Luxury condos market recovers slowly as HNWI focus on capital reservation

• Bangkok’s luxury condo saw positive net absorption of 665 units in Q3 2025, roughly half from new completions. HNWIs stayed cautious yet financially strong. Sales were driven by mid-Sukhumvit area supported by strengthened marketing and promotions.
• Foreign professionals sustained demand for prime apartments during Q3 2025, with preferences for larger-format units. Vacancy declined for the third straight quarter, down 16 bps q-o-q, amid relocations and new MNC setups.

The introduction of new supply remains low amid cautious market

• Two projects were completed during the quarter, adding around 600 units to the CBA luxury condo stock by about 600 units to 73,100 units, with around 60% already sold. New launches include Widen by Sansiri and Ei8theen Seven, both in the Central Bangkok submarket.
• Image 49’s completion added 64 prime apartment units in the Central East, increasing CBA’s prime apartment stock to 4,800 units. The prime apartment market was experiencing a highly active year, with year-to-date completions reaching their highest level since 2018.

Pressure from discounts limits capital values growth while rents surge

• Ongoing promotional discounts in the market exerted downward pressure on capital values. As a result, luxury condominium capital values fell by 1.9% q-o-q, though still showed a 0.7% y-o-y increase.
• With weaker buying sentiment, more residents opted to rent for financial and lifestyle flexibility, avoiding long-term property mortgage commitments. As a result, luxury condo monthly gross rent for luxury condo increased 0.7% q-o-q and 8.4% y-o-y.

Outlook: Condo market faces cooling sentiment, stable end-user demand, and rising rental growth through 2026

• A cooling market is expected as steady end-user demand persists, while speculators await favourable market condition. Lower pricing may lift condominium sentiment. By end-2026, eight new projects are set to be completed, with presales averaging 72%.
• Headwinds propel rental demand upward, increasing 7.8% and 1.3% by end-2025 and 2026, respectively. Capital values are set to rise modestly as promotions on projects pressure growth back to pandemic levels, increasing in contrast to stabilised yields to of 5.2%.