A CLEAR shift has emerged in the Bangkok property market with residents increasingly opting for second-hand housing as reflected in a 1.5-fold increase in this segment’s transfer value, from 27% in 2020 to 38% in 2025, PPTVHD36 said today (Feb. 25).
Research by Krungthai Compass shows that there are three key factors driving second-hand housing segment as follows:
1/ Affordable prices with affordability now being a major issue;
2/ Diverse options comparable to new housing, with over 243,000 units offered for sale nationwide, covering various types and price ranges;
3/ Higher real demand than new housing, meaning that even during an overall real estate market contraction, second-hand housing continues to grow more strongly than new housing.
For developers, the growth of second-hand housing may be a structural warning sign rather than a temporary phenomenon. New project developments should therefore genuinely consider consumer housing affordability otherwise second-hand housing may become an indirect competitor. This change could become a significant factor undermining developers’ sales in the coming period.
Over the past one to two years, the Thai housing market has faced a “perfect storm” from various negative factors, including limited economic recovery, high levels of non-performing loans and household debt, all of which have pressured consumer purchasing power.
At the same time, consumer confidence in high-rise housing was tested by the earthquake on March 28, 2025 that led to the State Audit Building collapsing. This situation has resulted in a -6.5% contraction in the value of housing transfers in Bangkok in 2024 and a continued negative growth of -15.8% in 2025.
Even though the overall market is contracting, second-hand housing remains a segment that continues to gain popularity among consumers. Ever since the Covid-19 pandemic, the proportion of second-hand residential property transfers to total residential properties has increased from 27% in 2020 to 38% in 2025.
Krungthai Compass says this shift in market structure and consumer behavior demonstrates greater emphasis on value for money and affordability, key selling points of second-hand residential properties.
When considering specific property types, it was found that both second-hand landed housing and condominium subsegments have seen significant jumps. Resale sales at housing estates increased from 35% in 2020 to 41% in 2025, while condominiums saw their share rise from 15% to 32% during the same period.
This confirms that consumers are placing more importance on second-hand housing than in the past.
Affordable prices
One of the structural problems of the Thai housing market is that prices are rising faster than income. This is reflected in the 4.3% annual increase in the price of new housing units, which is higher than the 2.8% annual increase in wages. Therefore, the average housing affordability for Thais appears to be declining every year.
This is illustrated in the following simple calculation:
A consumer with an income of 30,000 baht per month in 2012 could obtain a 2 million baht housing loan. However, as housing price and income continues to rise as described above, the same consumer, with an increased income of 43,000 baht per month by 2025, would have access to a housing loan of 2.9 million baht. However, housing prices would surge to 3.5 million baht, a level beyond this consumer’s reach. As consumer housing affordability declines, second-hand housing, which is more affordable and accessible than new housing, becomes increasingly popular.
Are second-hand prices really lower?
A compilation of data from over 800 second-hand condominium listings on leading Thai real estate websites reveals that second-hand condominiums are 5-10% cheaper than their initial launch price.
For example, a condominium project along the northern Green Line (Ha Yaek Ladprao-Ratchayothin) currently has a second-hand price of 133,000 baht/sq.m., a decrease of approximately 10% from the initial launch price of 148,000 baht/sq.m. Similar trends are seen along the Blue Line(Huai Khwang-Phetchaburi) where the current second-hand price is around 158,000 baht/sq.m., a 5% decrease from the initial project price of 164,000 baht/sq.m.
Lots offered for sale
The options in the resale market are as diverse as new housing. Data from Real Estate Information Centre (REIC) shows that in September 2025 there were over 243,000 second-hand housing units for sale nationwide, covering various types and offering a wide selection across various price levels.
Of this total there were 171,000 low-rise houses and 72,000 condominium units, representing a ratio of 70- 30%.
The second-hand housing segment offers a wide range of price levels, with units priced under 3 million baht topping the list at 155,800 units, representing 64%. This is followed by the 3-5 million baht range, 5-10 million baht, and over 10 million baht, accounting for 32,600 units (13%), 27,900 units (12%), and 26,800 units (11%) respectively.
Meeting real demand
The sustained real demand for second-hand property is outstripping new properties, although a smaller proportion may include purchase for investment and speculation.
One piece of evidence confirming the high real demand in the second-hand housing segment is that it remained attractive even during the “perfect storm” in the real estate market. Despite being hampered by weak consumer purchasing power, high household debt and bad debt problems, the value of second-hand residential property transfers still grew faster than new transfers. From 2021 to 2025, the value of second-hand home transfers grew by an average of 3.8% per year, while new transfers contracted by an average of -6.9% per year.
This pattern was seen in both housing estate and condominium subsegments suggesting that second-hand residential segment is helping support the overall housing market during this period.
CAPTION:
Top and Front Page – Representative images of Bangkok property market. Credit – PPTVHD36
Also read:
Thai central bank unexpectedly cuts policy rate amid tariff uncertainty
Govt not hiking VAT to 10% for 2-3 years: Bhumjaithai
After court ruling, Trump says US global tariff rate will rise from 10% to 15%
Tax hike will make Thai airports more expensive than world’s best
PM tells Finance Minister GDP growth must exceed 2.5% in 2026
As the next crisis looms, Travel & Tourism faces a failure of leadership
396 constituency-based MPs initially verified tomorrow
People’s to file duty-negligence, misconduct lawsuit against Election Commission
Bhumjaithai-led coalition finally opts to do without Klatham, Democrats
Election might be called null and void, given barcodes, QR codes on voting ballots
