The price index for new condos for sale in Greater Bangkok rose 3.4% year-on-year in the first quarter of 2025, marking the second straight quarter exceeding 3%, driven by rising development costs, according to the Real Estate Information Center (REIC).
REIC reported the index tallied 160.4 points, up 3.4% year-on-year and 0.3% quarter-on-quarter, reflecting a rising trend in new condo prices.
This marked the second consecutive quarter with a year-on-year uptick of more than 3% since the pandemic. The last similar trend occurred in late 2019, with the peak exceeding 10% in the first quarter of that year.
The gain in the first quarter of 2025 was attributed to increasing development costs, including higher construction material prices and wages, and rising land prices in prime locations near mass transit lines and the central business district.
In Bangkok, the index reached 163.3 points, up 3.6% year-on-year and 0.4% quarter-on-quarter. The lower Sukhumvit area recorded the highest condo price increase in the 7.51–10-million-baht bracket.
In Samut Prakan and Nonthaburi, the index rose to 147.4 points, up 3% year-on-year and 0.1% quarter-on-quarter.
The strongest growth was in the 1.51–2-million-baht range in Mueang Samut Prakan-Phra Pradaeng-Phra Samut Chedi.
Meanwhile, the price index of new low-rise housing for sale in Greater Bangkok in the first quarter of 2025 slightly improved by 0.2% year-on-year and 0.3% quarter-on-quarter to 131.8 points.
While prices continued to rise, the growth rate slowed as unsold inventory increased. Developers made only slight price hikes to align with weakened purchasing power, according to REIC.
In Bangkok, the strongest price growth for single detached houses was in Phra Khanong-Bang Na-Suan Luang-Prawet, especially in the 7.51–10-million-baht bracket.
For Nonthaburi, Pathum Thani and Samut Prakan, the highest low-rise housing price increases were in Mueang Nonthaburi-Pak Kret, in the above-10-million-baht segment.
The townhouse price index in Bangkok had the highest growth in Lat Phrao-Bang Kapi-Wang Thonglang-Bung Kum-Saphan Sung-Kannayao, for units priced 7.51-10 million baht.
Meanwhile, townhouse prices dropped the most in Bang Kruai-Bang Yai-Bang Bua Thong-Sai Noi in Nonthaburi, in the 2.01–3-million-baht range, due to older-cost projects and stock clearance efforts.
Promotional campaigns for condos in this quarter mainly featured free gifts, accounting for 64.8%, up from 45.9% in the previous quarter, as developers tried to boost sales amid no government stimulus measures.
Offering cost waivers on transfer day fell to 19.8% from 28.9% last quarter, while direct cash discounts declined to 15.4% from 25.2%.
For new low-rise housing, the most common promotion in the first quarter was free transfer-day expenses, accounting for 34%, slightly down from 34.4% in the previous quarter.
Cash discounts made up 34%, rising from 29.6% in the previous quarter, as developers sought to stimulate demand and clear inventory.
Gifts such as free air conditioners, water pumps, water tanks, common fees and utility meters accounted for 32%, down from 36% in the prior quarter.