BANGKOK – In May 2025, the overall picture of real estate markets in the Bangkok Metropolitan Region improved. The launch of new projects began to increase again, with a total of 27 new projects launched, an increase from April by 17 projects, resulting in an increase in the number of sales units and project value, but the average selling price per unit decreased.

There were a total of 1,927 new sales units launched, and the total project development value was Baht 31,001 million (USD 939 million).

Dr. Sopon Pornchokchai, President, Agency for Real Estate Affairs (www.area.co.th), which has been surveying projects since 1994, continuously for 31 years, found that the number of new real estate projects launched this May 2025 totaled 1,927 units, an increase of 1,239 units from the previous month (April 2025 had 688 units) or an increase of approximately 180.1%.

This month, 61% of new project launches were from large companies in the stock market and their affiliates, which decreased their market share from April, which had a high market share of 87 % in terms of sales units. This indicates that medium to small entrepreneurs have started to develop more.

The type with the highest development value is single-detached houses at 20,829 million baht (67.2%), followed by condominiums at Baht 5,257 million (17.0%), and townhouses at Baht 2,342 million (7.6%) of the total development value, respectively.

Low-Priced Condominiums

Therefore, the overall picture of real estate development this month is mostly single-detached houses, focusing on prices from Baht 10 million and up, townhouses at Baht 2-3 million, and condominiums at Baht 1-2 million. Detached houses will focus on the target group with high purchasing power and not affected by the economic slowdown, while townhouses and condominiums will focus on the middle to low-income group.

This month, the number of projects, sales units, and project value increased, but the average price per unit decreased. This was because of the large development of low-priced condominiums entering the market. Therefore, the average selling price per unit decreased from last month, which decreased by approximately -11.5% when compared to the average selling price of the previous month.

The average selling price per unit in this month was approximately Baht 16.088 million (USD 487,515), but last month the average selling price was Baht 18.178 million (USD 551,000). This shows the trend of residential development this month that focuses on high-income earners who really want to buy for living.

They want detached houses located in the inner and intermediate city areas, which are easily travel from inner Bangkok. Another group is people with medium to low income who buy condominiums or townhouses at low prices in the outer areas or along mass transit extensions of the city.

Considering the selling price level, it was found that this month, there were no sales at prices lower than Baht 1 million. At prices of 1-2 million baht, there were 234 units (12.3%) with a project value of 401 million baht (1.3%). At prices of Baht 2-3 million, there were 315 units (16.6%) with a project value of Baht 805 million (2.6%).

At prices of Baht 3-5 million, there were 188 units (9.9%) with a project value of Baht 667 million (2.2%). At prices of Baht 5-10 million, there were 340 units (16.8%) with a project value of Baht 2,322 million (7.1%).

At prices of Baht 10-20 million, there were 517 units (27.2%) with a project value of Baht 7,650 million (24.9%). As for prices over Baht 20 million, there were 333 units (17.2%) with a project value of Baht 19,156 million (61.9%) of the total value of newly launched real estate for sale this month.

New Projects Launched in Bangkok

Considering the sales rate, it was found that in May, the average sales rate was 10.5%, which is an increase from last month’s sales rate of 7.8% per month. The type of real estate with the highest sales rate was twin houses priced at Baht 10-20 million, with 57 units, of which 17 units were sold (30%).

Next in line were condominiums priced at Baht 1-2 million, with 234 units, of which 66 units were sold (28%). And third place was townhouses priced at Baht 10-20 million, with 84 units, of which 19 units were sold (23%).

When considering the entrepreneurs who launched new projects this month, there are 6 companies listed on the Stock Exchange of Thailand: AP (Thailand) Public Company Limited, Pruksa Real Estate Public Company Limited, Sansiri Public Company Limited, SC Asset Corporation Public Company Limited, Land and Houses Public Company Limited, and Peace and Living Public Company Limited, respectively.

In addition, there are also a number of affiliated companies, listed companies, and general companies. When comparing the development between listed companies, affiliated companies, and general companies.

The top 5 companies in the stock market and their subsidiaries with the largest number of sales units are as follows:

Order of the company No. of Projects No. of Units Price per unit
(million Baht) USD
1 SC Asset Corporation 2 298 15.949 483,303
2 AP (Thailand) 2 227 13.659 413,909
3 Peace and Living 1 176 2.856 86,545
4 Chao Phraya Mahanakorn 1 173 2.549 77,242
5 Land and House 1 73 69.300 2,100,000

The top 5 companies in the stock market and their subsidiaries with the highest project value are as follows:

No. of companies No. of projects Project Value price per unit
(mil Baht) (mil USD) (mil Baht) (mil USD)
1 Land and House 1 5,059 153.3 69.300 2,100,000
2 Sansiri 1 4,985 151.1 89.018 2,697,512
3 SC Asset Corporation 2 4,753 144.0 15.949 483,303
4 Major Development 1 4,559 138.2 101.300 3,069,696
5 AP (Thailand) 2 3,100 93.9 13.659 413,909

This month, there are 3 new projects launched and located in inner Bangkok, with 23 projects located in the immediate area such as Pak Kret-Tiwanon, Lat Phrao, Ramkhamhaeng, Bang Na, Prachachuen, Kanchanaphisek and Phutthamonthon Sai 4. In addition, there are 3 more projects in the outer city area, which is a residential community and near the workplace, such as Khlong Luang, Bang Na-Bang Pakong, etc.

From the compilation of all data and forecasting until the end of 2025, it is possible that the number of sales units opened in 2025 will be lower than before. It is expected to be only 40,000 units from 62,000 units, while the development value will decrease by 29% or should be newly opened with a value of only Baht 300 billion (USD 9,091).

However, if there is the launch of low-priced products promoted by the Board of Investment (residences priced no more than Baht 1.5 million or USD 45,455), it will probably result in the number and value of newly opened units being higher than this forecast.

About Dr. Sopon Pornchokchai

Dr.Sopon Pornchokchai gained a PhD in land and housing from AIT and had further property valuation training from LRTI-Lincoln Institute of Land Policy and housing from KU Leuven (Belgium). Currently, Dr.Sopon is the President of FIABCI Thai, the Thai Appraisal and Estate Agents Foundation and the Agency for Real Estate Affairs, IAAO representative to Thailand, Director of Thai Real Estate Business School, and a member of the Global Valuation Forum of the Appraisal Foundation (USA).

His research master pieces include the discovery of 1,020 slums (1985), CAMA (computer-assisted mass appraisal) modeling (1990), forecast of 300,000 unoccupied housing units (1995 and 1998), study for property information centre (2000), roadmap for valuation, Ministry of Finance, Vietnam (2006), Ministry of Finance, Indonesia (2008), World Bank Indonesia (2010), Ministry of Finance, Cambodia (2012), UN World Cities (2015), ASEAN Property Surveys (2017), Global Municipal (2017), Bangkok Zoo relocation (2019), 28 Dam Valuation in Laos (2024).