Residential Real Estate Market in Thailand - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Thai Residential Real Estate market is segmented by Property Type (Apartments and Condominiums, Landed Houses, and Villas) and by Key Cities (Bangkok, Chiang Mais, Nontha Buri, and Samut Prakan). The report offers market size and forecasts for the Thai Residential Real Estate Market in value (USD billion) for all the above segments.

Market Snapshot

Residential Real Estate Market in Thailand Outlook
Study Period: 2018-2027
Base Year: 2021
CAGR: >10.42 %
Residential Real Estate Market in Thailand Key Players

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Market Overview

The Thai residential real estate market is expected to register a CAGR of more than 10.42% during the forecast period.

COVID-19 has affected the residential real estate sector severely. The country expected the recovery of the sector in 2021. Unfortunately, there was a slow growth rate registered due to emerging new variants. Furthermore, the country’s residential real estate market is in the recovering phase.

Moreover, in 2022, the country is taking vital steps to boost sales in the market. For instance, the Bank of Thailand (BoT) had announced an extension of the loan-to-value (LTV) ratio for mortgage lending to allow homebuyers to borrow up to 100% of total home value. In addition, this LTV relaxation leverages the growth of the Thai economy and market supply chain, which were affected during the pandemic. This further maintains employment in the real estate sector and related industries, thus contributing to the country’s GDP.

According to Real Estate Information Center (REIC), the market experienced significant growth in 2021 due to increasing foreign investments in the sector. Despite the pandemic disruption, the Chinese are still interested in Thai property, as they hold more than 60% share in foreigner condo transfers in the country.

Scope of the Report

Residential real estate includes housing for individuals, families, or groups of people to live on. Furthermore, the report provides key insights into the Thai residential real estate market. It includes technological developments, trends, and initiatives taken by the government in this sector. It also focuses on the market dynamics, such as factors driving the market, restraints to the market growth, and opportunities going forward. Additionally, the competitive landscape of the Thai residential real estate market is depicted through the profiles of active key players. In the report, the Thai Residential Real Estate market is segmented by Property Type (Apartments and Condominiums, Landed Houses, and Villas) and by Key Cities (Bangkok, Chiang Mais, Nontha Buri, and Samut Prakan). The report offers market size and forecasts for the Thai Residential Real Estate Market in value (USD billion) for all the above segments.

By Type
Apartments and Condominiums
Landed Houses and Villas
By Key Cities
Chiang Mais
Nontha Buri
Samut Prakan

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Key Market Trends

Bangkok and Vicinities Witnessing Growth in the Residential Sector

Bangkok and vicinities are experiencing notable growth despite the declining market during the COVID-19 pandemic.

This growth is supported by most of the projects in Bangkok suburbs and vicinities are affordable to the majority population ranging from middle class to high class. Furthermore, growth is supported by the easy availability of transportation facilities through the expansion of the Bangkok Mass Transit System (BRT) and Mass Rapid Transit systems (MRT) in Bangkok.

Furthermore, Bangkok and the vicinities are experiencing significant growth in the housing sector, which is supported by growth in the Thai economy, greater investment in infrastructure megaprojects, government stimulus measures targeted at the real estate sector, and strong demand for accommodation from overseas buyers investing and working in Thailand.

Moreover, in 2021, Bangkok and vicinities accounted for a greater number of housing units registered by 96,630 units and new launches by more than 43,000 units in the country. Most of the transaction volumes in Bangkok are contributed from condominiums, followed by detached houses and townhouses.

Residential Real Estate Market in Thailand Trends

Low-rise Housing Witnessing Lucrative Growth

Low-rise housing had robust growth in the country, supported by developers' interest in shifting trends. This was triggered by increasing demand for single-detached homes and townhomes from end users. Furthermore, the low-rise housing sector was resilient in 2020 despite the pandemic affecting the residential market.

In addition, the demand for this sector is driven by dynamic customer perspectives, which include the location, size, design, and functionality of the projects in the country. Moreover, the southern region is showing dominance in Thailand’s low-rise housing projects, which occupied a greater construction area of 2,313,867 square meters with an 8% Y-o-Y growth in 2020.

Many developers like Sansiri, Habitat Group, and Supalai are shifting from condominiums to low-rise housing. For instance, Sansiri launched 19 low-rise housing projects in 2021, which accounted for more than THB 21.9 billion. In addition, Property Perfect PLC is launching 15 low-rise housing projects accounting for THB 26.2 billion, focusing on super luxury and upper-end segments and middle-end segments.

Residential Real Estate Market in Thailand Growth

Competitive Landscape

Large developers dominate the market with a high concentration rate. There is high competition in the upper end of the condominium market in Thailand. The slowdown in the condominium market has encouraged major residential developers to consider diversifying their portfolios into other property sectors, such as office, hotel, and serviced apartments. Major real estate players in the Thai residential market are Sansiri Public Co. Ltd, Supalai Company Limited, Property Perfect, and Pruksa Holding.

Recent Developments

November-2021: Ananda Development Public Company Limited has entered a partnership with Dusit International leading hotel chain in Thailand. This deal offers property management services for Ananda’s new luxury residential project in Bangkok.

April-2021: Ananda Development Public Co. Ltd, one of the major developers in Thailand, is collaborating with Shinyu Real Estate, a one-stop condominium consultant service for investments. This partnership resulted in the Ashton Asoke project, which offers luxury condominiums mainly focusing on foreign markets, further leading to expanding customer base in foreign countries for sales growth.

January-2021: Sansiri PLC launched 24 new residential projects in the country, which accounted for more than THB 26 billion. The company is offering new projects in the low-priced segment to increase sales growth by targeting middle and low-income group customers.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Residential Real Estate Buying Trends - Socioeconomic and Demographic Insights

    3. 4.3 Government Initiatives, Regulatory Aspects for the Residential Real Estate Sector

    4. 4.4 Insights into the Size of Real Estate Lending and Loan to Value Trends

    5. 4.5 Insights into Interest Rate Regime for General Economy and Real Estate Lending

    6. 4.6 Insights into Rental Yields in the Residential Real Estate Segment

    7. 4.7 Insights into Affordable Housing Support Provided by the Government and Public-Private Partnerships

    8. 4.8 Supply Chain/Value Chain Analysis

    9. 4.9 Market Dynamics

      1. 4.9.1 Market Drivers

      2. 4.9.2 Market Restraints

      3. 4.9.3 Market Opportunities

    10. 4.10 Porter's Five Forces Analysis

    11. 4.11 Impact of COVID-19 on the Market


    1. 5.1 By Type

      1. 5.1.1 Apartments and Condominiums

      2. 5.1.2 Landed Houses and Villas

    2. 5.2 By Key Cities

      1. 5.2.1 Bangkok

      2. 5.2.2 Chiang Mais

      3. 5.2.3 Nontha Buri

      4. 5.2.4 Samut Prakan


    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 Property Perfect Public Company Limited

      2. 6.2.2 Supalai Company Limited

      3. 6.2.3 Ananda Development Public Company Limited

      4. 6.2.4 Sansiri Public Co. Ltd

      5. 6.2.5 Pruksa Real Estate Public Company Limited.

      6. 6.2.6 LPN Development PCL

      7. 6.2.7 Land and Houses Public Company Limited


      9. 6.2.9 Origin Property Public Co. Ltd

      10. 6.2.10 Magnolia Quality Development Corp Co. Ltd

      11. 6.2.11 Hipflat

      12. 6.2.12 Quality Houses Public Company Limited

    3. *List Not Exhaustive

  8. 8. APPENDIX

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Frequently Asked Questions

The Residential Real Estate Market in Thailand market is studied from 2018 - 2027.

The Residential Real Estate Market in Thailand is growing at a CAGR of >10.42% over the next 5 years.

Sansiri Public Co. Ltd, Property Perfect, Pruksa Holding, Supalai Company Limited, Ananda Development are the major companies operating in Residential Real Estate Market in Thailand .

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