Thailand Real Estate Market Size

Statistics for the 2023 & 2024 Thailand Real Estate market size, created by Mordor Intelligence™ Industry Reports. Thailand Real Estate size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Thailand Real Estate Industry

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Thailand Real Estate Market Summary
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Study Period 2020-2029
Base Year For Estimation 2023
Market Size (2024) USD 54.90 Billion
Market Size (2029) USD 71.70 Billion
CAGR (2024 - 2029) 5.41 %
Market Concentration Low

Major Players

Thailand Real Estate Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Thailand Real Estate Market Analysis

The Thailand Real Estate Market size is estimated at USD 54.90 billion in 2024, and is expected to reach USD 71.70 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).

  • The rise in prices due to inflation and economic slowdown affects the market, creating a slowdown in demand for the properties. But, the market is expected to recover in the coming time, supported by government policies and other factors. However, the residential segment is showing substantial growth.
  • With many business and real estate investment options, Thailand is quickly gaining international recognition. Thailand attracts investors from all over the world due to its wealth of possibilities. Properties will cost more in central Bangkok and other sought-after areas, as is to be expected. Rental homes are more in demand for tourists and long-term inhabitants in cities like Bangkok.
  • The same higher rental rates apply to islands like Koh Samui or Phuket, where real estate is in high demand from locals, foreign visitors, Thais, and ex-pats looking for a luxurious getaway from the mainland or city life. Despite Thailand's easing of COVID-19 in Q3 2021, the residential property price index constantly declined while the supply index steadily increased. In the first half of 2022, the retail industry continued to be negatively impacted by the spread of COVID-19; this situation severely affected the shopping center.
  • In April 2021, the government rolled out the second phase of its one-million-unit low-cost housing scheme, with an estimated budget of around THB 30 billion (USD 923 million) to THB 50 billion (USD 1.54 billion). The second phase offers a lower interest rate and raises the ceiling price of housing units to THB 1.2 million (USD 36,904), up from THB 1 million (USD 30,753) in the first phase. In 2022, the total supply of office space in Bangkok increased to 5.56 million sq. m. as one new building with a net leasable area of 25,000 sqm was completed.
  • Despite project launches being postponed by developers and consumer sales being delayed, the supply index increased. In contrast, there is still a substantial amount of inventory, particularly for condos. These represent low absorption rates brought on by the prolonged economic slump, making customers fearful of economic uncertainty and delayed purchasing real estate. The market has also lost its appeal to investors and overseas purchasers.

Thailand Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)