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Domestic Bangkok condo demand rose steadily between October 2021 and March 2022. And while more people are after units in the Thai capital, data from Dot Property Group shows a distinct shift in the types of condos they’re after.
Overall, domestic Bangkok condo demand increased by 27.7 percent between the fourth quarter of last year and the first quarter of 2022. The increase in demand is aligned with daily life in Bangkok returning to normal. In-person work has resumed, and Thai buyers are exploring what’s available on the condo market close to the office.
Interestingly, what this group is looking for has noticeably changed since the pandemic. Studio/1-bedroom condos comprised 51 percent of all domestic Bangkok condo inquiries in the first quarter. This is down from 65 percent in 2019 and 62 percent in 2020.
Interest has shifted to 2- and 3-bedroom condo units in Bangkok with both types seeing growth since 2019. This is in line with the post-pandemic housing trend of people wanting more living space.
The Greater Sukhumvit area had the highest amount of domestic Bangkok condo demand during the past six months with nearly 30 percent of all inquiries for units being made here. This was followed by the city’s CBD area which accounts for 8.7 percent of all inquiries.
Infrastructure projects have seen domestic demand diversify away from the Bangkok core, however. 6.9 percent of all domestic inquiries between October 2021 and March 2022 came for condos in the Bang Sue, Chatuchak Lat Phrao districts which are home to Bang Sue Grand Station; SRT Red Line and Light Red Line; and MRT Brown Line among others.
Elsewhere, the east suburban area of Suan Luang and Bang Kapi received 5.7 percent of all domestic inquiries between October 2021 and March 2022. This area will be served by the MRT Orange, Brown and Yellow Lines with all three meeting at the Lam Sali Intersection in Bang Kapi.