The price index for new condominiums in Greater Bangkok rose by 3.4% year-on-year in the first quarter of 2025, marking the second consecutive quarter of gains above 3%, according to the Real Estate Information Center (REIC). This upward trend is largely attributed to increased development costs, including pricier construction materials, higher wages, and rising land prices, especially in prime areas near mass transit and business districts.
The index reached 160.4 points, representing a 0.3% increase from the previous quarter. This sustained growth is the most significant since the pre-pandemic period, with a comparable surge last seen in early 2019 when price increases peaked at over 10%.
In Bangkok, the condo price index rose to 163.3 points, up 3.6% year-on-year and 0.4% from the previous quarter. The highest increase was noted in the lower Sukhumvit area, particularly for condos priced between 7.51 and 10 million baht.
Surrounding provinces also saw growth. In Samut Prakan and Nonthaburi, the index climbed to 147.4 points, marking a 3% annual rise and a 0.1% quarterly uptick. The strongest demand in these areas was for condos priced between 1.51 and 2 million baht, especially in Mueang Samut Prakan, Phra Pradaeng, and Phra Samut Chedi.
Meanwhile, prices for new low-rise housing in Greater Bangkok rose more modestly, with the index inching up 0.2% year-on-year and 0.3% quarter-on-quarter to 131.8 points. Despite the increase, the growth rate has slowed as developers face higher unsold inventories and consumers show weaker purchasing power.
In Bangkok, the sharpest price growth for single detached houses was seen in Phra Khanong, Bang Na, Suan Luang, and Prawet, particularly in the 7.51 to 10 million baht segment. In Nonthaburi, Pathum Thani, and Samut Prakan, prices rose the most in Mueang Nonthaburi and Pak Kret for homes priced over 10 million baht.
Townhouses in Bangkok experienced the highest price increases in Lat Phrao, Bang Kapi, Wang Thonglang, Bung Kum, Saphan Sung, and Kannayao, particularly in the 7.51 to 10 million baht range. However, in Nonthaburi’s Bang Kruai, Bang Yai, Bang Bua Thong, and Sai Noi, townhouse prices dropped in the 2.01 to 3 million baht range due to older stock and clearance sales.
Developers boosted promotions in the condo market this quarter, with 64.8% of projects offering free gifts — up from 45.9% in the previous quarter. However, the share of offers covering transfer-day costs dropped to 19.8%, down from 28.9%, and cash discounts also declined to 15.4% from 25.2%.
In the low-rise segment, the most popular incentive was free transfer-day expenses, accounting for 34% of promotions, slightly down from 34.4%. Cash discounts increased to 34% from 29.6%, while gifts such as air conditioners, water tanks, and waived fees made up 32%, a decline from 36% in the previous quarter.
