Unsold Bangkok condominium stock could take five to six years to absorb
The inventory overhang may preserve buyers’ negotiating power and encourage developers to limit launches, protect liquidity and target locations with clearly identifiable demand.
Bangkok has an estimated 350,000 unsold condominiums, which could require five to six years to absorb at roughly 60,000 annual transfers.
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Around 350,000 units remain unsold.
Condominium transfer activity in Bangkok and surrounding areas increased 12.7% year-on-year despite ongoing challenges from a substantial inventory overhang, according to Knight Frank Thailand.
The consultancy said government support measures, including relaxed loan-to-value (LTV) regulations and reduced transfer fees, helped sustain housing demand, even as market recovery remained uneven across different segments.
However, Bangkok's condominium market continues to face pressure from an estimated 350,000 unsold units. With annual condominium transfers averaging about 60,000 units, Knight Frank estimates it could take five to six years to absorb the existing inventory, assuming future supply remains limited.
The firm expects developers to remain highly selective when launching new projects over the next one to two years, focusing on locations and price points with clearly identifiable demand.
"Buyers are likely to maintain strong negotiating power in terms of pricing, incentives and payment conditions as competition within the market remains intense," said Potjaman Vorakitpokathorn, Partner and Head of Project Marketing at Knight Frank Thailand.
Knight Frank said developers are expected to continue prioritising liquidity preservation and cautious expansion strategies while working through existing inventory levels in a competitive market environment.