NovAsia

Thailand’s construction and housing market: new supply, unsold stock and prices

Thailand’s housing market is not moving through a simple nationwide shortage or a simple nationwide glut. Developers have hit the brakes on new supply: Bangkok and its surrounding provinces recorded 8,370 newly launched homes in Q1 2026, down 31.1% from a year earlier, while residential construction permits nationwide covered about 27,870 units, a 50.2% year-on-year fall.

Period: 2026-Q2 · checked 24.08.2026

That supply pullback is happening before the existing backlog has disappeared. Colliers estimated that 28.3% of the 214,849 condominium units in its Bangkok market universe remained unsold in Q1 2026. The latest comparable REIC field survey available for Phuket, covering H1 2025, counted 12,135 remaining units, up 56.0% year on year. Chonburi province, which contains Pattaya but is much larger than Pattaya itself, was reported with 42,812 remaining units at the end of Q4 2025.

Prices are also proving stickier than the inventory numbers alone might suggest. REIC’s index for new condominiums still on sale in Bangkok and vicinity rose 1.6% year on year in Q2 2026, while the Chonburi condominium index rose 0.5%. This is why a buyer should read the cycle through several signals at once: unsold stock, launch volumes, completions, the developer’s own pipeline and the incentives attached to a specific unit. A market-wide index can stay firm even when individual projects are negotiating aggressively.

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Indicators and their vintage

Each figure keeps two dates: the period it measures and the date it was published.

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Indicators and their vintage

Each figure keeps two dates: the period it measures and the date it was published. A 2025 result released in mid-2026 was not available at the end of 2025, and a forecast is never shown as an observed outcome.

IndicatorValuePeriodReleasedNote
New housing launches in Bangkok and vicinity[2]8 370 | −31.1%2026-Q106.2026Q1 2026 recorded 8,370 newly launched homes versus 12,140 a year earlier. Condominiums accounted for 6,511 units, down 19.2% year on year, while low-rise launches fell much more sharply to 1,859 units, down 54.5%. REIC released the report on 22 June 2026.
Nationwide residential construction permits[1]27 870 | −50.2%2026-Q106.2026Residential construction permits covered about 27,870 units in Q1 2026, down from 55,952 a year earlier. Low-rise permits fell 45.5%, while condominium permits dropped 71.3% to roughly 2,950 units. REIC published the report on 19 June 2026.
Completed and newly registered homes in Bangkok and vicinity[2]14 903 | −16.8%2026-Q106.2026Bangkok and vicinity recorded 14,903 completed and newly registered homes in Q1 2026, including 6,271 condominium units and 8,632 low-rise homes. The total was down 16.8% year on year, but completions largely reflect projects initiated in earlier periods, so they should not be treated as the same cohort as current launches.
Bangkok and vicinity new condominium price index[3]161.7 | +1.6%2026-Q207.2026The index reached 161.7 in Q2 2026, up 1.6% year on year and 0.6% quarter on quarter. REIC released the data on 7 July 2026. The series tracks new condominium units still being offered for sale; it is not a measure of the negotiated discount on every transaction.
Unsold share of Bangkok’s condominium market[5]28.3% | 214 8492026-Q106.2026Colliers reported a cumulative take-up rate of 71.7% in Q1 2026 across 214,849 tracked condominium units, leaving 28.3% unsold. Slower absorption was concentrated in inner-city and higher-priced segments. The report was published on 20 June 2026.
Remaining housing supply in Phuket[6]12 135 | +56.0%2025-H112.2025REIC’s H1 2025 field survey counted 12,135 remaining housing units in Phuket with a combined value of THB 98.679 billion. Units were up 56.0% year on year and value was up 55.1%. The official release was dated 30 December 2025, so this is an older inventory snapshot than the 2026 quarterly indicators and should not be presented as Phuket’s live August 2026 stock.
Remaining housing supply in Chonburi province[7]42 812 | +21.9%2025-Q403.2026A REIC-hosted market report cited 42,812 remaining units in Chonburi in Q4 2025 and a 21.9% increase in the stock measure. Average monthly absorption was reported at 1.5%. This is province-wide Chonburi data, not a Pattaya-only inventory figure.
Condominium transfers to foreign buyers[4]3 241 | −17.3% | 13.6%2026-Q106.2026Foreign buyers received 3,241 condominium transfers in Q1 2026, down 17.3% year on year, with a combined value of THB 13.464 billion. Foreign transfers represented 13.6% of condominium transfer units and 23.9% of transfer value. Those are nationwide transaction shares, not a measure of how much of the 49% foreign-ownership allowance is used in any particular building.
EEC monthly absorption and estimated time to clear current supply[12]1.4%/month | 88 months2025-Q403.2026REIC published the data on 19 March 2026. The measure covers the three EEC provinces and extrapolates the observed sales pace; it is not a forecast of how long a particular project will take to sell.

Frequently asked questions

Is Thailand oversupplied with condominiums?

There is no single nationwide yes-or-no answer. Developers have sharply reduced new launches and permits in 2026, yet meaningful accumulated stock remains in major markets such as Bangkok, Phuket and Chonburi. The risk varies by city, submarket, price band and project phase. A buyer should therefore use national inventory as context and test oversupply against comparable units and future completions in the exact micro-market.

How does the 49% foreign quota affect a buyer’s choice?

Foreign ownership is generally capped at 49% of the aggregate unit area in each registered condominium. A project can therefore have unsold apartments while having little or no foreign quota available for a new foreign buyer. Popular buildings can reach that legal constraint even when the broader market has plenty of stock. The building’s current quota position and transfer documents should be confirmed for the specific unit before completion.

Are Thai housing prices still rising?

Selected indices are still positive, but the gains are modest and uneven. REIC’s new-condominium index for Bangkok and vicinity rose 1.6% year on year in Q2 2026, while Chonburi’s condominium index rose 0.5%. That does not mean every unit appreciated by the same amount. Developers can preserve headline prices while becoming more flexible on incentives and deal terms.

Do falling construction permits mean a housing shortage is coming?

Not by itself. Fewer permits reduce the future pipeline, but projects started earlier are still completing and several locations still carry sizeable unsold stock. Bangkok and vicinity completed and registered 14,903 homes in Q1 2026 even as new launches were being cut sharply. A genuine shortage would require evidence that existing inventory is being absorbed faster than replacement supply across the relevant segment and location.

Sources

The sources cited on this page, numbered in order. Each one is named with its issuing body and release date, because a figure without a vintage cannot be checked for staleness. We do not publish outbound links — the document name and the institution are enough to find and verify it yourself.

  • [1] Thailand housing market situation, Q1 2026 — Real Estate Information Center (REIC), Government Housing Bank — 24.08.2026
  • [2] Bangkok and vicinity housing market situation, Q1 2026 — Real Estate Information Center (REIC), Government Housing Bank — 24.08.2026
  • [3] New condominium price index in Bangkok and vicinity, Q2 2026 — Real Estate Information Center (REIC), Government Housing Bank — 24.08.2026
  • [4] Condominium transfers to foreign buyers, Q1 2026 — Real Estate Information Center (REIC), Government Housing Bank — 24.08.2026
  • [5] Bangkok Condominium Market Q1 2026 — Colliers Thailand — 24.08.2026
  • [6] Southern Thailand housing market, H1 2025 — Real Estate Information Center (REIC), Government Housing Bank — 24.08.2026
  • [7] EEC market slowdown and Chonburi remaining supply, Q4 2025 — Real Estate Information Center (REIC) — 24.08.2026
  • [12] EEC housing market: sales, remaining supply and absorption, Q4 2025 — Real Estate Information Center (REIC), Government Housing Bank — 24.08.2026

Apply this to a specific property

Tell us the project and the goal — we will say which of these numbers actually bears on that decision and what still has to be confirmed in the building’s own documents.

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Informational material based on public, dated sources. It is not a public offer and not individual investment, tax or legal advice, and no forecast here is a promise of price or yield. Figures carry the period and the release date of their source and may be revised by the issuing body. A decision on a specific property requires document, price and ownership-cost checks with an independent Thai lawyer.