Is There a Real Estate Crisis in Thailand in 2025? Or a Golden Investment Opportunity?

Investor Doubts in 2025 | ความกังวลของนักลงทุนในปี 2025

Is Thailand facing a real estate crisis in 2025 (วิกฤตอสังหาริมทรัพย์ไทย) — or is that just a headline? For many investors watching from overseas or domestically, the data feels alarming:

• Condo launches at a 16-year low
• Mortgage rejection rates near 70%
• Consumer confidence shaken by record-high household debt

But behind this turbulence lies a two-track market — one segment under stress, the other quietly thriving. In fact, 2025 may prove to be a golden year for strategic condo investment in Bangkok (การลงทุนคอนโดกรุงเทพฯ). In this article, we’ll debunk the “crisis” narrative and show why Bangkok’s resale condo market (คอนโดมือสองกรุงเทพฯ) and developer-ready stock (คอนโดโครงการใหม่กรุงเทพฯ) present some of the best real estate opportunities in Southeast Asia right now.

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Table of Contents

• Investor Doubts in 2025
• Not a Crisis — A Realignment
• Market Slowdown or Crisis?
• New Launches Hit Historic Lows
• High-Yield Investments in 2025
• 2025: Time to Buy?
• Smart Investing in a Shifting Market
• Recap: Why This Isn’t a Crisis — and What to Do
• Final Verdict

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Not a Crisis — A Realignment | ไม่ใช่วิกฤต แต่เป็นการปรับสมดุล

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Two Markets, Two Outcomes | ตลาดสองรูปแบบ ผลลัพธ์ต่างกัน

Thailand’s 2025 real estate situation is not a uniform collapse, but a bifurcated landscape:

• The mid-market and domestic buyers are squeezed by debt and credit rejection
• Meanwhile, the luxury segment, foreign investors, and rental-oriented condos are performing strongly

📌 Asia Property Awards: Thai Real Estate Trends 2025

For example, prime rental rates in Sukhumvit and Sathorn surged 15.9% from 2024–2025, especially in:

• Asoke
• Thonglor
• Riverside (Charoen Nakhon)

These zones appeal to expats and professionals, offering ฿45,000–฿80,000/month yields on 2–3 BR condos — with consistent occupancy.

📌 Bangkok Post: Condo Rental Prices Soar

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2025 Is a Buyer’s Market | ปี 2568 คือเวลาของผู้ซื้อ

The dramatic fall in launches and slower take-up has turned Bangkok into a textbook buyer’s market:

• Developers must move stock or lose liquidity
• Resellers — especially investors needing cash — are offering discounts
• Foreign buyers can negotiate more aggressively

📌 Knight Frank: Oversupply Creates Buyer’s Market

For investors with cash or partial financing, this presents a rare window to buy assets at 10–25% below 2018–2019 levels.

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Market Slowdown or Crisis? | ตลาดชะลอหรือวิกฤต?

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Macroeconomic Factors Influencing the Market (GDP, Household Debt, Interest Rates)

To understand the Bangkok property market 2025 forecast (การคาดการณ์ตลาดอสังหาริมทรัพย์กรุงเทพฯ 2568), we must separate headlines from fundamentals. Yes, the local/domestic condo market is struggling. But the luxury and rental-driven segments — often funded by cash buyers and foreign capital — are resilient and growing.

❝ Thailand’s real estate is not in collapse — it’s in correction and reallocation. ❞

As the Gemini report notes, household debt now exceeds 90% of GDP, with housing loans totaling nearly 6 trillion baht. Non-performing loans (NPLs) have surpassed 200 billion baht, with another 575 billion baht at risk of default.

📌 Asia News Network – Thai Property Sector Faces Crisis

For most local buyers, the dream of ownership is slipping out of reach.

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Mortgage Rejections and Demand Collapse | การกู้ซื้อบ้านล้มเหลวและความต้องการลดลง

By late 2024, mortgage rejection rates for homes under ฿3M reached 70%, affecting not only first-time buyers but many mid-income families. Even when banks do lend, interest rates remain high (base rate at 2.5%), which further cuts purchasing power. As a result:

• Low- and mid-tier condo sales volumes declined ~7–10% YoY in 2024
• Transfers dropped sharply in Q1 2025
• Buyer sentiment remains low despite stimulus programs

📌 Bangkok Post: Condo Market Decline Continues

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Foreign Buyers Hold Up the Market | ผู้ซื้อชาวต่างชาติยังคงสนับสนุนตลาด

Despite weak local demand, foreign condo purchases rose by 6% in 2024, with strong interest from China, Myanmar, and Japanese investors. While actual transfer volumes are projected to fall by 2.6% in 2025, this reflects delays in paperwork and financing, not a drop in interest. These delays can stem from stricter due diligence processes, capital controls, or simply the natural time lag between initial interest and final transfer. In fact, demand from:

• Retirees (via Elite Visa)
• Remote workers
• Long-stay expats remains strong, especially for resale condos in central Bangkok with good rental yield.

📌 CondoDee: Buy vs. Rent a Bangkok Condo in 2025

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New Launches Hit Historic Lows | การเปิดโครงการใหม่ลดลงอย่างมาก

Only 373 New Units in Q2 2025 | เปิดตัวเพียง 373 ยูนิตในไตรมาส 2 ปี 2568

In what may become the defining stat of the year, Bangkok condo launches collapsed to just 373 units in Q2 2025 — the lowest quarterly figure since 2009 and a 94.2% drop YoY. This dramatic contraction is particularly striking when compared to the typical Q2 average of 8,000-12,000 new condo launches over the past decade.[1, 2]

📌 Nation Thailand – New Launches Hit 16-Year Low

For context:

• Q1 2025 had 6,306 units (up YoY, but down QoQ)
• Developers quickly pulled back after weak take-up in early 2025
• Forecasts for 2025 show only ~25,000 new units launched — modest by historical standards

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Developer Strategy = Survival First | กลยุทธ์ของผู้พัฒนา = เอาตัวรอดก่อน

Instead of launching new projects, developers are now:

• Clearing old inventory
• Offering heavy discounts, freebies, or rental guarantees
• Postponing land acquisition or new project planning
• Managing cash flow as bond repayments loom

In Q2 2025, only 12 developers launched anything, and the total value of new launches dropped 60% YoY to just ฿35.6B. The corporate bond crisis is deepening, with 95 billion baht in corporate bonds due to mature this year, making rollovers increasingly difficult. First-half 2025 reports indicate that one developer defaulted on 300 million baht, whilst five others sought extensions on debts totalling 7.86 billion baht.[3, 4]

📌 FN Syrus: Q2 2025 Developer Presales Collapse

This creates a rare window for buyers to pick up ready-to-transfer units at developer cost — often with:

• Full furnishings
• Free transfer fees
• Cash or flexible payment deals

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✅ Bottom Line (So Far)

There is a correction. But it’s selective. While the domestic market suffers, foreign capital, rental demand, and investor logic are still alive — especially in Bangkok’s prime zones.

📈 The winners in 2025 will be those who move decisively — into resale condos or developer-ready deals.

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High-Yield Investments in 2025 | การลงทุนที่ให้ผลตอบแทนสูงในปี 2025

Rental Yields Are Rising | อัตราผลตอบแทนค่าเช่าสูงขึ้น

While the real estate crisis in Thailand (วิกฤตอสังหาริมทรัพย์ไทย) affects ownership, it fuels the rental market. More Thai professionals are renting, and foreign tenants are returning post-pandemic. As a result:

• Rental yields in Bangkok range from 4% to 8% gross
• Prime 2–3 BR condos in Asoke, Thonglor, and Sathorn command ฿45K–฿80K/month
• Resale units in these areas often offer higher ROI than new launches

📌 Bangkok Post: Prime Rental Price Growth Surges 15.9%

These yields outperform many global cities in the same price bracket — especially when paired with low property taxes and full foreign ownership for condos.

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Where Expats and Tenants Want to Live | ย่านที่ชาวต่างชาติและผู้เช่าต้องการ

The strongest rental demand is seen in:

• Sukhumvit 11, 21 (Asoke), 39 (Phrom Phong), 55 (Thonglor)
• Sathorn–Silom, especially near embassies and BTS Chong Nonsi
• Charoen Nakhon (ICONSIAM) for luxury riverside living
• Rama 9 / Ratchada, popular with young professionals

📌 Nestopa: Young Thais Delay Ownership – Rent Instead

The rise in remote work and Thailand Elite Visa programs also boosts demand for furnished condos in lifestyle zones. That makes resale condos with proven rental history the best bet.

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2025: Time to Buy? | ปี 2025: ถึงเวลาลงทุนหรือยัง?

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Resale Condos in Central Bangkok | คอนโดมือสองในใจกลางกรุงเทพฯ

The resale condo market in Bangkok (คอนโดมือสองกรุงเทพฯ) is now the most flexible, transparent, and yield-friendly segment of the market. Why?

• No construction delays
• Proven locations, often walkable to BTS/MRT
• Immediate rental income
• Motivated individual sellers
• Potential for maintenance issues in older buildings, requiring thorough professional inspection.

Top resale zones include:

• Sukhumvit 11, 23, 39
• Asoke / Phrom Phong / Thonglor
• Sathorn–Silom
• Rama 9 (CBD East)

📌 Siam Real Estate: Resale Market Opportunity

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Case Study: Pet-Friendly 1-Bedroom Condo in Sukhumvit 49 – Renovated & Ready

เคสตัวอย่าง: คอนโด 1 ห้องนอนเลี้ยงสัตว์ได้ สุขุมวิท 49 – แต่งใหม่ พร้อมปล่อยเช่า

Property: View listing

• Prime location in Sukhumvit 49 — between Thonglor and Phrom Phong
• Pet-friendly condo (rare in Bangkok) — popular with Japanese tenants and expat families
• Walking distance to Samitivej Hospital and Fuji supermarkets
• Fully renovated, ready to move in or rent out immediately

Investment Highlights:

• Priced at ฿6.5M — significantly below developer prices for a similar location
• 47.5 sqm — ideal for singles or couples
• Strong rental demand: 5–6% gross yield potential
• Foreign freehold ownership possible
• 1 car park included, and quiet surroundings for lifestyle tenants

This resale unit represents the ideal entry point for Bangkok condo investors in 2025 — renovated, tenable, and located in one of the city’s most desirable pet-friendly zones (คอนโดอนุญาตให้เลี้ยงสัตว์ สุขุมวิท).

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Case Study: Luxury Renovated 2BR Condo in Sukhumvit 49 – Below Market, Pet-Friendly

เคสตัวอย่าง: คอนโดหรู 2 ห้องนอน สุขุมวิท 49 – แต่งใหม่ ราคาต่ำกว่าตลาด

Property: View listing

• Located in the heart of Sukhumvit 49, in a pet-friendly low-rise luxury building
• Near Samitivej Hospital, J Avenue, and Japanese Village
• Completely renovated — stylish design with premium finishes
• 94 sqm — spacious 2-bedroom layout ideal for families or home-office setups

Investment Highlights:

• Asking price ฿13.8M — far below new 2BRs in this area (often ฿180K+/sqm)
• Strong appreciation potential due to low supply of renovated pet-friendly units
• Foreign freehold quota — transferable and move-in ready
• Rental demand remains high for 2BR layouts in Sukhumvit 49 from Japanese and Korean tenants

This unit is a classic “value resale” — buying luxury living at a mid-market price (คอนโดหรูมือสอง สุขุมวิท). CondoDee investors benefit from below-market pricing in a low-turnover, high-demand zone.

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New Developer-Ready Units | ยูนิตใหม่จากโครงการที่พร้อมโอน

Even new developer condos in Bangkok (คอนโดโครงการใหม่กรุงเทพฯ) can offer an opportunity — if they are already completed and discounted. This also includes strategic pre-sale (off-plan) opportunities in prime, low-supply locations. These are often:

• Fully furnished
• Discounted from the original price (5–20%)
• Eligible for transfer-fee waivers
• Packaged with rental guarantees (short term)

But due diligence is essential:

• Check developer's reputation
• Review juristic fees and future maintenance burden
• Ensure high rental demand in the location

📌 Hero Realtor: Should You Buy Freehold or Leasehold in 2025?

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Case Study: The Address Siam–Ratchathewi — Discounted Luxury Developer Units เคสตัวอย่าง: ดิ แอดเดรส สยาม ราชเทวี — ยูนิตใหม่ พร้อมอยู่ พร้อมส่วนลด

Project: The Address Siam–Ratchathewi

• Prime location just steps from BTS Ratchathewi — walk to Siam Paragon, MBK, and Siam Square
• Developed by AP Thailand — known for high-end design and premium finishing
• Sky pool, private dining lounge, fitness with skyline views, rooftop co-working lounge
• Freehold foreign quota available — units are ready-to-transfer today

Featured 1-Bedroom Unit:

• View 1-bedroom unit — 35 sqm, high floor, East-facing, fully furnished
• Discount: ฿2,000,000 off developer list price
• Rental potential: up to ฿25,000/month — great for short- or long-term expat tenants

Featured 2-Bedroom Unit:

• View 2-bedroom unit — 55 sqm, corner layout, unblocked view, ideal for families or sharers
• Discount: ฿3,000,000 off developer list price
• Rental yield: projected 5.5–6.5% gross with strong demand from international school teachers and corporate tenants

Additional Benefits for CondoDee Clients:

• Transfer fee reductions
• Exclusive promotions not available through the developer directly

With limited new launches and rising construction costs, this is a rare opportunity to own a luxury condo (คอนโดโครงการใหม่กรุงเทพฯ) at a deep discount, in one of Bangkok’s most strategic downtown locations. Contact CondoDee today for full inventory, viewing arrangements, or personalized yield projection.

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Case Study: Rare Resale at Supalai ICON Sathorn — Final Large Unit เคสตัวอย่าง: คอนโดมือสองกรุงเทพฯ ยูนิตสุดท้ายขนาดใหญ่ที่ศุภาลัย ไอคอน สาทร

Project: Supalai ICON Sathorn

• Prime Sathorn location — 450 meters to MRT Lumpini and close to embassies, CBD offices, and luxury lifestyle hubs
• Completed in 2024 — Supalai’s luxury flagship tower with sky facilities and modern architecture
• This is the final large unit available directly from the developer — no similar layouts left

Featured Unit:

• View 3-bedroom listing — 173.5 sqm, high floor, corner unit with wide frontage and skyline views
• 3 bedrooms, 3 bathrooms, large open-plan living/dining area with high ceilings and natural light
• Ideal for family living, diplomatic use, or long-term flagship residence

Investment Highlights:

• Direct from the developer with full guarantees and foreign quota availability
• High capital growth potential due to scarcity of large units in central Sathorn
• No transfer from secondary market — first ownership, ready-to-transfer immediately
• Great for buyers seeking ultra-rare layouts in completed super-prime towers

This luxury condo in Bangkok (คอนโดโครงการใหม่กรุงเทพฯ) reflects how limited developer stock — especially for larger units — is becoming a hidden opportunity in the 2025 Bangkok property cycle.

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Case Study: VIA 61 Sukhumvit – Quiet Luxury, Pre-Release Units with High Yield Potential

เคสตัวอย่าง: คอนโดหรูโลว์ไรส์ในซอยสุขุมวิท 61 พร้อมโปรโมชั่นพิเศษจาก CondoDee

Project: VIA 61 by Sansiri

• Tucked in Sukhumvit 61 — one of Bangkok’s most peaceful and greenest inner-city neighborhoods
• Walkable to BTS Ekkamai, Gateway Mall, and Japanese restaurants
• Boutique low-rise by Sansiri with just 8 floors — private, quiet, and community-oriented
• These units are not yet ready-to-transfer, but available on exclusive pre-sale terms via CondoDee

1-Bedroom Unit (Pre-Sale):

• View listing — 50 sqm, East-facing, peaceful garden view, fully furnished
• High rental demand from Japanese tenants — yields above 5–6% projected

2-Bedroom Unit (Pre-Sale):

• View listing — 75 sqm, quiet zone, full kitchen, and large living area
• Strong long-term growth due to low project turnover and location scarcity

Penthouse Unit (Pre-Sale):

• View listing — 161 sqm, 3-bedroom, extremely rare in this low-rise soi
• Private, airy, with sunset views and separate living/dining zones
• Ideal for family use, long-term residence, or flagship rental unit

Key Investment Benefits:

• Pre-owned developer units (never transferred) — first transfer once ready
• Exclusive pricing only available through CondoDee
• Projected rental yields 5–7% for 1–2BR units
• Long-term growth location: Sukhumvit 61 is limited in new supply due to zoning
• Available for foreign freehold (on select units)

Via 61 exemplifies a new strategy for Bangkok property buyers in 2025: secure the best units before they hit the general market — especially in premium, low-supply locations like Sukhumvit 61. These are condos in Bangkok (คอนโดโครงการใหม่กรุงเทพฯ) that make investment sense.

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Where to Focus Now (Top 4 Buyer Personas)

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Strategy for Smart Buyers | กลยุทธ์สำหรับนักลงทุนที่ฉลาด

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Where to Buy in 2025 | ทำเลที่ควรลงทุนในปี 2025

Look for:

• Central locations near BTS/MRT (e.g., Nana, Thonglor, Rama 9)
• Units with unblocked views, high floors, or rare layouts
• Pet-friendly buildings and well-managed projects

Avoid:

• Overbuilt zones in outer Bangkok with poor transit
• Old buildings with rising maintenance and low resale liquidity

📌 Bangkok Property Guide 2025 – Hawook

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Financing and Legal Notes | ข้อควรระวังด้านการเงินและกฎหมาย

• Foreign buyers can purchase freehold condos (up to 49% of usable area in the project)
• Funds must be transferred from abroad in foreign currency and documented via the FET Form
• Use lawyers to ensure title clarity, no encumbrances, and safe transfer
• Thai banks may offer up to 50–70% LTV for foreigners with strong profiles (e.g., UOB, BBL)

📌 Thai Property Solicitors – Legal Guide for Condo Resale

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✅ Recap: Why This Isn’t a Crisis — and What to Do

• Thailand’s real estate market in 2025 is bifurcated, not broken
• The crisis is hitting local buyers, not foreign investors
• Rental demand, especially in CBDs, is rising fast
• Developers are offering deep discounts on ready-to-move-in units
• Resellers are flexible and cash-hungry
• You can buy below market and rent above yield norms — a rare double win

📌 OECD Thailand 2025 Economic Outlook

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Final Verdict | สรุปสุดท้าย

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This is Not a Collapse — It’s an Entry Point | ตลาดยังไม่พัง แต่คือโอกาสทอง

Let’s recap the key takeaways:

• There’s no universal real estate crash in Thailand, just a crisis in household debt and local borrowing.
• Bangkok’s property market in 2025 (การคาดการณ์ตลาดอสังหาริมทรัพย์กรุงเทพฯ 2568) is split:
  • Domestic first-home buyers = sidelined
  • Investors, landlords, and expats = thriving
• The current buyer’s market lets you:
  • Buy resale condos below market
  • Acquire developer units at a discount
  • Generate solid rental income immediately

📌 OECD Thailand 2025 Economic Outlook

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📣 Ready to Invest Smarter? | พร้อมลงทุนอย่างชาญฉลาดหรือยัง?

Contact our expert team to access:

• Bangkok’s best resale condos
• Discounted developer-ready units
• Rental income and yield projections
• Prime location opportunities near BTS, schools, and hospitals

Let us help you find not just a condo — but the right investment.

Contact CondoDee for these or other properties that make sense

Office: 2nd Floor, 50 Sukhumvit 15, Khlong Toei Nuea, Watthana, Bangkok 10110 Phone: +66 2 038 5897 Mobile / WhatsApp: +66 62 189 5698 LINE Official: @realty Email: win@condodee.com

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#BangkokRealEstate #CondoInvestmentThailand #ResaleCondoBangkok #DeveloperDiscountCondo #ลงทุนคอนโดกรุงเทพ