Bangkok’s luxury condo market faces an oversupply challenge with 2,259 high-end units still unsold, valued at nearly 147 billion baht. PATTAYA, Thailand – While Pattaya’s real estate market continues to hold steady with consistent demand, Bangkok’s luxury condominium sector is facing a period of evaluation as high-end units accumulate on the market amid broader economic uncertainties. On July 3, Mr. Sophon Pornchokchai, Chairman of the Thai Real Estate Information Research and Valuation Center at Agency for Real Estate Affairs (AREA), revealed that luxury condos priced 20 million baht and above in Bangkok remain a significant portion of unsold inventory despite the overall market slowdown. According to AREA’s recent survey, there are currently 2,259 luxury condo units in Bangkok priced at 20 million baht or more still awaiting buyers, valued collectively at nearly 147 billion baht. Although these units represent only about 1% of the total 234,000 unsold condo units in Bangkok, they account for roughly 13% of the total unsold value, which stands at 1.13 trillion baht. The average price per square meter for these luxury units is approximately 345,740 baht, with an average unit size of 188 square meters — comparable to a detached house. Breaking down further, condos priced between 20 to 50 million baht make up 1,846 units, with an average price of around 31 million baht per unit and an average size of 117 square meters. Buyers in this segment tend to be younger, affluent professionals. Meanwhile, units priced between 50 to 100 million baht number 346, catering mostly to successful businesspeople under 50 years old who prefer condominium living over detached homes. The average unit in this range is 246 square meters, with prices averaging about 71 million baht. Pattaya’s real estate market maintains steady demand, buoyed by infrastructure improvements and diverse buyers. The ultra-luxury segment, with condos priced over 100 million baht, consists of 559 units, with 67 still available for sale. These units command average prices of around 521,813 baht per square meter and typically span 559 square meters. This market segment attracts high-net-worth Thai and international buyers. Among the most prestigious projects is the Porsche Design Tower Bangkok, located in Sukhumvit 38, featuring duplex penthouses priced at approximately 1 billion baht per unit, ranking it as the priciest condo in Thailand. Mr. Sophon emphasized that despite a current slowdown in sales due to market conditions, there remains a strong expectation for ongoing development in the luxury condo market, particularly in prime areas such as Lumpini, Ratchadamri, Ploenchit, and riverside locations with scenic views. This segment’s growth, however, will continue to rely heavily on foreign buyers, as domestic purchasing power remains weak. In contrast, Pattaya’s real estate sector is experiencing more steady demand. The city’s growing appeal as a tourist destination and retirement haven, combined with ongoing infrastructure developments like airport expansions, contribute to sustained interest from both Thai and international buyers. Pattaya’s property market, while not immune to wider economic pressures, benefits from a more balanced supply-demand dynamic and a diverse buyer base, including long-term residents, retirees, and investors seeking holiday homes. As Bangkok’s luxury condo market faces a need for strategic evaluation and careful monitoring, Pattaya’s real estate continues on a more stable trajectory, supported by its unique lifestyle offerings and improving connectivity. This divergence highlights the nuanced dynamics across Thailand’s property markets amid shifting economic conditions. Experts say Bangkok’s high-end condo market needs careful evaluation, while Pattaya enjoys a more balanced property scene.