Bangkok holds 65,300 unsold condos as launches slow
About 25,700 of the unsold units are already finished, so developers face years of carrying costs before the stock clears.
Bangkok has more than 65,300 unsold condo units, worth about THB370 billion, according to Cushman & Wakefield Thailand. The figure, reported by The Nation on 14 October 2026, includes comments from Surachet Kongcheep, the firm's head of research and consulting.
Roughly 25,700 of those units are finished and waiting for an owner. That is about 40% of what remains on the shelf, and holding it costs developers interest, maintenance and delayed revenue.
Cheap condos are the bulk of the stock
Units priced at THB3 million or less, or at most THB100,000 per square metre, make up about 55% of the unsold total. Add the band up to THB150,000 per square metre and the share reaches about 76%. In other words, the glut sits where most Bangkok buyers shop, not in luxury towers.
At the current pace, the stock could take two to three years to clear if no new project launched, The Nation reported. Surachet framed the real test as a conversion problem:
The challenge now is not simply to build new projects, but to turn existing stock into ownership transfers while balancing current asset sales with future investment.
A May 2026 report in The Nation on the Thai Condominium Association's priorities describes a slower picture: the average sales period has stretched from two to three years to five to six years. The two numbers measure different things: one is how long the current stock would take to clear, the other is how long a typical project takes to sell out. Both point the same way.
Launches are small and cheap
The same May report put 2026 launches at about 17,000, the lowest in 20 years. Cushman & Wakefield's count is close. It tallied 14,377 units in the first nine months, 6% more than a year earlier, including 4,876 in the third quarter, and expects 16,000 to 17,000 for the year. Some developers pushed back late-September launches because of flooding, and others held soft launches that let selected customers reserve early before a formal fourth-quarter opening.
The mix has shifted. Knight Frank counted about 6,174 launches in the first quarter of 2026: 58% in the city fringe, 42% in the suburbs, and none in the central business district. More than 68% were priced below THB80,000 per square metre, and most targeted the THB1.5 million to THB3 million range.
Demand did not match. Knight Frank put the sales rate of newly launched projects at 24.3% in the first quarter, down from 43.8% in the previous quarter. Potjaman Vorakitpokathorn, a partner at Knight Frank Thailand, said buyers have become "more selective and cautious."
Why buyers are missing
Two groups are not filling the gap. Domestic buyers face weak purchasing power and loan refusals; the May report puts housing loan rejection at 40% to 50%. Chinese buyers have pulled back too: Cushman & Wakefield says Chinese tourist arrivals fell 33.6% in 2025 and condo transfers to Chinese buyers fell 13%. Foreign buyers overall account for about 18% to 20% of the market, per the same report, which is not enough to offset the domestic slowdown.
Costs make discounting harder. The report says construction costs have risen about 10% to 20%, most sharply for small projects, and that developers' unsold stock is taxed at the "other" rate under the Land and Building Tax Act, which the private sector wants amended. Some developers of cheaper units now let customers rent before buying.
What to watch
The fourth-quarter launches are the next test. If the soft-launched projects convert reservations into signed contracts at a rate well above Knight Frank's 24.3% from the first quarter, the stock can start to shrink. If not, expect more delays and more rent-to-own offers. The government's cut in transfer fees to 0.01% for homes up to THB7 million, running to 30 June 2027, covers many of the units that fill the unsold list.
FAQ
How many unsold condos does Bangkok have?
Cushman & Wakefield Thailand counts more than 65,300 unsold units worth about THB370 billion, as of its October 2026 reading. About 25,700 of them are completed.
How long would it take to sell them?
The Nation's October report says two to three years at the current pace if no new projects launch. Its May report says typical sales periods have already stretched to five to six years.
Are developers still launching new condos?
Yes, but fewer. The Nation reported in May that 2026 launches were expected to total about 17,000, the lowest in 20 years, and most are priced for the mass market.
Sources
- The Nation: Bangkok condos squeezed by floods, weak demand and 65,300-unit glut (14 October 2026)
- The Nation: Thai condo launches set for 20-year low as costs, demand and credit bite (5 May 2026)
- Real Estate Asia: Bangkok condo launches shift to affordable segments as CBD sees no new supply (Knight Frank, first quarter 2026)
- The Nation: Thailand cuts property transfer and mortgage registration fees (2 July 2026)
