Thailand’s property developers are racing to build new luxury homes, tapping into an influx of wealthy foreign buyers to ease the blow from the slowdown in the Southeast Asian nation’s overall real estate market.
About a 10-minute walk from the BTS SkyTrain system’s Phrom Phong station in Bangkok, Raimon Land is building a new four-unit luxury development called The 528 Estate.
The project is slated for completion as early as 2027. Each unit will come with a plot of 780 sq. meters or more and will start at 880 million baht ($26 million).
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Luxury housing is being built at an unprecedented pace in Thailand, according to Raimon Land Chairman Korn Narongdej.
With an eye on growing demand, the developer is investing 11 billion baht over the three years through 2027 in Bangkok and elsewhere. It plans to set up joint ventures with landowners to secure more building sites at cheaper prices.
Meanwhile, Sansiri plans to have 19 billion baht of luxury housing available for sale at the end of 2025, more than double the figure from the end of 2024. It has begun sales at four developments, including through its Narasiri premium brand.
Japanese players are eyeing the Thai market as well. Mitsui Fudosan partnered with Sansiri in late 2024 to develop luxury housing. Mitsubishi Estate has joined forces with AP (Thailand) to build high-end condominiums, as has Nomura Real Estate Development with Origin Property.
These luxury projects are largely geared toward wealthy foreigners. Foreign nationals purchased 14,753 condo units in Thailand in 2024 — roughly flat from 2023 but up 26% from 2022.
Source: Nikkei Asia
