Developers offer more perks to lure buyers

The new-home price index edged up slightly in the third quarter as developers touted promotions to attract buyers amid sluggish demand and fierce competition as prospective buyers struggled to secure mortgages.

The price index for new single-detached houses and townhouses in Greater Bangkok rose 0.2% year-on-year to 131.5 in the third quarter of 2026, according to the Real Estate Information Center (REIC). 

The index also increased 0.2% from the previous quarter, reflecting subdued price growth as unsold housing inventory continued to accumulate and developers sought to accelerate sales through promotions.

Bangkok recorded a 0.5% year-on-year increase in the index to 132.4, while the index for Nonthaburi, Pathum Thani and Samut Prakan fell 0.5% to 128.6. Tritecha Tangmatitham, managing director of SET-listed developer Supalai, said developers were cutting prices and sacrificing profit margins to attract a limited pool of buyers as the property market slowed sharply.

“Demand is weak, and the number of people who want to buy homes and can actually secure mortgages is limited,” he said. “Developers have to compete aggressively for those customers.”

Many people want to own homes but cannot obtain financing because banks remain cautious about lending, leaving developers competing for a smaller group of prospective buyers who can qualify for loans and complete purchases, said Mr Tritecha.

Supalai was offering houses with decorations and furniture included for the price of an unfurnished home. The cost of interior decoration and furniture typically accounts for 20-30% of a home's selling price, offering buyers substantial savings, he noted.

REIC's survey of campaigns found complimentary items, including air conditioners, furniture, water pumps and water tanks, accounted for 38.1% of promotions in the third quarter, up from 30.1% in the previous quarter. Cash discounts accounted for 30.5% of promotions, down from 35.3% in the second quarter, while offers covering ownership transfer expenses represented 31.4%, a dip from 34.6%.

The figures suggest developers are using incentives to reduce buyers' upfront costs, although Mr Tritecha's comments indicate some companies are also willing to sacrifice margins to secure sales in a difficult market.

REIC expects the new-home price index to rise gradually in the fourth quarter, supported by government cuts to ownership transfer and mortgage registration fees for homes priced at 7 million baht or less, alongside eased loan-to-value requirements. However, rising land and construction material costs are expected to put pressure on prices for new projects, even as developers contend with bulging inventory and weak purchasing power.