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Rising and Falling Locations for Housing in Bangkok
AREA Press Release No. 0095/2025: January 31, 2025
Dr.Sopon Pornchokchai, Ph.D. Dip.FIABCI, MRICS
President, Agency for Real Estate Affairs (AREA)
Which locations are prominent and prosperous, and which locations were declining in 2024, which will continue to have an impact in 2025? Where are they? Land developers and home buyers should be aware.
Dr. Sopon Pornchokchai, President of the Agency for Real Estate Affairs (www.area.co.th), announced the results of the housing market survey at the end of 2024, finding important locations that should be considered, especially for land developers, investors, home buyers, real estate agents and professionals.
It can be seen that out of the total number of newly launched residential projects of 61,453 units, 27,931 units or 45.3% are condominiums, which is considered to be a decrease from the previous launches of approximately 50-60%, but is still considered the largest group. The next largest group is single houses at 15,603 units (15,603 units), which turns out that single houses were launched more than townhouses at 12,381 units (20.1%). The main development value is single houses at 216,279 million baht from 413,773 million baht or 51.7%, followed by condominiums at 125,370 million baht (30.0%) and townhouses at 40,940 million baht (9.8%). It can be seen that houses priced lower than 3 million baht still total 54,671 units.
For products launched in 2024, totaling 61,453 units, 15,805 units or 25.71% have been sold, which will have to be gradually sold in a situation where the real estate market slows down in 2024 due to the economy that is not improving as much as it should. The products that are selling well are condominiums, which have been sold at 40%, townhouses, which have been sold at 16%, and single houses, which are priced higher on average, which have been sold at 11%.
The best-selling rankings in the past year (2024), which should be an interesting case study for investment, are as follows. The top rankings are products with a small number, such as commercial buildings (shophouses) priced at 5-10 million baht, E2: Nimit Mai area, which had 19 units, all sold out in a single month. Normally, shophouses are difficult to sell and there are not many developers, but in this case, they sold well, probably because they are in a good location. Condos priced at 5-10 million baht, A2: Bang Khan-Khlong Luang, with 9 units, were also sold out, probably because there were few units. And commercial buildings (shophouses) priced at 5-10 million baht, K1 Rama II, Km. 1-10
However, if we consider the locations with a sufficient number of sales units, we will find that the following locations are selling well, with almost no units left for sale in 2025, such as:
N4: Bang Bua Thong has 2-3 million baht condo units, 102 units, 87 units sold, 15 units left, or 47.3% sold per month, showing that the condo units in this area, which used to be overflowing, are gradually improving.
A2: Bangkhan-Khlong Luang, condominiums priced at 3-5 million baht, 362 units, 360 units sold, only 2 units left, equivalent to 42% sales per month, considered very good sales, which is probably because it is near Thammasat University and Bangkok University.
N5: Sai Noi-Suphan Buri, cheap condos for less than 1 million baht, 231 units, 228 units sold, only 3 units left.
L2: Bangkok Noi, Bangkok Yai are condominiums priced at 5-10 million baht. It appears that there are 176 units, 163 units have been sold, only 13 units remain, which is equivalent to a sales rate of 19.9% per month.
A2: Bangkhan-Klong Luang is a condominium priced at 2-3 million baht, with 2,454 units. 2,121 units have been sold, leaving only 333 units, or a sales rate of 19.8% per month, equivalent to a sales rate of 16% per month.
Products that are considered “dangerous” because they cannot be sold, are difficult to sell, and will take a long time to sell, and all parties should pay special attention to them, include the following products:
- Townhouses, price 5-10 million baht, location E2: Nimit Mai, 50 units, opened but no sales (cannot specify the name), this is probably because the price of this product is too high in this area.
- Condos priced at 5-10 million baht, location D6: Nawamin, cannot be sold at all because the price is too high.
- Townhouses priced at 10-20 million baht in M2: Outer Ring Road (Kanchanaphisek) are also not selling at all due to the very high prices.
It can be observed that most unsold products are due to pricing that is too high. This may be due to lack of market research. Therefore, the price may need to be reduced or a new format may need to be changed to be more suitable for the market.
In the launch of new projects in 2024, it was found that the locations with the most launches in terms of number of units were as follows:
- Condominiums priced at 3-5 million baht in location I1: Phahon Yothin have been launched with the highest number of 4,041 units, but 2,162 units have already been sold, leaving only 1,879 units as a minority.
- Condominiums priced at 1-2 million baht in A2: Bangkhan-Khlong Luang, launched with 2,589 units, of which 1,277 units or about half have been sold, due to their proximity to Thammasat University and Bangkok University.
- Single-family homes, price 5-10 million baht, in location N7: Lat Lum Kaew - Highway 345, open to 1,410 units, 73 units sold, still many left. This case should be closely monitored.
- Condominiums priced at 2-3 million baht, 1,083 units, 63 units sold, most remaining.
It can be seen that the products that are being launched the most at the moment are mainly condominiums. This is because condominiums sell faster on average than single houses and townhouses.
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