WeChat ID :
Login/Register
Posted on 6 Sep 2026
259
As the supply of homes priced above THB 10 million has more than tripled and developers begin offering discounts of 20–30%, Thailand’s luxury resale housing market is entering an era where properties can no longer be priced based on sentiment alone.
Market Analysis by Exclusive Asset
The luxury residential market in Bangkok and its surrounding metropolitan areas is undergoing a significant structural change.
According to data published by Thailand’s Real Estate Information Center (REIC), the supply of residential properties priced above THB 10 million in Bangkok and surrounding provinces increased from approximately 12,349 units in 2019 to 37,775 units by April 2025.
This represents an increase of more than three times within just a few years.
At the same time, some property developers have begun offering discounts of approximately 20–30% in order to accelerate sales and reduce unsold inventory.
Source: Real Estate Information Center (REIC)
The important issue is no longer simply that newly developed luxury homes are becoming more difficult to sell.
The more important implication is that aggressive pricing by developers is beginning to create a new market price benchmark.
And that benchmark will inevitably affect the pricing of luxury resale homes in Bangkok and surrounding areas.
Over the past several years, Thailand’s lower and mid-priced residential markets have been affected by high household debt and increasingly strict mortgage lending requirements.
As a result, many developers shifted toward the upper-end residential segment, believing that high-net-worth buyers would have greater purchasing power and lower dependence on mortgage financing.
However, when many developers entered the same market at roughly the same time, luxury housing supply expanded faster than actual buyer demand.
According to REIC, approximately 6,626 residential units priced above THB 10 million were launched in 2023 alone, representing a total development value of more than THB 136.35 billion.
The number of newly launched units increased approximately 131% year-on-year, while the market was able to absorb only around one-third of the available supply.
The situation is particularly notable in the THB 25–50 million detached-house segment.
Approximately 3,000 units remain in inventory, and REIC estimates that, based on the current absorption rate, it could take approximately five to six years for the market to absorb this remaining stock.
This is a significant signal for Thailand’s luxury residential property market.
The problem is not necessarily that luxury buyers have disappeared.
Rather, buyers simply have far more choices than before.
When supply exceeds demand, negotiating power gradually shifts from sellers toward buyers.
A buyer with a budget of THB 20 million, THB 30 million or THB 50 million can now compare multiple alternatives, including:
Therefore, the competitor of a resale luxury home is no longer simply another resale property.
Its competitors include virtually every property available within the same buyer budget and catchment area.
This represents one of the most important changes that luxury homeowners who intend to sell must understand.
Consider a luxury home originally listed by a developer at THB 50 million.
If the developer later offers that property at a promotional price of THB 39 million, a resale homeowner may no longer be able to justify a THB 42 million asking price by saying:
“A new home costs THB 50 million, so my resale home at THB 42 million is already cheaper.”
The problem is that sophisticated buyers are no longer comparing resale homes against the developer’s original list price.
They compare properties against the final transaction price they can realistically obtain.
In other words, the relevant benchmark is not the advertised price.
It is the price at which the buyer can actually purchase the property.
This is why modern resale-home valuation must monitor not only asking prices, but also developer promotions, completed inventory, incentives and achievable final prices.
Pressure on the market is not coming from newly developed housing alone.
Thailand’s resale property market is also experiencing a significant increase in available inventory.
REIC data for the first quarter of 2026 showed approximately 242,729 resale residential properties being offered nationwide, an increase of approximately 34.2% year-on-year.
The total asking value of these properties reached approximately THB 1.196 trillion, representing an increase of approximately 99.4%.
The most notable increase occurred in properties priced above THB 10 million.
Supply in this segment increased approximately 143.7%, while the total asking value increased approximately 164.1%.
Put simply:
The number of luxury homeowners attempting to sell is increasing faster than the number of buyers purchasing luxury homes.
This helps explain why certain luxury properties can remain on the market for long periods even when they are high-quality homes located in reputable developments.
Newly developed homes enjoy several structural advantages.
Therefore, when the price of a resale property is too close to the price of a new property, the buyer will naturally ask:
“Why shouldn’t I simply buy a brand-new home?”
A resale property must be able to provide a convincing answer.
Price can be part of that answer, but it does not necessarily have to be the only answer.
Exclusive Asset believes that homeowners should not immediately respond to market pressure by aggressively cutting their asking price.
Certain resale luxury homes possess characteristics that are extremely difficult — and in some cases impossible — for new developments to reproduce.
Many established luxury housing developments were built during periods when land costs were substantially lower.
As a result, older luxury homes often provide significantly larger land plots than newly developed properties at a similar price point.
Certain homes benefit from rare plot characteristics such as:
These characteristics create scarcity that cannot easily be reproduced.
Established housing projects may be located in mature neighborhoods with convenient access to international schools, hospitals, shopping centers, business districts and major transport routes.
In some areas, there is simply no longer enough land available for developers to build comparable new luxury developments at similar prices.
A resale luxury home may provide 400–600 square meters of usable area while a newly developed property within the same budget provides only 300–400 square meters.
For buyers who value living space, the economics of a well-priced resale home can therefore be highly attractive.
A professionally renovated and fully furnished home can save buyers substantial amounts of time, money and construction risk.
Therefore, resale properties with genuine scarcity value can still maintain meaningful pricing premiums compared with ordinary homes.
Exclusive Asset expects the luxury resale market to become increasingly divided into two distinct groups.
These are homes that buyers can easily replace with other alternatives.
Typical characteristics include:
Properties in this category are likely to experience the greatest pricing pressure.
These are properties with characteristics that are genuinely difficult to replace.
Examples include:
These homes may still command a premium.
However, sellers and agents must be able to clearly demonstrate why the property is different and how much that difference is worth.
In a high-supply market, a luxury property may fail to sell for reasons that have little to do with photography, online advertising or the number of property portals on which it appears.
The real problem may be that the property’s price positioning was incorrect from the beginning.
For example, if a property is listed at THB 30 million but the market-clearing price is closer to THB 25 million, doubling the advertising budget will not automatically convince the market to accept THB 30 million.
Marketing can place a property in front of the right buyer.
But marketing alone cannot force buyers to accept a price significantly above comparable alternatives without a compelling reason.
Exclusive Asset recommends changing the fundamental question from:
“How much should I sell my house for?”
to:
“What else can a buyer purchase today with the same budget?”
Before determining an asking price, sellers should analyze at least three competitive markets.
Review:
Buyers are rarely restricted to only one housing project.
Sellers must therefore understand competing developments within the same location, lifestyle profile and price range.
Sellers should monitor:
Only after analyzing these three markets should a homeowner determine where their property should be positioned.
For luxury-home buyers, higher supply can create an attractive buying environment.
Buyers gain greater negotiating power, more choices and the possibility of purchasing high-quality assets at prices that may not have been available during stronger market cycles.
For homeowners with genuinely desirable properties, buyers still exist.
However, the asking price must reflect current market conditions and the property’s unique value must be communicated far more clearly.
For long-term investors and opportunistic buyers, periods when developers need to reduce inventory and individual owners require liquidity may also create opportunities to acquire quality assets at attractive prices.
We do not believe Thailand’s luxury housing market in 2026 is entering an era where:
“Luxury homes cannot be sold.”
Instead, we believe the market is entering an era where:
“Luxury homes with the right pricing and genuine differentiation will leave the market first.”
In the past, homeowners could often begin their pricing decision using the original purchase price, neighboring asking prices or simply the amount they wanted to receive.
Today, professional luxury-home pricing requires far more data.
Important factors now include:
As buyers gain more choices, sellers are no longer competing solely on price.
They are competing on:
Value for Money.
The property that can answer the following question most convincingly will have the strongest competitive advantage:
“Why should a buyer choose this property instead of the other ten properties available within the same budget?”
Exclusive Asset specializes in the sale and acquisition of luxury homes, branded residences, high-end detached houses and luxury mansions in Bangkok and surrounding metropolitan areas.
Our approach combines property valuation, competitive-market analysis, pricing strategy, property positioning and professional luxury real-estate marketing.
For homeowners considering selling a luxury property, understanding the market before determining the asking price can significantly improve the probability of achieving a successful transaction.
REIC data indicates that the supply of residential properties priced above THB 10 million in Bangkok and surrounding provinces has increased significantly compared with pre-2020 levels. Increased developer inventory and resale listings have created greater competition for luxury-home sellers.
The impact will vary by property. Standard properties with many comparable alternatives may face stronger pricing pressure, while rare homes with large plots, exceptional locations, lakefront positions or other scarcity characteristics may maintain stronger pricing power.
A professional pricing strategy should evaluate competing resale properties, recent transactions, developer promotional prices, final achievable prices, time on market and the unique characteristics of the property.
Not necessarily. Sellers should compare the complete value proposition. A resale property may offer larger land, more usable space, superior plot positioning, mature surroundings or completed renovations that provide advantages over newly developed homes.
Exclusive Asset
Professional specialists in luxury homes, branded houses and luxury mansions in Bangkok and surrounding areas.
Source: Real Estate Information Center (REIC), Thailand.
Read the original REIC market report
Managing Director, Exclusive Asset Co., Ltd.
Natthakom Kerdanun is a real estate professional specializing in residential and luxury property markets in Thailand. He serves as Managing Director of Exclusive Asset Co., Ltd. and has professional qualifications in residential real estate brokerage, property advisory, and real estate education.
His areas of expertise include luxury residential property, resale housing market analysis, property valuation, pricing strategy, real estate marketing, and residential brokerage.
