The price gap between new and resale Bangkok condos has widened to the point where buyers can now purchase units three times larger for the same budget. In Thong Lor, newly launched condos now exceed 200,000 baht per square metre, while comparable resale units sell for 60,000-70,000 baht per square metre.
That pricing gap is not just a discount. It is a fundamental shift in what buyers can afford and what they choose.
According to Savills Thailand, more than 70% of resale condo buyers in Bangkok are now Thai nationals, and the majority are choosing older buildings not because they accept compromise, but because they prioritise usable space over building age. For the same budget that buys a small studio in a new tower, a buyer can secure a two-bedroom unit measuring 70-80 square metres in an established location.
The pricing gap in plain English
The figures matter because they show how far new launch pricing has moved beyond affordability for many buyers.
In Thong Lor, resale condos trade at less than one-third the price of new launches. In Suan Phlu, resale units sell for under 100,000 baht per square metre, compared with 180,000-200,000 baht per square metre for new developments in the same area.
Prapaporn Boonkajornkul, deputy managing director at Savills Thailand, told the Bangkok Post that price remains the biggest factor influencing purchasing decisions. Units originally marketed at 180,000 baht per square metre often attract buyers only after being discounted to around 120,000 baht per square metre.
The gap is not limited to prime districts. Kasikorn Research Center projects unsold housing stock nationwide will exceed 610,000 units this year, driven largely by second-hand homes entering the market as developers scale back new launches.
Why Thai buyers think differently
Thai buyers and foreign buyers approach resale condos with different priorities, according to Savills data.
Thai buyers typically prioritise larger living spaces and are less concerned about a building’s age. Foreign buyers, who account for roughly 30% of Savills’ resale business, continue to favour newer developments with modern facilities.
The most active resale locations remain Sukhumvit, Sathon and Silom, with demand concentrated in two-bedroom units measuring 70-80 square metres and priced from 10 million baht.
More than 70% of Savills’ resale inventory comes from units under its property management portfolio, which provides buyers with greater confidence in building quality, maintenance history and transaction transparency.
Mortgage financing remains widely available for resale purchases, with buyers typically borrowing 60-70% of a property’s value and paying the remainder in cash.
What this means for Phuket property
The Bangkok resale shift is worth watching for Phuket buyers and sellers, particularly where affordability and space-per-baht matter.
Phuket’s new launch pricing has also risen sharply in recent years, especially in prime beachfront and hillside locations. While Phuket’s resale condo market is smaller and less liquid than Bangkok’s, the underlying tension is similar: buyers face a choice between paying premium prices for new developments or accepting older buildings in exchange for larger units or better locations.
The difference is that Phuket buyers—both Thai and foreign—often prioritise location, view and proximity to the beach more heavily than building age. A resale villa with direct beach access or unobstructed Andaman views may hold stronger appeal than a new launch set further inland, even if the new development offers contemporary finishes.
For sellers of older Phuket condos and villas, the Bangkok data suggests that pricing competitively and emphasising usable space, location and maintenance history may attract buyers who would otherwise be priced out of new launches.
The wider inventory question
The shift toward resale condos is part of a broader slowdown in Thailand’s housing market.
Research from SCB Economic Intelligence Center and Krungthai Compass points to rising resale activity as affordability constraints intensify. Buyers are increasingly favouring existing homes in established locations over newly launched projects carrying substantially higher prices.
Prapaporn said the growing resale market offers buyers wider choices and stronger bargaining power, but for developers it intensifies competition as unsold inventories continue to accumulate amid subdued purchasing power.
She added that resale condos are likely to remain an attractive option for buyers seeking larger homes in established locations without paying premium prices for newly launched projects.
Frequently Asked Questions
Why are resale condos so much cheaper than new launches in Bangkok?
New launch pricing in prime Bangkok districts has risen sharply, exceeding 200,000 baht per square metre in areas such as Thong Lor, while resale units in the same locations sell for 60,000-70,000 baht per square metre. The gap reflects rising development costs, land prices and developer margin expectations, but also indicates that many new launches are priced beyond what the market will pay without significant discounting.
Can foreign buyers get mortgages for resale condos in Thailand?
Mortgage financing is widely available for resale condo purchases in Thailand. Buyers typically borrow 60-70% of the property’s value and pay the remainder in cash. Eligibility and loan terms depend on the lender, the buyer’s income, employment status and the property itself.
Does this trend apply to Phuket property?
Phuket’s resale market is smaller and less liquid than Bangkok’s, but the same affordability tension exists. Buyers in Phuket may find that older condos or villas in prime beachfront or hillside locations offer better value per square metre than new launches set further inland or at higher price points. Location and view often matter more than building age in Phuket.
What areas in Bangkok have the strongest resale activity?
Sukhumvit, Sathon and Silom remain the three most active resale locations, with demand concentrated in two-bedroom units measuring 70-80 square metres and priced from 10 million baht, according to Savills Thailand.
Will resale condos continue to dominate buyer interest?
The Savills report suggests resale condos will remain attractive as long as the pricing gap persists and affordability constraints continue. Buyers seeking larger homes in established locations without paying premium prices for new launches are likely to keep resale demand strong.
Sources
- Bangkok Post — Resale condos fill the affordability gap — link
