Bangkok's Condo Paradox: Launch Prices Near Record Highs as Land Prices Get Slashed

The average selling price of newly launched condominiums in Greater Bangkok reached 120,364 baht per square metre in the first half of 2026, up 9.4% from about 110,000 baht at the end of 2025, according to figures reported by the Bangkok Post in July. That puts current launch pricing just shy of the 120,633 baht recorded in 2019 and makes it the second-highest level on record, behind only the 126,373 baht seen during the market’s 2018 boom — a striking figure given how weak the wider residential sector has been this year.

At the same time, the land that future condo projects get built on is getting noticeably cheaper to acquire. Cushman & Wakefield Thailand data reported by the Bangkok Post shows Greater Bangkok land prices, which had risen consistently — often by double digits — for years on the back of condo developer demand, now stagnating, with some sellers facing discounts of as much as 40% off asking prices. Developers are reportedly countering with offers as low as 500,000-600,000 baht per square wah in some cases, well below levels seen during the boom, though landowners without urgent financial pressure are largely holding out rather than accepting.

Read together, the two data points aren’t as contradictory as they first look. The same reporting shows how uneven the launch figure is: the average for new launches jumped from 90,308 baht per square metre in the first quarter to 150,420 baht in the second, which is what a handful of high-priced launches does to an average even while the wider market stays weak. Falling land prices, meanwhile, reflect developers’ reduced appetite to pay up for new sites while they’re still sitting on a large unsold inventory overhang, rather than any newfound bargain-hunting opportunity translating into actual land sales.

For anyone reading the launch-price figure as evidence of a genuine Bangkok condo recovery, the land market tells a more cautious story underneath it: developers appear far more willing to price a scarce slice of premium new supply aggressively than to commit fresh capital to acquiring land for the next wave of projects.