FIGURES | BANGKOK RESIDENTIAL | Q2 2023

FIGURES | BANGKOK RESIDENTIAL | Q2 2023

Midtown and Suburban Markets remains active

with downtown launches expect in Q4 2023
+4.9% y-o-y -9.0 pp y-o-y -12.3% y-o-y
Existing Supply (Downtown) Off Plan Sales Rate (Downtown) Off Plan Asking Price -THB/SQ.M. (Downtown)

Note: Arrows indicate change from previous quarter.

Despite various announcements from publicly-listed developers of their intention to launch new FIGURE 1: Newly Completed Condominiums in Bangkok, 1995-2027F
projects in the downtown area this year, in Q2 2023, there was only one downtown project launched.
Most developers still favor launching projects in the midtown/suburban area, particularly along the No. of Units
extended mass transit lines, or locations near retail centers and universities that capture demand 70,000
from both own-stay and buy-to-rent buyers. The starting unit price of no more than THB 3 million is 60,000
still the most common product type being offered among the newly launched units in Bangkok.
50,000
The condominium market in the midtown/suburban areas continued to see more activity than the 40,000
downtown area, with 20 new launches, declining 6.7% Q-o-Q and 23.0% Y-o-Y. 30,000
20,000
In Q2 2023, the summary highlights were as follows:
10,000
‒ Newly launched condominium units in Bangkok totaled 12,172 units, a slight decline by 3.8% Q- 0
o-Q, and 20.6% Y-o-Y. Of the total, only 4.5% (542 units) are in the downtown area while 95.5%

2026F
2027F
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

Q2 2023
2020
2021
2022
Q1 2023

2025F
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

2023F
2024F
(11,630 units) are in the midtown/suburban area.

‒ The majority of newly launched projects were by listed developers, with the top three Downtown Midtown/Suburban
developers that launched the highest number of units - Origin Property, L.P.N. Development,
and AssetWise, respectively. Source: CBRE Research, Q2 2023

1 CBRE RESEARCH © 2023 CBRE (THAILAND) CO., LTD.

 FIGURES | BANGKOK RESIDENTIAL | Q2 2023

‒ There was only one project launched in the downtown area, a High-end project from FIGURE 2: Average Asking Prices of Future Units (High-End and above – Off-Plan), 2006-Q2 2023
Areeya Property, a listed developer. The project is located in the Central Lumpini area
THB / Sq.m.
and offers leasehold ownership for 30 years.
600,000
‒ A total of 3,214 condominium units were completed in this quarter; 18.1% were completed
units in the downtown area, while the remaining 81.9% were completed in the 500,000
midtown/suburban area. 400,000
366,000
300,000 279,319
We expect that downtown launches may be delayed until Q4 2023 after the new government is 270,000
settled and there is a sense of greater certainty. We are aware that may developers have plans 200,000 246,400
for their projects and that they are assessing the right timing for the public launch 234,875
100,000
Many developers have held land plots suitable for development since 2019 and are eager to
launch there projects so long as the timing and sentiment in the market is right. We expect to 0

2006
2007
2008
2009

Q2 2023
2020
2021
2022
Q1 2023
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
see higher-end segments, with larger unit type that is extensive enough for a family to stay in
central Bangkok..

Silom/Sathorn Central Lumpini Sukhumvit

Riverside Average Price

Remarks: Average asking price of each project is obtained by calling the developer’s sales teams.
The drop in average asking price in the Central Lumpini area mainly came from the removal of Scope Langsuan which has
completed in Q4 2022 with its average asking price of THB 600,000 per sq.m.
Source: CBRE Research, Q2 2023

2 CBRE RESEARCH © 2023 CBRE (THAILAND) CO., LTD.

 FIGURES | BANGKOK RESIDENTIAL | Q2 2023

The total number of expatriates in Thailand as of June 2023 was 158,801, an increase of 1.2% Q- FIGURE 3: Number of Expatriates in Thailand, 2011–Q2 2023
o-Q and 11.5% Y-o-Y.
No. of Expatraites % Change Y-o-Y
The number of expatriates in Bangkok totaled 86,253, an increase of 8.9% Y-o-Y. Chinese
100,000 40%
nationals have remained the largest expatriate group in Thailand for three consecutive quarters,
90,000 30%
accounting for 17% of total expatriates.
80,000
The average occupancy rate of apartments this quarter was 91.9%, increasing 1.9 percentage 20%
70,000
points Q-o-Q and 4.0 percentage points Y-o-Y. 10%
60,000
According to CBRE transactions, the three-bedroom unit type remained the most popular unit 50,000 0%
type for apartments, accounting for 61% of the total apartment transactions. 40,000 -10%
In terms of Grade A rent performance by location, there was an increase in the average asking 30,000
-20%
rent for Grade A apartments in the Sukhumvit area from THB 510 per square meter per month 20,000
to THB 564 per square meter per month in Q2 2023. 10,000 -30%
0 -40%
In the Silom/Sathorn area, there was an increase in the average asking rent for Grade A

Q2 2023
2020

2021

2022

Q1 2023
2011

2012

2013

2014

2015

2016

2017

2018

2019
apartments to THB 430 per square meter per month. On the other hand, Central Lumpini/Siam
saw a decrease in rental rates to THB 492 per square meter per month.
The overall asking rental rate for Grade A apartments across the three submarkets increased by BANGKOK PROVINCES Total % CHANGE Y-O-Y
1.3% Q-o-Q and 15.0% Y-o-Y to THB 528 per square meter per month.
Note: Due to a calculation error, expatriate numbers for Q2 2020 were revised in Q3 2020. This error only affected the provincial and total
expatriate numbers for Q2 2020.
Source: Foreign Workers Administration Office (as of June 2023)

3 CBRE RESEARCH © 2023 CBRE (THAILAND) CO., LTD.

 FIGURES | BANGKOK RESIDENTIAL | Q2 2023

QUARTERLY REPORTS

Bangkok Property Report

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database reinforcing its reputation as Bangkok’s definitive property sector source.

The Bangkok Property Report provides in-depth analysis of the Bangkok real estate market, including property supply and demand, occupancy, take-
up, prices, rental trends and other indicators.

Online annual subscriptions are available. For more information email: research@cbre.co.th

Contact
Research & Consulting, Thailand Research & Consulting, Thailand Residential Sales Services – Ad Hoc, Thailand Residential Leasing Services, Thailand
Chotika Tungeirisurp Nicholas Vettewinkel Praphinleeya Phuengkhuankhan Theerathorn Prapunpong
Head of Research & Consulting Director Head of Residential Sales – Ad Hoc Head of Residential Leasing
+66 (0)2 119 2930 +66 (0)2 119 2929 +66 (0)2 119 5797 +66 (0)2 119 1599
chotika.tungsirisurp@cbre.com nicholas.vettewinkel@cbre.com praphinleeya.phuengkhuankhan@cbre.com theerathorn.prapunpong@cbre.com

© Copyright 2023. All rights reserved. This report has been prepared in good faith, based on CBRE’s current anecdotal and evidence based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of
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