Bangkok's resale condo market is attracting more buyers as affordability becomes a growing concern, with purchasers opting for larger units at steep discounts rather than paying record prices for newly launched projects, according to property consultancy Savills Thailand.
Prapaporn Boonkajornkul, deputy managing director of the consultancy, said the widening price gap between new and resale condos has become the strongest driver changing buyer behaviour, particularly among Thai owners.
"Thai buyers are less concerned about a building's age than usable space," she said.
"Many are choosing older condos because they can buy significantly larger units for the same budget."
More than 70% of buyers in Savills' resale business are Thai, while foreigners account for roughly 30%.
Thai buyers typically prioritise larger living spaces over building age, whereas foreigners continue to favour newer developments with modern facilities, said Ms Prapaporn.
Sukhumvit, Sathon and Silom remain the three most active resale locations, with demand concentrated in two-bedroom units measuring 70-80 square metres and priced from 10 million baht.
The pricing gap has widened sharply in prime districts. In Thong Lor, newly launched condos now exceed 200,000 baht per sq m, while comparable resale units can still be purchased for only 60,000-70,000 baht per sq m.
The price gap is also evident in Suan Phlu, where resale condos sell for less than 100,000 baht per sq m, compared with 180,000-200,000 baht per sq m for new developments.
She said price remains the biggest factor influencing purchasing decisions. Units originally offered at 180,000 baht per sq m often attract buyers after being discounted to around 120,000 baht per sq m.
More than 70% of Savills' resale inventory comes from units under its property management portfolio, providing buyers with greater confidence in building quality, maintenance history and transaction transparency.
Mortgage financing remains widely available for resale purchases, with buyers typically borrowing 60-70% of a property's value and paying the remainder in cash.
The shift comes as Thailand's housing market grapples with slowing demand and mounting inventory.
Kasikorn Research Center recently forecast unsold housing stock nationwide would exceed 610,000 units this year, driven largely by a surge in second-hand homes entering the market as developers continue scaling back new launches.
Earlier research by SCB Economic Intelligence Center and Krungthai Compass pointed to rising resale activity as affordability constraints intensify, with buyers increasingly favouring existing homes in established locations over newly launched projects carrying substantially higher prices.
"For buyers, the growing resale market offers wider choices and stronger bargaining power," Ms Prapaporn said.
"For developers, however, it intensifies competition as unsold inventories continue to accumulate amid subdued purchasing power."
She said resale condos are likely to remain an attractive option for buyers seeking larger homes in established locations without paying premium prices for newly launched projects.
