Across Thailand, transfers of second-hand condominiums in the first quarter of 2025 showed increases across most price brackets, driven primarily by declining purchasing power, according to the Real Estate Information Center (REIC).
Kamonpop Veerapala, president of the Government Housing Bank and acting director-general of REIC, stated that reduced affordability has led many buyers to consider second-hand units in similar locations. “Affordability remains a crucial factor,” he explained. “Second-hand condominiums are generally more budget-friendly than new developments and often offer comparable locations and usable space at substantially lower prices.”
Despite an overall decline in total condo transfers nationwide—down 7.3% year-on-year to 21,814 units—the volume of second-hand condo transfers increased in several price segments. Units priced between 1.51-2 million baht saw growth of 11% in both transfer volume and total value, while those priced from 2.01-3 million baht rose 4% in volume and 2.9% in value. Condominiums in the 3.01-5 million baht range increased 8.9% in units and 8.5% in value, and those in the 5.01-7.5 million baht category grew 3.9% in volume and 4.8% in value.
Notably, condominiums priced between 7.51-10 million baht experienced the strongest growth, with units rising by 20.4% and value increasing by 19.2%. Conversely, transfers of second-hand condos priced below 1 million baht, between 1.01-1.5 million, and exceeding 10 million baht declined by 3.3%, 2.3%, and 5.3%, respectively.
Transfers of new condominiums across most price ranges also declined, falling between 7% and 24.3%. An exception was units priced between 1.01-1.5 million baht, which surged by 47.8% to 1,809 units. This spike was attributed to a significant number of new condos in this price range being completed and transferred during the quarter, mainly in Greater Bangkok.
The report also highlights a large inventory of unsold condos priced between 1.01-2 million baht, accounting for 29.7% of unsold, completed units—totaling 9,606 units.
Kamonpop anticipates that in the second quarter, the second-hand condo market—particularly high-rise units—may gain further momentum, especially following the recent earthquake, as buyers will be able to assess potential quake-related damage firsthand before making purchase decisions.
