The Thai residential market has been experiencing a slowdown in the first half of 2023, due to the prolonged impact of the COVID-19 pandemic and the political uncertainty.
According to the latest report by CBRE Thailand, the total number of new condominium units launched in Bangkok in H1 2023 was 17,859 units, a decrease of 35.6% year-on-year. The average take-up rate was 55.4%, the lowest level since 2009.
The demand for single-detached houses and townhouses also declined, as buyers became more cautious and selective amid the economic downturn and the rising household debt. The total number of new units launched in Bangkok and its vicinity in H1 2023 was 38,762 units, a drop of 24.4% year-on-year. The average take-up rate was 58.7%, down from 64.5% in H1 2022.
The market is expected to remain sluggish in the second half of 2023, unless there are significant improvements in the…
