Market Overview
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 58.78 Billion |
| Market Size (2030) | USD 77.15 Billion |
| Growth Rate (2025 - 2030) | 5.59% CAGR |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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Thailand Real Estate Market Analysis by Mordor Intelligence
The Thailand Real Estate Market size is estimated at USD 58.78 billion in 2025, and is expected to reach USD 77.15 billion by 2030, at a CAGR of 5.59% during the forecast period (2025-2030). Sustained tourism recovery, fiscal stimulus, and record-scale infrastructure spending underpin short-term momentum, while the planned Bangkok 2 smart city and a national program of rail, road, and airport upgrades are expected to lift medium-term demand across residential, commercial, and logistics assets. The government’s 2025-2026 transport plan covers 287 projects and channels public outlays toward light-rail links in Phuket and Chiang Mai as well as expressway extensions around the capital, expanding the development canvas for private investors. Rising foreign direct investment, particularly from China and the Middle East, continues to funnel capital into prime mixed-use projects, data centres, and hospitality portfolios. However, high household leverage, tighter mortgage rules, and an oversupply of condominiums around Bangkok remain structural drags that developers must navigate through phased launches and greater focus on rental yields[1]Bank of Thailand Staff, “Monetary Policy Report 2024,” Bank of Thailand, bot.or.th.
Key Report Takeaways
- By property type, residential assets held a 51.3% share of the Thailand real estate market size in 2024, while commercial properties are forecast to record the fastest 6.11% CAGR to 2030.
- By business model, sales transactions dominated with 69.9% of the Thailand real estate market share in 2024; rental operations are projected to expand at a 6.39% CAGR through 2030.
- By end-user, individual households accounted for 53.1% of sector value in 2024, whereas corporate and SME demand is set to rise at a 6.25% CAGR to 2030.
- By major city, Bangkok captured 52.3% revenue in 2024, yet Phuket is poised for the quickest 7.01% CAGR through 2030.
Thailand Real Estate Market Trends and Insights
Drivers Impact Analysis
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Transit expansion and infrastructure upgrades | +1.2% | Bangkok, Eastern Economic Corridor, regional cities | Long term (≥ 4 years) |
| E-commerce-driven logistics demand | +0.9% | EEC, Greater Bangkok, provincial hubs | Medium term (2-4 years) |
| Government incentives and fee cuts | +0.8% | Nationwide, Bangkok-centric | Short term (≤ 2 years) |
| Rising foreign buyer interest | +0.7% | Bangkok, Phuket, Pattaya, Chiang Mai | Medium term (2-4 years) |
| Large mixed-use schemes | +0.6% | Bangkok and key resort areas | Long term (≥ 4 years) |
| Limited premium supply and higher build costs | +0.5% | Bangkok CBD and resort hotspots | Short term (≤ 2 years) |
Source: Mordor Intelligence
Understand The Key Trends Shaping This Market
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Transit Expansion and Infrastructure Upgrades Boost Urban Property Demand
Public spending worth THB 2.68 trillion (USD 76.6 billion) on rail corridors, airports, and expressways is reshaping commuter belts and unlocking new development zones. The Orange Line MRT extension alone is expected to lift ridership to 400,000 trips per day by 2030, creating land-value uplift along its 35.9 km route. Provincial light-rail projects budgeted at THB 77 billion (USD 2.2 billion) in Phuket, Chiang Mai, Nakhon Ratchasima, and Phitsanulok will further distribute growth beyond the capital. The flagship Bangkok 2 smart city in Huai Yai—costing at THB 1.34 trillion (USD 38.3 billion)—is designed for 350,000 residents and 200,000 jobs, anchoring new demand across the Eastern seaboard. Daily volumes on Bangkok Expressway & Metro routes already top 1.1 million trips, underscoring investor confidence in transit-oriented assets[2]Office of Transport & Traffic Policy and Planning, “Thailand Transport Infrastructure Development Plan 2025-2026,” Ministry of Transport, otp.go.th.
Government Incentives and Fee Cuts Stimulate Housing Market Activity
Temporary transfer-fee reductions, relaxed mortgage rules for first-home buyers, and targeted tax breaks have revived project launches, as evidenced by an 80% reservation rate at Central Pattana’s Escent Nakhon Sawan condo, priced from THB 1.95 million (USD 55,700). New visa categories, including a Destination Thailand Visa and longer tourist stays, extend the pool of foreign purchasers. Meanwhile, the Land and Building Tax framework nudges underused land toward productive development and funds local infrastructure. These levers collectively cushion softer domestic demand stemming from elevated household debt levels reported by the Bank of Thailand at 86.9% of GDP.
Growing Foreign Investment Supports Premium Property Segments
Foreign direct investment stocks equal roughly half of Thai GDP, propelled by Chinese and Middle-Eastern capital targeting hospitality and trophy mixed-use projects such as the proposed world’s tallest tower in Bangkok. A transparent condominium transfer process requiring inbound foreign currency receipts sustains international confidence. In 2024, Phuket welcomed over 14 million visitors, generating THB 200-300 billion (USD 5.7-8.6 billion) in tourism receipts, which boosts upscale residential and hotel demand.
E-Commerce Growth Drives Logistics Real Estate Transformation
The Eastern Economic Corridor (EEC) captured 60% of serviced industrial land deals in 1H 2024, with prices averaging THB 6.2 million per rai (USD 177,100). WHA Corporation reported record revenue of THB 17.015 billion (USD 486.1 million) backed by brisk land leases for fulfilment centres. Data-centre capacity is on track to surpass 400 MW by 2025 as STT GDC Thailand readies AI-enabled facilities. Factory upgrades in northern Thailand have cut inventory costs by 55%, underlining the ROI case for modern warehousing.
Restraints Impact Analysis
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Weak mid-income housing demand amid high debt | -1.1% | Nationwide, suburban Bangkok | Medium term (2-4 years) |
| Urban condo oversupply | -0.9% | Greater Bangkok | Short term (≤ 2 years) |
| Broader economic uncertainty and inflation | -0.7% | Nationwide | Short term (≤ 2 years) |
| Planning delays and zoning issues | -0.4% | Bangkok and secondary cities | Medium term (2-4 years) |
Source: Mordor Intelligence
Weak Mid-Income Housing Demand Constrains Market Expansion
Elevated household leverage—above 86% of GDP—has led banks to tighten loan-to-value (LTV) ratios, particularly on second-home mortgages over THB 10 million (USD 286,000). Developers responded by curtailing new launches 65% year-on-year in 2024, concentrating on higher-margin segments and smaller unit counts. Private investment slid 0.9% in 1H 2024, with the residential sector bearing the brunt, prompting calls for further LTV easing and income-support measures.
Urban Condominium Oversupply Creates Absorption Challenges
Greater Bangkok ended 2024 with roughly 235,000 unsold condo units—its highest inventory since 2018—causing developers to stagger completions and offer longer payment plans. Sales dropped 37% to 53,000 units, and transfers are projected to fall another 50% in 2025 due to seismic-related safety concerns. Analysts forecast double-digit profit declines for listed residential builders absent a swift demand rebound.
Segment Analysis
By Property Type: Commercial Assets Outpace Although Residential Remains Dominant
Residential assets represented 51.3% of the Thailand real estate market in 2024 as suburban migration, first-home incentives, and mortgage relaxation maintained baseline demand. Yet commercial stock is heading for the fastest 6.11% CAGR to 2030, supported by data-centre construction, upgrade cycles in Grade-A offices, and a surge in lifestyle-driven mixed-use complexes. Central Pattana’s USD 131.4 million redevelopment of Central Bangna underscores sustained investment appetite in Bangkok retail nodes. Meanwhile, data-centre operator STT GDC is expanding capacity to more than 400 MW, a boost for power-dense real estate niches that depend on reliable grid connections.
The structural pivot toward commercial space aligns with Thailand’s push to become a regional supply-chain hub. WHA Corporation’s pipeline spans 12 domestic industrial estates serving e-commerce, EV, and semiconductor tenants. In hospitality, Asset World Corp achieved 24% year-on-year revenue growth in Q2 2024 and saw average daily rates hit USD 154, reflecting robust tourist inflows. Office performance diverges: CBD towers retain occupancy, while secondary assets negotiate discounted rents of USD 21 per square meter per month. Developers are also embedding ESG features to defend yields as utility tariffs rise.
By Business Model: Rentals Gain Momentum as Investors Seek Yield
Sales still command 69.9% of 2024 transaction value, but rentals are projected to expand at a 6.39% CAGR through 2030 as investors and REIT sponsors target predictable income streams. Central Pattana bundles malls, residences, and hotels into integrated precincts, capturing cross-tenant synergies that stabilize cash flow. The C.P. Tower Growth Leasehold Property Fund generated USD 36.9 million income in 2023, illustrating the viability of institutionalised rental products.
Pressure on buyer affordability, coupled with extended tourist visas and LTR schemes, channels demand toward leasing. Asset World Corp posted record leasing of 16,000 m² in a single quarter, while WHA’s industrial leasing backlog secures future revenue visibility. As the Bank of Thailand keeps policy rates elevated to tame inflation, yield-seeking global funds are expected to allocate more capital to local REITs, sustaining the rental model’s advance.
By End-User: Corporate and SME Demand Accelerates
Individual households contributed 53.1% of the 2024 value, yet corporate and SME occupiers are set to grow the fastest at a 6.25% CAGR to 2030. Multinationals favour Thailand for regional headquarters, leveraging EEC incentives that refunded duties for high-tech imports and offered 50-year land leases. The Bangkok 2 smart city is planned to host regional offices in fintech, precision medicine, and aerospace, signalling a shift toward knowledge-intensive tenants.
SMEs are re-configuring space needs toward flexible offices, co-warehousing, and last-mile depots. Central Pattana has responded by introducing multi-tenant co-working zones within large malls, and WHA offers modular factory shells that can be scaled. Government e-invoicing reforms and the digital wallet program also nudge smaller firms into formal leasing arrangements, enlarging the investable universe.
Geography Analysis
Bangkok dominated with 52.3% share in 2024 thanks to unmatched infrastructure, deep labour pools, and a steady pipeline of Grade-A office and luxury condo projects. Ongoing works such as the Orange Line MRT extension and the landmark USD 38.3 billion Bangkok 2 smart city will reinforce the capital’s connectivity to the EEC. Yet oversupply of 235,000 units and post-quake structural audits have injected caution into the near-term residential outlook, leading many developers to emphasise mixed-use towers over stand-alone condos.
Phuket is on course for a 7.01% CAGR to 2030, the fastest nationwide. Tourist arrivals exceeded 14 million in 2024 and are forecast to climb further as the island pivots to year-round visitor segments, Muslim-friendly marketing, and direct long-haul flights. A THB 35 billion (USD 1 billion) light-rail project will knit together the airport, Old Town, and key beaches, stimulating rings of new retail and hospitality developments[3]National Statistical Office, “Tourism Statistics Report 2024,” National Statistical Office of Thailand, nso.go.th.
Secondary cities such as Pattaya and Chiang Mai benefit from decentralised rail investment worth THB 42 billion (USD 1.2 billion). Pattaya’s proximity to the EEC and the Huai Yai smart city has triggered early land banking, while Chiang Mai pursues education-driven and digital-nomad demand, aided by a planned THB 30 billion (USD 857 million) light-rail line. Across the “Rest of Thailand,” multi-modal hubs tied to agritech, renewable energy, and cross-border trade enlarge the opportunity set for developers willing to differentiate products by local demand drivers rather than replicate Bangkok-style high-rise formats.
Competitive Landscape
The Thailand real estate market is moderately concentrated. Central Pattana leads sector revenue through a portfolio of 42 malls, 17 community centres, and linked residential towers; its integrated model drove a 26% jump in 2023 turnover to USD 1.31 billion and underpins a pipeline of USD 131 million retail revamps. Sustainability leadership—validated by top rankings in global ESG indices—helps the group charge premium rents and secure green-finance rates.
WHA Corporation specialises in industrial estates and built-to-suit logistics assets. Record 2023 revenue of USD 486 million came from land sales, leases, and utilities, while an adjacent data-centre arm positions the firm for AI-driven demand. Overseas, WHA is scaling in Vietnam to balance exposure and capture supply-chain relocation from China.
Asset World Corp focuses on hospitality and high-street retail. Q2 2024 net profit reached USD 35.6 million, with REVPAR running 11% above 2019 levels as luxury tourists returned. New concepts such as the Phenix food hall and Pantip Lifestyle Hub illustrate management’s pivot toward experience-led formats that support longer dwell times and higher tenant turnover. Entry barriers remain moderate: foreign developers are forming joint ventures or REIT structures to share risk while gaining local zoning expertise.
Thailand Real Estate Industry Leaders
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Central Pattana Plc.
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SANSIRI PUBLIC CO.,LTD
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WHA Corporation PCL
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AP (Thailand) Public Company Limited
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Supalai
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- June 2025: Government approves THB 1.34 trillion (USD 38.3 billion) budget for Bangkok 2 smart city in Huai Yai, targeting 350,000 residents and 200,000 jobs.
- January 2025: Cabinet green-lights 223 transport projects for 2025 worth THB 136.49 billion (USD 3.9 billion) and 64 projects for 2026 costing THB 116.96 billion (USD 3.3 billion)
- January 2025: Central Pattana unveils USD 285 million programme to upgrade three flagship Bangkok malls.
- October 2024: Central Pattana wins 12 awards at Institutional Investor’s 2024 Asia Executive Team ceremony.
Thailand Real Estate Market Report Scope
Real estate is referred to as the land and any permanent, whether natural or artificial, structures or improvements related to the property, such as a house. A complete background analysis of the Thai real estate market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, geographical trends, and COVID-19 impact, is covered in the report.
The Thai real estate market is segmented by type (residential, office, retail, hospitality, and industrial) and by major cities (Bangkok, Phuket, Pattaya, Chiang Mai, Hua Hin, and Rest of Thailand). The report offers market sizes and forecasts for all the above segments in value terms (USD).
| By Property Type | Residential | Apartments & Condominiums | |
| Villas & Landed Houses | |||
| Commercial | Office | ||
| Retail | |||
| Logistics | |||
| Others (industrial real estate, hospitality real estate, etc.) | |||
| By Business Model | Sales | ||
| Rental | |||
| By End-user | Individuals / Households | ||
| Corporates & SMEs | |||
| Others | |||
| By Major Cities | Bangkok | ||
| Phuket | |||
| Pattaya | |||
| Chiang Mai | |||
| Rest of Thailand | |||
By Property Type
| Residential | Apartments & Condominiums |
| Villas & Landed Houses | |
| Commercial | Office |
| Retail | |
| Logistics | |
| Others (industrial real estate, hospitality real estate, etc.) |
By Business Model
| Sales |
| Rental |
By End-user
| Individuals / Households |
| Corporates & SMEs |
| Others |
By Major Cities
| Bangkok |
| Phuket |
| Pattaya |
| Chiang Mai |
| Rest of Thailand |
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Key Questions Answered in the Report
What is the current value of the Thailand real estate market?
The sector is valued at USD 55.67 billion in 2024 and is forecast to climb to USD 77.15 billion by 2030, growing at a 5.59% CAGR.
Which property segment is expanding the fastest?
Commercial real estate—driven by data centres, logistics parks, and mixed-use complexes—is projected to register the highest 6.11% CAGR through 2030.
Why is Phuket the quickest-growing regional market?
Tourism numbers surpassed 14 million visitors in 2024, and a planned USD 1 billion light-rail line will boost connectivity, supporting a 7.01% CAGR in property values.
How are government policies supporting market growth?
The state has cut housing transfer fees, relaxed certain mortgage rules, and committed over USD 80 billion to transport infrastructure, all of which are improving liquidity and accessibility.
What risks could slow future expansion?
High household debt, a significant condo oversupply in Bangkok, and potential planning delays pose downside risks to absorption and price growth.
Are rental assets becoming more attractive to investors?
Yes. Rental-focused portfolios benefit from steady tourism, longer visas, and rising institutional interest, which is why the rental model is set to grow at a 6.39% CAGR to 2030.
Page last updated on: June 26, 2025
