thailand Property Sale
Market Index

DDproperty Thailand Property Sale Market Index


Q3 2022
250

200

150

100

50
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
81

12
81

12

22
81

12
10

20
10
10

20
10

20

20

0
0

0
0

0
0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

The Price Index tracks The Supply Index tracks The Demand Index
median asking prices of the number of all tracks the number of
all residential property residential property enquiries of all
listings on DDproperty. listings on DDproperty. residential property
listings on DDproperty.

Price Index decreases due to unrecovered purchasing power


Overall, residential property prices continue to slump due to the economic
slowdown and higher household debts. Even though housing is a basic
necessity, buyers are now postponing property purchases to avoid long-
term commitments.

Therefore, developers continue to launch promotional campaigns, such as


by offering discounts, covering transfer ownership fees, and giving freebies
to stimulate the market. Additionally, they are attempting to stabilise
current prices for as long as possible to capture demand.

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


According to the DDproperty Thailand Property Market Report Q3 2022 – Powered
by PropertyGuru DataSense, the Price Index has consistently decreased
since Q4 2020 and has dropped by 2% from the last quarter, recording a 5%
decrease YoY. The Price Index is 18% lower than the base rate set in 2018,
illustrating that the price trend is yet to recover since pre-COVID-19.

The Price Index for condominiums remains stable from the previous quarter
despite decreasing by 3% YoY. Amongst buyers, there is greater appetite
for landed properties, with the Price Index rising by 5% QoQ for single-
detached houses and by 21% YoY. However, this index remains unchanged
for townhouses, having increased by 2% YoY.

Landed properties increase in response to higher demand


The supply or number of residences is based on the residential property
listings on DDproperty. Condominiums account for the highest figure of
Bangkok supply at 82%, although this figure represents a 4% decrease
QoQ. Single-detached houses make up 11% of supply, having risen by 3%
QoQ, and townhouses by 7%, which is an increase of 1% QoQ.

These figures show that developers and sellers with landed properties such
as single-detached houses and townhouses are successfully transacting in
response to higher demand.

Watthana district has the most condominium supply, accounting for 18% of
the total supply. Most properties here are priced over THB15 million.
Townhouse supply is concentrated in Suan Luang district, where prices are
typically between THB1–3 million, while single-detached houses are in
Prawet and fall within the same price bracket.

Overall, demand for properties has increased by 20% over the last quarter, and
all property types show growth. Demand rose by 26% for condominiums, by
15% for townhouses, and by 11% for single-detached houses.

Supply is forecast to ramp up in the final quarter of this year as sellers gain
confidence and developers respond by launching new projects. Additionally,
demand will also be spurred by the country's reopening, as the tourism
industry plays a pivotal role in the country's economic recovery.

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Price & Demand Indices by Property Type
Condo

Price Index Demand Index


150

125

100

75

50
1

20 1

20 2

20 3

20 4

20 2

20 1

20 2

20 3

20 4

2
Q

Q
Q

Q
Q

Q
Q

Q
8

19

20

21

22
8

19

20

21
8

19

20

21

22
8

19

20

21
1

1
1

20
20

20
20
20

20

20
20

20
Single-detached house

Price Index Demand Index


150

125

100

75

50
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
8

12
8

12

22
8

12
10

20
10

10
10

10

20
10

10

20

20

0
0

0
0

0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

Townhouse

Price Index Demand Index


150

125

100

75

50
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
81

12
81

12

22
81

12
10

20
10
10

20
10

20

20

0
0

0
0

0
0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


5% YoY 62% YoY
Residential Price Index Residential demand Index

THB5-10 million Segment The most supply of


Dominate the Market* single-detached houses
< THB1 million
is on the outskirts*
1.00%
10.00% Prawet 1,888 Units
26.00%
20.00%
THB10-15 Watthana 1,404 Units
million THB5-10
Khlong Sam
> THB15 million Wa 1,237 Units
million
Sai Mai 1,168 Units
THB1-3 Wang
THB3-5 million Thonglang
1,115 Units
million
22.00%
21.00% *Source: Property listings on DDproperty

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense
DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense

Districts to Watch by Zone

Sai
Mai

Khlong
Lak
Bang Sam
Si
Khen Wa

Bung Nong
Kum Chok

Bang
Thawi Plad Din Daeng
Taling
Wattana Huai Wang Thonglang
Chan
Samphanthawong Kwang
Pathum
Bangkok Yai
Wan
Khlong San
Bang Rak
Thon Buri Bang
Nongkheam Kho Prakanong
Laem
Yan Nawa
Bang
Bang Na
Bon

Thungkru

Northern Bangkok
District Median Asking Price* QoQ YoY

1 Sai Mai 27,000 -3% +5%

2 Lak Si 60,000 -7% -5%

3 Bang Khen 45,000 -13% -13%

Central Bangkok
District Median Asking Price* QoQ YoY

1 Wang Thonglang 60,000 +6% +21%

2 Din Daeng 92,000 -1% -5%

3 Samphanthawong 105,000 +4% +6%

4 Huai Khwang 100,000 +2% -2%

*price per square metre

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense

Southern Bangkok
District Median Asking Price* QoQ YoY
1 Pathum Wan 239,000 -1% +6%
2 Phra Kanong 99,000 +1% +4%
3 Bang Kho Laem 117,000 -1% +1%
4 Bang Na 77,000 -4% 0%
5 Yan Nawa 89,000 0% +2%
6 Bang Rak 210,000 +2% +2%

Eastern Bangkok
District Median Asking Price* QoQ YoY
1 Bueng Kum 49,000 -5% -2%
2 Nong Chok 16,000 +2% +8%
3 Khlong Sam Wa 22,000 -2% 0%

Northern Thon Buri


District Median Asking Price* QoQ YoY
1 Thawi Watthana 32,000 +6% +19%
2 Taling Chan 50,000 +3% +15%
3 Bangkok Yai 57,000 -9% -6%
4 Thon Buri 95,000 +2% +3%
5 Bang Phlat 78,000 -5% -3%
6 Khlong San 131,000 +2% -3%

Southern Thon Buri


District Median Asking Price* QoQ YoY
1 Bang Bon 30,000 -13% -21%
2 Nong Khaem 21,000 0% +5%
3 Thung Khru 24,000 -2% +2%

*price per square metre

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Thailand Property Rental
Market Index

DDproperty Thailand Property Rental Market Index


Q3 2022
500

385

270

155

40
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
81

12
81

12

22
81

12
10

20
10
10

20
10

20

20

0
0

0
0

0
0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

The Price Index tracks The Supply Index tracks The Demand Index tracks
median asking prices of the number of all the number of enquiries
all residential property residential property of all residential property
rental listings on rental listings on rental listings on
DDproperty. DDproperty. DDproperty.

Rental Index stagnates while demand grows by 88%


Rental rates in Bangkok, calculated per square metre, remain stable from
the previous quarter despite decreasing by 3% YoY since renters are the
category most likely to face financial problems during the pandemic.

The DDproperty Thailand Property Market Report Q3 2022 – Powered by


PropertyGuru DataSense indicates that the Rental Price Index in Bangkok
is 9% lower than the base year in 2018. However, there are positive signs of
growth from the last quarter, having increased by 1% for condominiums,
by 5% for single-detached houses, and by 4% for townhouses.

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Rental Price & Demand Indices by Property Type
Condo
Rental Price index Rental Demand Index
325

270

215

160

105

50
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
8

12
8

12

22
8

12
10

20
10

10
10

10

20
10

10

20

20

0
0

0
0

0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

2
Single-detached house
Rental Price index Rental Demand Index
325

270

215

160

105

50
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

22
81

12
8

12

22
8

12
20
10

20
10
10

10

20
10

10

20

20
0

0
0

0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

Townhouse
Rental Price index 342
Rental Demand Index
325

270

215

160

105

50
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
81

12
81

12

22
81

12
10

20
10
10

20
10

20

20

0
0

0
0

0
0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


3% YoY 166% YoY
Residential Rental Price Index Residential Rental Demand Index

Condominiums also account for the highest proportion of supply,


342
representing 96% of total supply, with single-detached houses and
townhouses equally splitting the remainder. Most rental properties fall
between the THB10,000 and 30,000 per-month price bracket.

The Rental Demand Index has spiked by 88% QoQ and by 166% YoY.
Demand for condominiums has increased by 105% QoQ (+206% YoY),
single-detached houses by 19% (+45% YoY), and townhouses by 21% QoQ
(+33% YoY). These numbers illustrate that the rental market is
dramatically improving.

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


470
342

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Real estate in tourist hotspots

Overall Thailand's real estate market still slows down. The Price Index
decreases by 5% QoQ (-7% YoY) as opposed to the rental market which
shows positive signs with 2% QoQ growth (-2% YoY).

Considering the 3 main tourist cities in Thailand, Price Index for buying
and renting in Chiang Mai and Pattaya is increasing, but Phuket is still
slowing down.

Phuket

Sale Price Index Supply Index* Demand Index

250

200

150

100

50

0
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
81

12
8

12

22
81

12
10

20
10
10

10

20
10

20

20

0
0

0
0

0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

Rent Price Index Supply Index* Demand Index

250

200

150

100

50

0
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
81

12

22
81

12
81

12

22
81

12
10

20
10
10

20
10

20

20

0
0

0
0

0
0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Pattaya
Sale Price Index Supply Index* Demand Index

ดั9%
ชนีคา่ เช่าYoY
1.4K
โดยรวม
ดัชนีคา่ เช่าโดยรวม
0.7K

0
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
8

12

22
81

12
81

12

22
81

1
10

20
10

20
10
10

20
10

20

20

0
0

0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

2
Rent Price Index Supply Index* Demand Index

1.4K

0.7K

0
470
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
342
Q

Q
470
81

12

22
81

12
81

12

22
8

12
10

20
10
10

20
10

10

20

20

0
0

0
0

0
0
0
0

0
2
2

2
2

2
2
2

2
2

2
2

2
2
2

342

Chiang Mai
Sale Price Index Supply Index* Demand Index

9% YoY
550

440

ดัชนีคา่ เช่าโดยรวม
330

220

110

0
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
16

26

36

56
16

26

36

4
16

26

36

56
16

26

36

4
6

6
6

6
52

52

52
52

52

52
52

52
52
52

52

52

52
52

52
52

52

52

Rent Price Index Supply Index* Demand Index

550

440

330

220

110

0
1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q

3Q

1Q

2Q
Q

Q
16

26

36

56
16

26

36

4
16

26

36

56
16

26

36

4
6

6
6

6
52

52

52
52

52

52
52

52
52
52

52

52

52
52

52
52

52

52

*Source: Property listings on DDproperty

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


As Thailand has reopened since 1 June 2022, allowing foreigners to freely travel
into the country, the real estate market should start to show positive signs of
recovery.

Moreover, the Ministry of Interior plans to legislate a policy allowing foreigners


who have invested over THB40 million in Thailand over three years to buy land
and buildings not over 1 Rai. Once this legislation is approved, forecasts expect
landed properties to show more growth.

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


Conclusion
The Price Index trend for condominiums is likely to remain stable, while it increases for
single-detached houses and townhouses to satisfy high demand.

There is demand across all property types, leading to predictions of a decrease in supply
and no signs of an oversupply in the market.

For buyers and long-term investors with strong purchasing power, Q3 2022 is likely to be
the last chance to take advantage of the affordable prices before they increase due to
higher construction costs and interest rate hikes expected at the end of the year. Also,
new land appraisal prices will rise by 8% in 2023, creating another setback for buyers.

Government policies such as discounted transfer ownership fees and the Bank of
Thailand’s LTV policy encourage buyers to transact, but the government needs to take
other steps to stimulate the market. Policies such as reducing property taxes for the first
house or expanding the discounted transfer ownership fees to over THB3 million would
bolster buyer purchasing power.

Overall, the rental market remains stable, but there is a potential for growth, especially
towards the end of the year as industries resume operations post-pandemic and the
country opens its borders.

We might not yet be able to see market recovery, but


developers are creating many interesting projects to fulfil
the ‘work from everywhere’ setup. There is an emphasis on the
importance of technology and the environment, such as
setting up more EV charging stations within the projects. Also,
it is worth noting that resale properties seem to be very
popular due to the discounted transfer ownership fees and
more attractive prices compared to new projects.

Kamolpat Sawaengkit
Country Manager of
DDproperty

DDproperty Thailand Property Market Report Q3 2022 – Powered by PropertyGuru DataSense


About This Report
Buying a home can be one of the most difficult decisions of our lives. It is also likely to
be the most expensive one too. When committing to purchasing property, it is
important to make an informed choice for a confident investment.

DDproperty helps make this process easier for homebuyers since we are all
potential homebuyers and homeowners. Therefore, we have created this report to
help Thais better understand the mechanics of the property market, so buyers
know their offer is in line with market sentiments or to understand when the right
time is to make their purchase

As the Kingdom’s leading online real estate portal, DDproperty processes a vast
amount of real estate data daily, providing us with the necessary data to crunch, and
deliver in-depth insights to all Thai home seekers.

Methodology
Using a range of statistical techniques, the data from over 600,000 home listings on
DDproperty is aggregated and indexed for the quarterly DDproperty Thailand
Property Market Report - Powered by PropertyGuru DataSense. The report presents
three main indices – the Price Index, Supply Index, and Demand Index, for both the
sales and rental markets. This enables us to draw meaningful insights on Thailand's
residential property market, based on the price fluctuations and supply-demand
trends.

The Price Index is indicative of sellers’ optimism, based on the prices on DDproperty
that developers and homeowners feel that they can get for their respective properties.
This is complemented by the Supply Index, which provides a view on supply volumes in
the market through the number of new launch and resale property listings on the
platform. The responsiveness of home buyers and tenants to the Price and Supply
Indices is shown in the Demand Index, which represents the proportion of interested
property seekers for homes listed.

Since Q1 2022, the DDproperty Thailand Property Market Report - Powered by


PropertyGuru DataSense has been using Q1 2018 as the base quarter for the Price,
Supply and Demand Indices. Prior to that, the DDproperty Thailand Property Market
Index was computed using a different methodology, using Q1 2015 as the base quarter.

DDproperty Thailand Property Market Report Q3 2022 - Powered by PropertyGuru DataSense


PropertyGuru Group

REG PropertyGuruGroup.com | AsiaPropertyAwards.com | AsiaRealEstateSummit.com


TH DDproperty.com | Thinkofliving.com
SG PropertyGuru.com.sg | CommercialGuru.com.sg
MY PropertyGuru.com.my | iProperty.com.my
ID Rumah.com
VN Batdongsan.com.vn

Contact
For media or press inquiries, or to understand more about the DDproperty Thailand Property Market
Report Q3 2022 – Powered by PropertyGuru DataSense, Please email mediaenquiry_th@ddproperty.com

Special Thanks
To Khun Kamolpat Sawaengkit for her contributions to the DDproperty Thailand Property
Market Report Q3 2022 – Powered by PropertyGuru DataSense.

Disclaimer
This publication has been prepared for general guidance on matters of interest only, and
does not constitute professional advice. You should not act upon the information contained
in this publication without obtaining specific professional advice. No representation or
warranty (express or implied) is given as to the accuracy or completeness of the
information contained in this publication, and, to the extent permitted by law,
DDproperty.com/PropertyGuru Group does not accept or assume any liability,
responsibility or duty of care for any consequences of you or anyone else acting, or
refraining to act, in reliance on the information contained in this publication or for any
decision based on it.

About PropertyGuru DataSense


PropertyGuru DataSense is the leading data technology partner in the property market -
providing big data, analytics and solutions to help our partners utilise actionable insights
and technology to achieve their business goals.

About DDproperty
DDproperty is the No.1 property marketplace in Thailand, and part of PropertyGuru
Group, Southeast Asia’s leading PropTech company. DDproperty transformed the
way Thais find homes by taking property online and has since been helping them
make confident property decisions.

Currently with more than 60%* market share, DDproperty is the preferred
destination for property seekers to find and own their dream home. For more
information, please visit www.DDproperty.com; www.PropertyGuruGroup.com or visit
us on Facebook, Instagram, Youtube, and Linkedin

*Source: Based on SimilarWeb data between October 2021 and March 2022

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