This article on demand for Bangkok condos appears in the Dot Property Group Report: How Has COVID-19 Impacted the Thailand Property Market? Click here to download your FREE copy.
Key Facts
- Studio and one-bedroom condo units declined in popularity among domestic property seekers
- 70.3% of overseas demand for Bangkok condos was for units either under THB3 million or above THB10 million
- Buyers appear to be more discerning when searching for condo units in the Thai capital with both agents and developers reporting fewer sales since the COVID-19 pandemic began
Domestic demand for Bangkok condos fell by less than one percent during the COVID-19 pandemic although there were some noticeable shifts in what local buyers were interested in. Meanwhile, overseas interest declined by 32.5 percent which was to be expected in light of travel restrictions preventing this group from visiting Thailand.
When comparing the pre COVID-19 period of April 2019 to March 2020 to the following 12 months during the pandemic, international demand for Bangkok condos shifted away from units priced between THB3 million and THB10 million. Instead, their focus was on the low- and high-ends of the market.
Demand for condos priced under THB3 million made up 38.4 percent of all overseas enquiries during April 2020 to March 2021, a six percent year-on-year increase. Meanwhile, demand for THB10-30 million condo units and units costing more than THB30 million rose by two and three percent over the same time span, respectively.
Local demand for Bangkok condos unchanged but requirements evolve
The domestic Bangkok condo market remains the single largest residential real estate sector in Thailand in terms of demand. And while the COVID-19 pandemic did see more people look towards housing, there was no drastic decline in local demand for condo units in the capital.
There was a change in terms of what people were searching for, however. Larger, multi-bedroom units were popular among property seekers once the COVID-19 pandemic took hold in April 2020. Given the overall increase in housing demand across Bangkok and the surrounding areas, those looking for a new home seem to be placing more value on space.
Studio and one-bedroom condo units accounted for 61.6 percent of all domestic enquires between April 2020 and March 2021, a decline of 3.2 percent from the previous 12 months. Demand for two-, three- and 4+ bedroom units all increased over the same stretch.
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