Thai Appraisal and Estate Agents Foundation has been consistently publishing construction cost data, an initiative originally led by Dr. Sopon Pornchokchai during his tenure as a board member of the The Valuers Association of Thailand. The first construction cost estimate was published in 2000. However, since 2013, the association ceased updating the data, prompting Dr. Sopon to continue the initiative under the Foundation. These construction cost indices are now updated quarterly to serve as reference data for property valuation professionals, general consumers, and investors.

 

In compiling this data, the Foundation conducts both governmental and field research to establish updated construction cost estimates. The following is the most recent report as of March 2025:

 

Component Breakdown of Construction Materials (Percentage Weight):

Price Change Summary (December 2024 – March 2025, Q4/2024 to Q1/2025):

 

The average increase in construction material prices during this quarter was +0.65%. Key changes are as follows:

No material categories showed price stability.

 

Detailed Index Changes:

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It is important to note that construction costs include not only materials, but also labor, profit margin, taxes, and operational costs. Taking all these components into account, the overall construction cost index increased by +0.39% in Q1/2025. Breakdown is as follows:

 

Construction Cost Composition and Change:

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Summary of Construction Cost Adjustments (as of March 2025):

 

1. Construction material prices rose by +0.65% overall. Price increases were noted in cement, concrete products, steel, ceramic tiles, and miscellaneous materials. Price reductions occurred in finishing materials, sanitary ware, and electrical systems.  

 

      2. Labor costs remained unchanged.

 

      3. Profit margins, taxes, and operational expenses remained unchanged.

 

      4. Taking all factors into consideration, the overall construction cost rose by +0.39% in Q1/2025.

 

Construction Cost Details: https://www.thaiappraisal.org/english/the2001/default.php