Second-hand condominium transfers across Thailand rose in the first quarter of 2025, driven mainly by reduced purchasing power, according to the Real Estate Information Center (REIC). Kamonpop Veerapala, president of the Government Housing Bank and acting director-general of REIC, explained that many buyers are choosing resale units in similar locations due to their affordability compared to new condos.
Nationwide condo transfers fell 7.3% year-on-year to 21,814 units, with total transfer value dropping 11.1% to 56 billion baht. Despite this overall decline, second-hand condo transfers increased in several price brackets. Units priced between 1.51 and 2 million baht rose 11% in both volume and value. Those in the 2.01–3 million baht range grew 4% by volume and 2.9% by value. Condos priced 3.01–5 million baht saw an 8.9% increase in units and 8.5% in value, while the 5.01–7.5 million baht segment grew 3.9% by volume and 4.8% in value. The strongest growth appeared in the 7.51–10 million baht range, with a 20.4% rise in units and 19.2% in value.
Conversely, second-hand condo transfers declined for units priced below 1 million baht (down 3.3%), between 1.01 and 1.5 million baht (down 2.3%), and above 10 million baht (down 5.3%). New condo transfers dropped across most price segments, ranging from 7% to 24.3%, except for the 1.01–1.5 million baht category, which surged 47.8% to 1,809 units. This spike resulted from a large batch of new condos completing and transferring in Greater Bangkok.
The surge in second-hand condo demand aligns with a glut of unsold units priced between 1.01 and 2 million baht, which account for 9,606 units or 29.7% of total unsold completed condos.
Kamonpop noted that the second-hand market, particularly for high-rise condos, is expected to gain momentum in the second quarter as buyers can inspect any earthquake-related damage before purchasing.
