Supply Surge: Thailand’s Resale Market Hits THB1.2tn as Buyers Pull Back

For buyers and investors:

• If you focus on Bangkok you face both deep choice and pronounced competition; pricing patterns within Bangkok will vary sharply by district.
• Regional investors should treat supply concentration as a risk factor: when many listings cluster, disposals can depress prices unless local demand is strong.

Transaction activity: transfers fall while supply grows

The REIC reports 55,592 transfers of ownership in Q4 2025, down 6.5% year-on-year, and total transfer value of THB113,651 million, down 8.2%. Detached houses remained the most transferred type: 23,541 units, or 42.3% of all transfers.

Key takeaways:

• Transfer volumes have not matched listing growth. That gap is the core concern: more sellers chasing fewer buyers amplifies downward price pressure.
• Most transfers by unit were in the under-THB1 million segment, accounting for 34% of transferred units. However, the highest aggregate transfer value was in the THB2.01–3.00 million band.
• Transfer values dropped across almost every price range; only properties above THB10 million posted a slight rise in transfer value of 2.6%.

How to read the trend:

• Lower-volume transactions in higher-price segments suggest that wealthy buyers are selective. The slight rise in high-end transfer value indicates some demand for premium properties, likely from cash buyers or specialist investors.
• The decline in transfer activity overall signals that purchasing power remains constrained. Credit conditions, affordability, or buyer sentiment are probably limiting market recovery.

Practical advice for buyers, sellers and investors

Buyers

• Use the supply glut to negotiate: longer listing inventories mean sellers are likelier to accept lower offers or provide payment flexibility.
• Insist on up-to-date due diligence. Many resale listings, especially at the low end, may need legal/title checks or renovation budgets.
• In Bangkok and resort provinces, target micro-locations where infrastructure and demand are stable rather than chasing headline districts.

Sellers

• Price realistically. REIC data show that aggressive asking prices increase days on market and the risk of forced discounting later.
• Consider staged exits. If you own multiple units, unloading them all at once can depress local prices; stagger sales or use targeted marketing to different buyer segments.
• Improve marketability: tidy legal documentation, perform essential repairs and create a clear rental/income history for investors.

Investors

• Stress-test rental and resale scenarios. A market with expanding supply requires conservative cap-rate and vacancy assumptions.
• Watch financing costs. If rates rise, investor demand for leveraged purchases will weaken further, extending time to liquidity.
• Consider value-add strategies in condo stock where supply is abundant: repositioning and professional management can lift yields if operational risks are controlled.

Risks and warning signs

The REIC data underline several risks for market participants:

• Inventory risk: High and rising listings in condos and high-end homes increase the time and cost to sell.
• Price discovery risk: When many sellers test the market, price signals can flip quickly, creating volatility.
• Regional concentration: Heavy weighting toward Bangkok and nine other provinces makes national numbers sensitive to local shocks.
• Demand weakness: Falling transfers and lower transfer values indicate that buyer purchasing power has not recovered.

I would also flag a behavioral risk: if sellers delay price adjustments hoping for a swift rebound, transaction volumes will remain weak and structural slowdown will persist.

What to watch next quarter

Monitor these indicators for a clearer sense of where the market is headed:

• Listings growth vs transfers: convergence or divergence will show whether the market is rebalancing.
• Days on market and discount levels: longer selling times and deeper cuts indicate weakening prices.
• Mortgage approval rates and interest-rate moves: affordable credit drives buyer capacity.
• Tourist arrivals and foreign buyer signals in resort provinces: those influence demand for condos and holiday homes.

Frequently Asked Questions

Q: Is now a good time to buy in Thailand?

A: It depends on objectives. For long-term owner-occupiers looking for lower entry prices and willing to renovate, the present supply glut creates negotiating power. For yield-focused investors, increased condominium supply means higher vacancy and lower short-term returns unless you can secure tenants or reposition the asset.

Q: Are condominium prices falling across Thailand?

A: REIC shows condominium listings surged 79.1% year-on-year with values up 141.7% in asking terms, which indicates selling pressure. Asking prices and actual traded prices can diverge; watch transaction data and days on market for evidence of actual price declines.

Q: Should sellers pull back listings until demand recovers?

A: Pulling listings can reduce immediate downward pressure, but it also delays cash exits and can increase holding costs. A more pragmatic strategy is targeted pricing, staged sales and improving the property’s market fit.

Q: How does Bangkok compare to regional markets?

A: Bangkok accounts for 31.4% of listings and 60.7% of listed value, so it drives national figures. Regional markets may show more volatility if local demand is weak, especially in resort or commuter provinces where supply has expanded.

Final assessment

REIC’s Q4 2025 report paints a market with more sellers than buyers: 226,278 listings valued at THB1.20 trillion, but only 55,592 transfers worth THB113,651 million. That gap creates negotiating opportunities for buyers and execution risks for sellers and investors. If you are active in Thailand’s property market, focus on realistic pricing, rigorous due diligence, and stress-tested assumptions about rental and resale demand. For Bangkok-focused investors remember one concrete fact: the capital holds 71,275 listings and 60.7% of national market value, so micro-location selection is the single most important decision you will make.