Condo launches in Q2 hit 15-year low

The number of new condo launches in the second quarter of 2025 dropped to the lowest level in 15 years, reflecting developers’ caution about fresh investments amid miserable market conditions pressured by multiple factors.

- KANANA KATHARANGSIPORN

Frank Khan, partner and head of residential at property consultancy Knight Frank Thailand, said new condo launches for the period tallied only 405 units across two projects, both located in Bangkok’s northern suburbs.

“The number of project launches this quarter was the lowest since 2020 and reflected a sharp decline compared to averages in previous years, particularly in the second quarter of 2022 when new supply peaked at 15,164 units, the highest point in five years,’ he said.

Since then, the market slowed from 2023 to 2025, particularly from the third quarter of 2023, with quarterly new supply not exceeding 8,000 units and even dropping below 3,000 units in some quarters, notably the fourth quarter of 2023 and first quarter of 2024.

“The condo market continues to face challenges from subdued purchasing power and broader economic pressures,’ said Mr Khan. “Developers must adapt by focusing on value creation and addressing real demand in order to sustain sales in a highly competitive environment.”