31/08/2025
How have condo prices in Bangkok appreciated over the years?
The chart shows an aggregated price index from the Bank of Thailand, based on property appraisal values done by commercial banks when they issue mortgages.
Source: https://app.bot.or.th/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=920&language=ENG
From 2011-2024, prices grew by 98.5% with a growth rate (CAGR) of 5.42% per year.
In comparison, the S&P500 index, VOO, has a CAGR of ~14% in the same period.
So if you’re mainly looking to grow your capital, I’ll be the first to tell you not to invest in condos in Bangkok.
However, you can’t sleep, eat, or F%$ # in your brokerage account, can you?
Moreover, notice how resilient condo prices were, despite Thailand’s military coup in 2014 and during Covid.
I think most people would prefer that properties behave that way - a conservative capital preservation vehicle rather than a risk-on asset.
The truth is Thailand’s real estate market never was a highly speculative playground. A 2024 survey showed that only 15% of Thai property buyers who were surveyed said they were buying as a pure investment.
So what are you saying, Jett?
That 85% of Thais bought property mainly for their….utility???
Blasphemy!
Yes. I think the lack of a crazy speculative market is what keeps overall prices lower than other markets.
This is why I believe Thailand offers excellent value for money, considering how you can buy into world-class quality of living at a fraction of what you would pay in other major cities.
According to a crowd-sourced cost of living site, Bangkok ranks as the 96th most expensive city based on the average price of a condo. The only other Thai city that made it on the list is Pattaya at 216th. https://www.numbeo.com/cost-of-living/city_price_rankings?displayCurrency=USD&itemId=100
I’ll post more data-driven commentaries like this in text form, so keep on the lookout if you enjoy this sort of content.
