Despite declines in new launches and inventory in Bangkok, condo developers are likely to delay new supply this year as sales remain sluggish and absorption rates continue to fall, according to the Real Estate Information Center (REIC).
Siddhipen Siddharthapong, acting assistant director-general at REIC, said the condo market remains weak, with new sales in the fourth quarter of 2025 declining, marking a third consecutive quarterly drop.
"In the fourth quarter of 2025, the number of zones requiring more than five years to sell out rose to 12, up from 10 year-on-year," she said.
"Developers should be cautious about launching new supply, as only one zone is still performing well, down from two zones last year."
The Yannawa-Bang Kho Laem zone was the top performer, posting the highest absorption rate of 3% per month and an estimated sell-out period of 30 months.
The centre reported 2,680 condo units worth 17.4 billion baht were launched in Bangkok in the fourth quarter of 2025, down 71% from 9,360 units worth 50.4 billion in the same period of 2024, representing a 65% decline in value.
New sales totalled 3,310 units worth 21.5 billion baht, down 14% and 6% respectively from 3,838 units worth 22.9 billion baht. Remaining supply fell by 2.5% to 63,690 units from 65,344 units.
Although new sales exceeded new launches, the absorption rate declined to 1.6% from 1.8%, while the estimated sell-out period extended to 60 months from 53 months, as a large volume of previously launched supply remains unsold.
"The sell-out period has returned to the post-pandemic peak of 60 months, first recorded in the third quarter of 2024, before easing to 45-56 months between the fourth quarter of 2024 and the third quarter of 2025," said Ms Siddhipen.
"This level should be treated with caution."
She warned developers to be careful about launching new condo supply, noting the number of units granted construction permits in 2025 rose by 14% to 26,968 units from 23,711 units in 2024.
LEADING ZONES
A breakdown of demand by location showed the top five zones with the most new sales in the fourth quarter of 2025, led by Huai Khwang-Chatuchak-Din Daeng, with 638 units sold and an absorption rate of 2.2%.
Second was Thon Buri-Khlong San-Bangkok Noi-Bangkok Yai-Bang Phlat, with 530 units and a 2% absorption rate, then Phra Khanong-Bang Na-Suan Luang-Prawet, with 394 units and a 1.4% rate.
Lat Phrao-Wang Thonglang-Bang Kapi ranked fourth with 282 units and a 1.4% absorption rate, while Lak Si-Don Mueang-Sai Mai-Bang Khen ranked fifth with 243 units and a 1.6% rate.
Chinese buyers remained the top nationality in terms of condo transfers across most of the top five zones, except Lat Phrao-Wang Thonglang-Bang Kapi, where buyers from Myanmar ranked first, followed by Taiwanese buyers.
In the other zones, Myanmar buyers ranked second in Huai Khwang-Chatuchak-Din Daeng and Phra Khanong-Bang Na-Suan Luang-Prawet, while Taiwanese buyers ranked second in Thon Buri-Khlong San-Bangkok Noi-Bangkok Yai-Bang Phlat.
In Lak Si-Don Mueang-Sai Mai-Bang Khen, Indian buyers ranked second, followed by Taiwanese buyers in third place.
In terms of pricing, the largest share of remaining condo supply in Bangkok was in the 2.01-3 million baht range, with 8,131 units accounting for 32%, followed by the 3.01-5 million baht segment with 6,414 units, or 25%.
