Despite the sluggish economy, the average selling price per square metre of new condo units in Greater Bangkok during the first half of 2026 neared the level recorded in 2019, the second-highest on record after the 2018 peak.
Surachet Kongcheep, head of research at property consultancy Cushman & Wakefield Thailand, said residential developers typically shift towards lower-priced housing during economic downturns to match weaker purchasing power.
"This downturn is different from previous cycles because middle- to lower-income homebuyers are struggling to obtain mortgage approval," he said. "As a result, developers are avoiding new condo launches in these segments."
The average selling price of newly launched condo units reached 120,364 baht per square metre in the first half of 2026, up 9.4% from 110,000 baht at the end of 2025.
Average launch prices have increased annually since 2022, rising from 84,500 baht per sq m in 2021, the lowest level in several years, to 87,625 baht in 2022, 95,500 baht in 2023, and 100,000 baht in 2024.
The market peaked at 126,373 baht per sq m in 2018, when Greater Bangkok's condo market boomed, driven largely by Chinese buyers. Average prices then eased to 120,633 baht in 2019 before falling to 92,920 baht in 2020 as the pandemic hit the market.
"Affordable condo launches will become increasingly rare," Mr Surachet said. "Land prices continue to rise, construction costs remain elevated and demand from middle- to lower-income buyers is constrained by stricter mortgage approval."
According to Cushman & Wakefield Thailand, the average selling price of newly launched condo units jumped to 150,420 baht per sq m in the second quarter of 2026 from 90,308 baht in the first quarter.
The increase reflected a shift in developers' launch strategy, with around 90% of new launches concentrated along the skytrain's Sukhumvit Line outside the central business district, targeting higher-priced segments, while the remainder were launched in suburban Bangkok.
Meanwhile, first-quarter launch prices were dragged lower by Baan Chao Thai, a 4,150-unit condo project in the Srinakarin area developed by BTS Group Holdings Plc. With prices starting at 63,000 baht per sq m, the project significantly lowered the first quarter's average selling price.
"Despite the slowdown in the condo market, developers continue to target buyers with stronger purchasing power rather than the lower-priced segment, where mortgage approvals have become increasingly difficult," said Mr Surachet.
He said that most new projects are being launched near mass transit stations, particularly within walking distance, as the expansion of the rail network has lifted land prices in surrounding areas, driving up condo prices.
"Condo developers are avoiding new launches in Greater Bangkok, shifting focus to Phuket where project launches remain active," said Mr Surachet.
"Many are also concentrating on clearing completed unsold inventory or disposing of units through bulk sales to improve cash flow, while some have used unsold condominium units to settle construction payments with contractors."
