Moving to Thailand: Bangkok's 65,300 Unsold Condos

Bangkok — Moving to Thailand usually starts with one question: where will I live, and what will it cost? A new market report gives Bangkok renters an unusual bit of leverage. More than 65,300 condo units, worth roughly 370 billion baht, are sitting unsold, and the research firm says clearing them could take two to three years if nothing new launched.

The numbers behind the Bangkok condo glut

Cushman & Wakefield Thailand puts the unsold stock at more than 65,300 units. About 25,700 of them, roughly 40 percent, are finished and ready to transfer. The rest are still being built or are early in the pipeline.

Most of the stock is at the cheaper end. About 55 percent of unsold units are priced at or below 100,000 baht per square metre, which means under about 3 million baht for a typical unit. Stretch the band to 150,000 baht per square metre and the share rises to around 76 percent.

Developers are still launching. There were 4,876 units in the third quarter, more than double the second quarter, and 14,377 across nine months, up 6 percent on last year. The firm expects 16,000 to 17,000 launches for 2026.

Why the condos are not selling

The report points to weak domestic purchasing power and tight household credit. Chinese demand has also faded: Chinese tourist arrivals fell 33.6 percent in 2025, and condo transfers to Chinese buyers dropped 13 percent. Purchases stayed subdued in the first half of 2026.

Some developers postponed late-September launches. Others ran soft launches to test the water before a formal fourth-quarter release, and many now favour smaller projects, completed buildings and sites near existing rail lines.

What it could mean for renting in Thailand

Here is our reading, not the report’s. Developers carrying finished, unsold units have a reason to keep them occupied. Some projects in the cheaper bracket allow renting before buying, which suits people who want to test a neighbourhood. If you are renting in Thailand for the first time, it is worth asking a building’s sales office what it offers as well as checking the usual agents.

Do not assume rents are falling. The research does not measure them, and an owner who bought at a high price may not discount. What you can do is ask for a longer lease in return for a lower monthly figure, request that the first month’s deposit be capped at two months, and compare three or four buildings on the same rail line.

This also feeds the wider cost of living in Thailand picture. Rent is the biggest line for most Bangkok expat budgets, so extra supply matters more than a cheap bowl of noodles. We looked at a similar oversupply story in Chiang Mai’s property glut.

Buying a condo: foreign-buyer checks are tighter

If you are moving to Thailand and thinking of buying, the report carries a warning. Checks on foreign buyers’ documents, source of funds and corporate ownership structures have tightened, and that has made some transactions harder to complete.

That fits the wider crackdown we covered in our nominee property raid report. Foreigners can own condo units within the legal foreign quota of a building, but funds must normally be brought in from overseas in foreign currency and documented as such. Keep every transfer slip.

A reservation fee does not guarantee completion. If financing falls through, the deal may not close, and completed units are generally easier to close than off-plan ones. Treat a big discount on an unfinished project with suspicion until you have seen the developer’s track record.

Flood risk: ask about the road, not just the floor

Flooding adds uncertainty. The analysis notes that upper floors may face less direct flood risk, but access roads, utilities and shared areas can still be disrupted. In practice that means a seventh-floor flat can still lose lifts, water pumps and a way out. Our guide to disaster insurance for homes explains what cover is on offer.

Before signing anything, ask the juristic office (the building management) where the building flooded in past years, whether the basement car park or generators are affected, and how long the access road has stayed under water. Photograph the answers.

Best place to live in Thailand: not only Bangkok

The glut is a Bangkok story, but it nudges the wider decision. Chiang Mai living suits those who want cheaper rent and cooler mornings, and a Phuket digital nomad pays more for sea and airport links. Our city guide compares the main hubs.

Whatever you choose, remember that a long lease is not a visa. Your right to stay depends on your Thai visa requirement being met, whether that is a DTV, a retirement extension or a marriage route. Do not sign a one-year lease before you know your permission to stay covers it.

Your checklist before signing a Bangkok lease or contract

1. Compare at least three buildings on the same rail line and ask each for its best long-lease price.
2. Ask the sales office whether it rents completed units, and on what terms.
3. Cap the deposit and get a written inventory with photographs.
4. Check flooding history for the access road, utilities and car park, not only your floor.
5. If buying, prepare documents early: foreign-currency transfer slips and source-of-funds evidence.
6. Prefer completed units and verify the developer before paying any reservation fee.
7. Match your lease length to your visa or extension, and keep a break clause.