Sales held up, deliveries slipped
Developers launched 4,487 new condominium units, 44.8% more than in the second half of 2025. Publicly listed developers with a record on the island brought over half of them, led by Rhom Pho with four projects and 1,445 entry-level to mid-range units.
Only three projects were completed, 1,196 units, which is 56.8% fewer than in the previous half because many were late or not ready for handover. The wave is only postponed: 10,233 units are scheduled for the second half of 2026, 11,438 for 2027, and the whole pipeline stands at 28,211 units.
Sales rose by about 10% both on the previous half and on a year earlier, and 71.9% of all condominium units have now been sold. The strongest results came from projects with a rental programme, a clear price advantage or a prime location.
Russian buyers have been the main source of demand, and their purchases are starting to slow. Developers are turning to expatriates living in the Middle East and to buyers from India and Europe. Many of them buy without visiting, on the strength of projected rental returns, which CBRE says will not hold up if those returns are not delivered.
Fewer launches, no luxury
Sixteen villa projects with 224 units were launched, 20.8% fewer than in the previous half and 58.0% fewer than a year earlier. About a third of the projects are on the central west coast. Two thirds of the new supply is mid-range, priced at THB 15 to 35 million, and the luxury segment saw no new launch at all. Established local developers have scaled back, and others have cancelled projects they had announced.
Sales recovered: 233 villas were sold, 67.6% more than in the second half of 2025 but 18.5% fewer than a year earlier. Villas in mixed-use compounds did best, especially close to wellness and sports facilities, retail and international schools. In total, 72.6% of all villa supply has been sold.
CBRE's transaction data shows a strong base of Thai buyers. Its field surveys show the market led by Russian and Chinese buyers who want to relocate for the long term, with Singaporean, Taiwanese, Hong Kong, Dubai-based and European buyers more and more present.
A softer season behind the market
Thailand received 15.9 million international visitors, 4.9% fewer than a year earlier, and Phuket airport handled 4.39 million passengers, down 1.4%. About 1,000 flights from the Middle East were cancelled. Russians remained the largest group of visitors to the island with 583,041 arrivals, ahead of Indian travellers with 326,906 and Chinese travellers with 322,315.
Hotels held steady: occupancy was 67.7%, 0.8 percentage points lower, and the average daily rate rose 0.9% to THB 5,658. Six new hotels added 732 rooms, and the island now has more than 45,000 rooms in over 260 hotels.
What stands out
- No luxury villa project launched in the half, while mid-range launches filled two thirds of new supply.
- Condominium sales grew even as completions fell, so a large share of the supply is still to be delivered.
- Buyers come from more places than before: Russia and China lead, with growing interest from the Middle East, India, Singapore and Europe.
How to read this report
- This page summarises the research report of CBRE Thailand in our own words. The figures are theirs; we have not changed them, and the report is the authority if anything differs.
- Prices are in Thai baht. "On the previous half" means the half-year before; "on a year earlier" means the same half-year of the year before.
- The figures describe the projects the consultant follows. They are not a count of every transaction on the island, because Thailand has no open register of sales.
Source: CBRE Thailand, Open the original report (PDF)