Bangkok. File photo for reference only
In Bangkok, high-rise buildings are feeling the aftershock of a recent earthquake, with condo buyers' confidence shaken to its core.
Damages found in many condos have homeowners worried, causing experts to predict a slump in condo sales and transfers to levels not seen since 2010. Industry professionals are bracing for the worst quarter for condo activity in over a decade.
Phattarachai Taweewong from Colliers Thailand reports that potential buyers and existing condo owners are hesitant, impacting sales for high-rise units.
Buyers with pending transfers are expected to delay as they assess the post-earthquake safety of buildings. New condo sales in April-June 2025 could hit a new low, following the previous low of 19 billion baht in mid-2024.
Looking at supply, 31.4 billion baht worth of condos in Greater Bangkok are scheduled for transfer by mid-2025. This compares to a 33 billion baht transfer scheduled in early 2025, with both numbers well below the peak of 85.9 billion baht seen in late 2024.
With a substantial unsold inventory of 458.4 billion baht, the market is flooded with options for wary buyers.
However, the silver lining lies in the low-rise housing market. These homes, seen as safer investments, are predicted to see stable or increased sales.
Surachet Kongcheep from Cushman & Wakefield notes that confidence in condos will take time to rebuild, and developers are urged to focus on safety reassurances. Comprehensive safety inspections and certifications are critical to restoring trust.
Developers may face a wave of cancellations, especially for new transfers. Many are delaying new project launches and marketing efforts until the market stabilises.
As the property market navigates these uncertain times, the emphasis remains on building safety and consumer confidence.
Based on a story by Bangkok Post
-- 2025-04-01
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