The Dot Property Group Bangkok Condo Market Report Q1 is available for download today! Click here for your copy.
International Bangkok condo demand has yet to recover with units priced under THB3 million being the most affected market segment. Demand remained relatively flat between October 2021 and March 2022, although there was a noticeable decrease in interest year-on-year.
Demand from overseas buyers dipped by 1.3 percent between the fourth quarter of 2021 and the first quarter of 2022. However, there was a sharp decline of 22.2 percent when comparing the first quarter of 2021 with the first quarter of this year.
This is not surprising all things considered. The global economic outlook was positive while there was excitement surrounding Thailand’s pending reopening in the first quarter of last year. It was a much different situation 12 months later.
The Kingdom’s reopening was beset by issues, including a partial lockdown and cumbersome entry restrictions. Meanwhile, the global economy is now coping with inflation and geopolitical conflict. Both have had a negative impact on international property buyers, particularly those at the low end of the market.
International Bangkok condo demand for units priced at less than THB3 million fell by 44.2 percent in the first quarter of this year when compared to the same period in 2021. However, the high-end market remained relatively unscathed.
Demand for units priced at more than THB10 million fell by only 4 percent during this time. That isn’t much of a surprise since buyers in this segment usually have enough cash in hand to make a purchase regardless of global events.
As far as location, nearly 60 percent of international Bangkok condo demand between October 2021 and March 2022 was concentrated on Bangkok core of Sukhumvit, the CBD and central areas. Greater Sukhumvit remains the most popular area while there continues to be growing interest in the Thai capital’s riverside.
The Dot Property Group Bangkok Condo Market Report Q1 is available for download today! Click here for your copy.