Bangkok housing demand remains strong during first three quarters of 2022

Bangkok housing demand remains strong during first three quarters of 2022This article on Bangkok housing demand appeared in the Dot Property Group Bangkok Housing Market Report. Click here to download your copy.Bangkok housing demand has been the talk of the local real estate market for the past few years, and it remained…December 09, 2022

Bangkok housing demand remains strong during first three quarters of 2022

This article on Bangkok housing demand appeared in the Dot Property Group Bangkok Housing Market Report. 

Bangkok housing demand has been the talk of the local real estate market for the past few years, and it remained strong during the first three quarters of 2022. Data from Dot Property Group found that interest in homes rose in both the second and third quarters when compared to the previous three-month period.

However, Bangkok housing demand appears to have peaked in August with the number of inquiries made via the Dot Property Group network of websites having decreased in both September and October. This is likely due to a combination of supply shrinking and fewer new project launches from developers. 

When comparing demand for condo units to homes in the Thai capital, this stayed at roughly the same level for most of 2022. This includes both domestic and overseas demand. However, condo demand did noticeably outperform housing in September and October which is connected to a surge of foreign interest for Bangkok condominiums.

Recently, Knight Frank Thailand found that houses in the THB10-20 million price range were seeing strong demand which forced developers to bring more units in this segment to the market. That bore out in Dot Property Group data which found a noticeable increase in that price point as well as for homes above THB20 million.

Demand in the former segment rose by 53.1 percent in the third quarter when compared to the second quarter. Meanwhile, interest in THB20 million and above homes surged by 83 percent. These gains can be attributed to more housing in those price groups hitting the market from May onward.

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That being said, the highest concentration of Bangkok housing demand between January and October 2022 came at the THB5-10 million price point which garnered 25.1 percent of all inquiries received by the Dot Property Group for homes in the Thai capital. This was followed closely by THB3-5 million and THB3 million and less which each earning a 23.6 percent share of demand.

When comparing the most popular size by number of bedrooms, there is an interesting trend being seen in Bangkok. Four-bedroom homes and larger made up 38.3 percent of all Bangkok housing demand between January and October. This total is closer to 25 percent in the neighboring provinces.

A preference for multigenerational living in Bangkok can be attributed to the increase in interest for homes with four or more bedrooms. Developers, such as SC Asset, have been focused on demand here by launching housing projects containing features suitable to elderly residents.