Bangkok is suffering from a housing glut. According to the Real Estate Information Centre (REIC), based on a field survey of residential projects across the wider Bangkok, the number of unsold housing stock was 176,473 units, worth THB 8.6bn (£201m) in sales value in Q2 2022. If the figures are correct, then the average unsold unit is worth less than £1,200.

REIC also predicted that new supply from project launches will hit 83,608 units this year, a 62% y-o-y increase from 2021. As a result, unsold stock (both completed and uncompleted) is expected to balloon to 203,201 units. The survey showed a slowdown in sales, with the absorption rate for condominium projects falling to 5.6% in Q2 2022, from 7.8% in Q1 2022, which means that around 4.5 years’ worth of stock is currently listed for sale in the Thai capital. 

In an effort to boost the construction market even further, the Thai government has decided to allow foreign nationals to own up to 1 rai (0.16 hectares) of land from September this year, if they invest THB 40m (£937,000) in the country for three years. 

The Kingdom of Thailand also launched its latest 10-year LTR visa on 1 September, hoping to attract wealthy expats in a bid to boost the nation’s flagging economy. The government believes the visa scheme will attract around 1m wealthy foreigners to the country.