2025 saw some lows with Fairview Tower.
A 241 sqm unit at Fairview Tower is going for THB 15 million, and a 223 sqm unit at President Park for THB 15.5 million.
Effectively, the residential market in Thailand is probably the worst appreciation in the world, as compared to Dubai or Gurugram and Noida.
Our neighbours in ASEAN are having a difficult period like us, but the light I see is in Malaysia.
I believe prices will hold, and the Malaysian Ringgit will also hold.
This is good for Direct Foreign Investment coming into Kuala Lumpur, and with a few announcements of mega projects by Middle Eastern Royals, the former will see another 3,000 five-star hotel rooms added to inventory downtown by 2030.
The rest, including the Philippines, Indonesia, and Vietnam, I would call a hold or sell.
I don’t believe fundamentals are strong enough to see high appreciation.
Singapore is a totally different kind of ballgame.
In a land of 741 sq. km, you will see significant upsides in residential and commercial properties.
I believe Singapore is still undervalued, and prices at the top 10 condos should exceed SGD 5,000/sq. ft.
Ultimately, if you are a Singaporean, you still have time to buy, and prices will not stabilise until 2028 or 2029.
It’s a turbo-charged adventure, so if you are participating, just wear your seat belt, and you will be profitable.
Foreigners need to pay 60 percent additional buyers’ stamp duty.
So, if you are a foreigner, maybe hold off for a short while until the laws change.
2025 saw some lows with Fairview Tower.
A 241 sqm unit at Fairview Tower is going for THB 15 million, and a 223 sqm unit at President Park for THB 15.5 million.
Effectively, the residential market in Thailand is probably the worst appreciation in the world, as compared to Dubai or Gurugram and Noida.
1990: THB 30,000/sqm | 2000: THB 36,000/sqm
2010: THB 42,000/sqm | 2020: THB 58,000/sqm
2026 estimated THB 70,500/sqm
1990: THB 32,000/sqm | 2000: THB 38,000/sqm
2010: THB 44,000/sqm | 2020: THB 60,000/sqm
2026 estimated THB 77,000/sqm
Simply put, it will have doubled after approximately 22 to 26 years.
Dubai (Business Bay), Singapore (District 9, 10, 11), and Gurugram in Haryana (the DLF x 4+1 projects), had experienced significant shifts.
The average doubling in Gurugram takes place every 6 to 12 years.
In comparison, Bangkok is doubling every 22 to 25 years.
If you manage your money correctly and place it in financial instruments, your returns should be between 6 to 15 percent per year.
In comparison, your Bangkok residential portfolio is a bloody disaster.
The only way a Bangkok residential can offer net appreciation of over 5% consistently per annum is land play.
Simple rule: land goes up, but brick and stone stay still.
There is empirical evidence of this, but going back to President Park…
1990: THB 90,000/wa | 2000: THB 200,000/wa
2010: THB 600,000/wa | 2020: THB 1.42 million/wa
2026: estimated THB 1.72 million/wa
The graph is skewed against foreigners because foreigners are not allowed to purchase land. What is the caveat or solution? Marry a Thai National. Never too late if you are a foreigner.
Vimol Kogar, helping you find a home.
You may contact him at
Vimol@arcadia-consult.com
or +66816165987