Investment Rating - The report indicates a cautious investment outlook for the Bangkok condominium market, reflecting ongoing economic pressures and a decline in purchasing power [3][21]. Core Insights - The Bangkok condominium market continues to face challenges due to weak purchasing power and broader economic pressures, with developers needing to adapt by emphasizing value creation and addressing real demand [3][21]. - The number of new condominium projects launched in Q2 2025 is at a 15-year low, with only 405 units introduced, indicating developers' cautious stance amid market pressures [4][5]. - Ownership transfers have significantly decreased to 12,183 units, the lowest in over six years, driven by economic uncertainty and high household debt [7]. - Demand remains weak, with only 105 units booked in Q2 2025, the second-lowest in five years, highlighting ongoing consumer uncertainty [10]. - Average asking prices remain stable, with the central business district (CBD) maintaining a price of 239,475 THB per square meter, while suburban areas see a decline to 126,897 THB per square meter due to competitive pressures [12][19]. Supply Summary - The supply trend shows a significant decline, with new condominium launches at their lowest level in 15 years, reflecting developers' cautious approach [4][5]. - The number of new units introduced has sharply decreased compared to previous years, particularly from the peak in Q2 2022 [4]. Demand Summary - Demand for condominiums is under pressure, with a booking volume of only 105 units in Q2 2025, indicating a lack of meaningful recovery in consumer purchasing power [10]. - Economic factors such as high household debt and rising living costs continue to weigh heavily on demand [10][21]. Price Trends - Average asking prices in the CBD remain stable, while suburban areas experience price declines due to weakened purchasing power and high inventory levels [12][19]. - Developers are compelled to offer attractive pricing strategies to stimulate sales, leading to potential price stability or slight declines in certain areas [22]. Outlook - The market is expected to continue facing economic pressures, with government measures being a crucial support factor [21]. - New project launches are anticipated to remain low, with developers prioritizing existing inventory clearance [22]. - High-end locations and ready-to-move-in quality projects may outperform others, particularly in areas with clear demand [23].