Bangkok new condominium launches plummet to record lows in 15 years

Only 405 units were introduced in Q2 2025.

In the second quarter of 2025, the condominium market in Bangkok continued to remain in a state of slowdown, with only two new projects launched. According to a Knight Frank report, this reflects developers’ cautious stance toward new investments amid market conditions that remain under pressure from multiple factors.

“In addition, the recent earthquake has created a psychological impact on the condominium market, particularly on completed projects with unsold units. This has led to a clear decline in ownership transfers compared to the COVID-19 pandemic period, while the number of new project launches has also decreased accordingly. Many developers have therefore had to extend the timeframe for clearing their stock, which may result in higher management costs,” the report added.

Here’s more from Knight Frank:

The debt repayment issues faced by some developers during this quarter may affect the overall financial standing of the real estate sector, leading to price reductions or special sales strategies to accelerate sales and revenue in order to effectively manage cash flow and debt obligations. Despite facing multiple challenges, developers continue to adapt and implement proactive strategies to cope with the ongoing uncertainties in 2025.

Supply

The supply trend showed a clear decline, reflecting developers’ continued caution in launching new projects. In Q2 2025, the number of new condominium launches reached the lowest level in 15 years, with only 405 units introduced, all located in the northern suburban area of Bangkok.

The number of project launches in this quarter was the lowest since 2020 and showed a sharp drop compared to the average levels in previous years, especially in Q2 2022 when new supply peaked at 15,164 units — the highest point in five years.

Thereafter, the market slowed again from 2023 to 2025, particularly since Q3 2023, with new supply per quarter not exceeding 8,000 units and falling below 3,000 units in some quarters, such as Q4 2023 and Q1 2024.

In addition, condominium ownership transfers in Q2 2025 dropped significantly to only 12,183 units, the lowest level in more than six years. This reflects the severe market slowdown, which has persisted due to economic uncertainties and negative factors undermining buyer confidence, including high household debt, rising living costs, and stricter mortgage lending criteria by financial institutions.