Following the earthquake on March 28, 2025, many anticipated that condominium sales would face difficulties. Dr. Sopon conducted a survey on the sales situation and found that condominiums can still be sold even after the earthquake.

On Tuesday, March 29, 2025, Dr. Sopon Pornchokchai, President of the Agency for Real Estate Affairs (www.area.co.th), in cooperation with FIABCI-Thai, the Employers’ Confederation of Thailand, the Thai Appraisal & Estate Agents Foundation, and the Home Buyers Association, organized a seminar titled "Disasters and Real Estate" at the Holiday Inn, Silom, Bangkok.

On April 28, 2025 (one day), Agency for Real Estate Affairs collected data from 37 condominium projects with buildings taller than 20 stories, all of which are still on sale in areas of Bangkok directly affected by the earthquake. The goal was to assess the sales performance for April 2025—whether sales were still occurring. These 37 projects collectively had 7,783 units for sale.

Survey Results:
In April alone, 77 units were sold out of the total 7,783 units. If projected over the full 30 days of April, assuming holidays do not heavily distort the data, one might estimate about 100 units sold in that month—about 1.3% of total supply. In contrast, during the first three months of 2025, those 37 projects sold 397 units, or 4.9% of total units, averaging 1.6% per month. Therefore, although the earthquake had some impact, the drop in monthly sales (from 1.6% to 1.3%) was not statistically significant.

 

Details of Units Sold in April 2025:
1.  In the case of price level, it was found that the largest group was the price of 5-10 million baht per unit (44%), the price of 3-5 million baht per unit (27%), with these two groups combined accounting for 71%.
2.  In the case of price per square meter, it was found that the largest group was priced at 150,001 - 200,000 baht per square meter (38%) and condominiums priced at 100,001 - 150,000 baht per square meter (30%), with these two groups combined accounting for 68%.
3.  In the case of the number of bedrooms, it was found that the largest groups were 1-bedroom apartments (32%) and 2-bedroom apartments (23%), with these 2 groups together accounting for 55%.
4.  In the case of the square meter size of the condominium units, it was found that the largest groups were condominium units with a size of 31-40 square meters (44%) and condominium units with a size of 41-50 square meters (16%), with these two groups together accounting for 60%.

 

Survey Conclusions:
1.  In the first 1–2 weeks after the earthquake, consumer confidence was significantly affected. Buyers were cautious and delayed decisions.
2.  As the situation eased, confidence gradually returned. Project viewings increased, but purchases were still delayed. Prices and sales remained relatively stable.
3.  Sale prices were mostly unchanged. Instead of lowering prices, developers offered better post-sale services. Some buyers were waiting for special promotions post-earthquake.
4.  Completed and still-selling projects affected by the quake were undergoing internal repairs, with showrooms expected to reopen in May. Residents could continue living in the units.
5.  For projects severely affected, where residents couldn’t stay, developers offered compensation—repairing units and providing 20,000 Airbnb coins for 1 month.
6.  Projects under construction were less impacted and continued selling, though sales may have dropped about 50% due to safety concerns about high-rise living.
7.  Foreign buyers remained interested in prime locations but preferred projects with strong structural designs and earthquake resistance.
8.  High-rise projects were somewhat affected emotionally, but lower-floor units saw increased interest, benefiting projects with available lower-floor units.
9.  Many projects experienced moderate to high impact on certain floors. Heavily affected ones paused showings for renovations but remained open for sales.
10. Few buyers canceled purchases or stopped paying down payments. Most cancellations were pre-earthquake reservations that hadn’t reached the contract stage.

 

Future Outlook by the Agency for Real Estate Affairs:
1.  Popularity of low-rise projects is rising, and lower floors in high-rise buildings are gaining interest.
2.  Sales of low-rise properties are expected to increase significantly.
3.  Buyers will prioritize safety and structural integrity in purchase decisions.
4.  Developers with completed, minimally impacted projects and strong structural safety will earn more buyer trust.
5.  Efficient post-sale services and timely support for earthquake-affected residents will boost customer satisfaction and referrals.
6.  Buyers are now more cautious, preferring low-risk buildings, reflecting changing behavior in uncertain times.
7.  Marketing will shift focus to emphasize structural strength, quality building materials, and earthquake resistance.
8.  Some buyers will now prefer low-rise homes over condos, leading to improved sales of such properties in Q2/2025.
9.  Investors will temporarily delay condo investments, but this pause likely won't last beyond the end of the year.
10. In 1–2 years, buyer behavior should return to normal, especially among those needing to live or work in central or inner-city areas, where condos remain essential.

 

Recommendation
Final Recommendation from Dr. Sopon:
During this transitional period, property developers should take the utmost care of their buyers to demonstrate responsibility and seize the opportunity to strengthen their brand for the future.