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Home»News»Bangkok Housing Market Hits 20-Year Low Amid Economic Struggles
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Bangkok Housing Market Hits 20-Year Low Amid Economic Struggles

WadiBy WadiAugust 1, 2025No Comments0 Views
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Plummeting Residential Sales

Sharp Decline in New Launches

In 2025, Greater Bangkok’s residential market faces its worst downturn in two decades, with new housing launches dropping to 13,867 units in the first quarter, a 15.6% decrease from the previous year, according to the Real Estate Information Center. Sales plummeted by 29.3%, totaling 11,314 units, as developers grapple with rising unsold inventory and weakened demand, driven by Thailand’s sluggish GDP growth and high household debt.

Rising Unsold Inventory

Extended Time to Clear Stock

The accumulation of 237,571 unsold units, valued at 1.45 trillion baht, marks an 11.4% increase in volume and 18.6% in value compared to 2024. The Real Estate Information Center estimates it will take 64 months to clear this inventory, a 60% surge from last year’s 40 months. This oversupply, coupled with declining sales, has forced developers to prioritize cash flow over new projects, stalling market recovery.

Land Acquisition Slows

Developers Face Financial Strain

Competition for land in Greater Bangkok has nearly vanished, with Supalai’s managing director, Tritecha Tangmatitham, noting zero competitors for 30 land plots at a recent acquisition meeting. Developers like Eastern Star Real Estate are selling land to manage debt, as reliance on debentures becomes unsustainable. The drop in environmental impact assessment approvals, from 15 to two projects monthly, reflects a cautious approach amid economic uncertainty.

Opportunities for Strong Players

Strategic Advantage in Crisis

Despite the downturn, financially robust developers see a chance to gain market share. Tritecha highlighted that limited new supply and declining competition create opportunities for well-funded firms to dominate when recovery arrives. With annual sales dropping from 120,000 units in 2017 to 60,000 in 2025, and household debt nearing 90%, only disciplined companies with strong cash reserves can navigate this fragile market and capitalize on future growth.

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