Thailand Real Estate Market Size and Share Research with Trends and Analysis (Segments, Regions)

The Thailand Real Estate Market Report is Segmented by Property Type (Residential and Commercial), by Business Model (Sales and Rental), by End User (Individuals/Households, Corporates & SMEs and Others), and by Major Cities (Bangkok, Phuket, and More). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

Thailand Real Estate Market Size and Share

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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.

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.

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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.

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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

  1. Central Pattana Plc.

  2. SANSIRI PUBLIC CO.,LTD

  3. WHA Corporation PCL

  4. AP (Thailand) Public Company Limited

  5. Supalai

  6. *Disclaimer: Major Players sorted in no particular order
Thailand Real Estate Market
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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.

Table of Contents for Thailand Real Estate Industry Report

1. Introduction

  • 1.1 Study Assumptions & Market Definition
  • 1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Insights and Dynamics

  • 4.1 Market Overview
  • 4.2 Commercial Real Estate Buying Trends – Socio-economic & Demographic Insights
  • 4.3 Rental Yield Analysis
  • 4.4 Capital-Market Penetration & REIT Presence
  • 4.5 Regulatory Outlook
  • 4.6 Technological Outlook
  • 4.7 Insights into Real Estate Tech and Startups Active in the Real Estate Segment
  • 4.8 Insights into Existing and Upcoming Projects
  • 4.9 Market Drivers
    • 4.9.1 Transit expansion and infrastructure upgrades are boosting urban and suburban property demand.
    • 4.9.2 Government incentives and fee cuts are stimulating housing sales and new project launches.
    • 4.9.3 Growing foreign buyer interest supports condo sales in key tourism and business zones.
    • 4.9.4 E-commerce growth and supply chain shifts are driving demand for logistics and industrial assets.
    • 4.9.5 Large mixed-use developments are attracting capital and reshaping city real estate clusters.
    • 4.9.6 Limited premium supply and rising build costs are sustaining prices in prime locations.
  • 4.10 Market Restraints
    • 4.10.1 Weak mid-income housing demand due to high household debt and tighter credit rules.
    • 4.10.2 Condo oversupply in urban areas is leading to slower absorption and price stagnation.
    • 4.10.3 Planning delays and zoning issues are disrupting project timelines and approvals.
    • 4.10.4 Economic uncertainty and inflation are lowering buyer confidence and investment activity.
  • 4.11 Value / Supply-Chain Analysis
    • 4.11.1 Overview
    • 4.11.2 Real Estate Developers and Contractors - Key Quantitative and Qualitative Insights
    • 4.11.3 Architectural and Engineering Companies - Key Quantitative and Qualitative Insights
    • 4.11.4 Building Material and Equipment Companies - Key Quantitative and Qualitative Insights
  • 4.12 Value / Supply-Chain Analysis
    • 4.12.1 Overview
    • 4.12.2 Real Estate Developers and Contractors - Key Quantitative and Qualitative Insights
    • 4.12.3 Real Estate Brokers and Agents - Key Quantitative and Qualitative Insights
    • 4.12.4 Property Management Companies - Key Quantitative and Qualitative Insights
    • 4.12.5 Insights on Valuation Advisory and Other Real Estate Services
    • 4.12.6 State of the Building Materials Industry and Partnerships with Key Developers
    • 4.12.7 Insights on Key Strategic Real Estate Investors/Buyers in the Market
  • 4.13 Porter’s Five Forces
    • 4.13.1 Threat of New Entrants
    • 4.13.2 Bargaining Power of Buyers/Occupiers
    • 4.13.3 Bargaining Power of Suppliers (Developers/Builders)
    • 4.13.4 Threat of Substitutes
    • 4.13.5 Competitive Rivalry Intensity

5. Market Size & Growth Forecasts (Value, USD bn)

  • 5.1 By Property Type
    • 5.1.1 Residential
    • 5.1.1.1 Apartments & Condominiums
    • 5.1.1.2 Villas & Landed Houses
    • 5.1.2 Commercial
    • 5.1.2.1 Office
    • 5.1.2.2 Retail
    • 5.1.2.3 Logistics
    • 5.1.2.4 Others (industrial real estate, hospitality real estate, etc.)
  • 5.2 By Business Model
    • 5.2.1 Sales
    • 5.2.2 Rental
  • 5.3 By End-user
    • 5.3.1 Individuals / Households
    • 5.3.2 Corporates & SMEs
    • 5.3.3 Others
  • 5.4 By Major Cities
    • 5.4.1 Bangkok
    • 5.4.2 Phuket
    • 5.4.3 Pattaya
    • 5.4.4 Chiang Mai
    • 5.4.5 Rest of Thailand

6. Competitive Landscape

  • 6.1 Market Concentration
  • 6.2 Strategic Moves (M&A, Joint Ventures, REIT Spin-offs)
  • 6.3 Company Profiles {(includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products & Services, Recent Developments)}
    • 6.3.1 Central Pattana Plc.
    • 6.3.2 SANSIRI PUBLIC CO.,LTD
    • 6.3.3 WHA Corporation PCL
    • 6.3.4 AP (Thailand) Public Company Limited
    • 6.3.5 Supalai
    • 6.3.6 Origin Property PLC
    • 6.3.7 Asset World Corp PLC
    • 6.3.8 Ananda Development PLC
    • 6.3.9 SC Asset Corp PLC
    • 6.3.10 Pruksa Real Estate PLC
    • 6.3.11 Raimon Land PLC
    • 6.3.12 Singha Estate PLC
    • 6.3.13 Minor International PLC
    • 6.3.14 Frasers Property Thailand PLC
    • 6.3.15 Amata Corporation PCL
    • 6.3.16 CPN REIT
    • 6.3.17 Dusit Thani PLC
    • 6.3.18 LH Financial Group (Quality Houses)
    • 6.3.19 Central Retail Corporation PLC

7. Market Opportunities & Future Outlook

  • 7.1 White-Space & Unmet-Need Assessment
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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