Thailand Real Estate Market Size (2024 - 2029)

Thailand Real Estate Market Analysis

The Thailand Real Estate Market size is estimated at USD 54.90 billion in 2024, and is expected to reach USD 71.70 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).

The rise in prices due to inflation and economic slowdown affected the market, leading to a decline in property demand. However, the market is expected to recover in the coming years, supported by government policies and other factors. The residential segment is expected to record substantial growth.

Thailand is quickly gaining international recognition with many business and real estate investment options. Thailand attracts investors from all over the world due to its wealth of possibilities. Properties cost more in central Bangkok and other sought-after areas. Rental homes are demanded more by tourists and long-term inhabitants in cities like Bangkok.

Similar high rental rates apply to islands like Koh Samui or Phuket, where real estate is in high demand from locals, foreign visitors, and ex-pats looking for a luxurious getaway from the mainland or city life.

In 2022, the total supply of office space in Bangkok increased to 5.97 million square meters as a new building with a net leasable area of 25,000 sq. m was completed. Additionally, a 1.62 million sq. m of development is projected for the pipeline from 2022 to 2028.

Despite project launches being postponed by developers and consumer sales being delayed, the supply index increased. In contrast, there is still a substantial amount of inventory, particularly for condos. These represent low absorption rates brought on by the prolonged economic slump, making customers fearful of economic uncertainty and delayed purchasing real estate. The market has also lost its appeal to investors and overseas purchasers.

Thailand Real Estate Industry Segmentation

Real estate is referred to as the land and any permanent, whether natural or artificial, structures or improvements related to the property, such as a house. A complete background analysis of the Thai real estate market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, geographical trends, and COVID-19 impact, is covered in the report.

The Thai real estate market is segmented by type (residential, office, retail, hospitality, and industrial) and by major cities (Bangkok, Phuket, Pattaya, Chiang Mai, Hua Hin, and Rest of Thailand). The report offers market sizes and forecasts for all the above segments in value terms (USD).