Thailand emerges as Asia’s biggest market for branded residences
With over 68,000 units sold and an 11% year-on-year growth, cities like Bangkok and Phuket lead the surge as luxury residences attract wealthy Thai and foreign buyers
Thailand leads the branded residence market in Asia this year, holding a 23.3% share of a market valued at US$266 billion, according to C9 Hotelworks, a Phuket-based hospitality and real estate consultancy.
Branded residences in Thailand, notably those in Bangkok and Phuket, have enjoyed an 11% growth year-on-year in 2024 with over 68,000 units sold, C9 Hotelworks’ managing director Bill Barnett said.
The Philippines and South Korea came in second and third with 17.3% and 11.6% market shares, respectively, while emerging markets like Malaysia, Vietnam and India together accounted for 24.5% of the market.
Phuket, meanwhile, stands out as the leading destination, boasting 4,771 units across 26 projects, followed by Manila, Bangkok, Kuala Lumpur and Pattaya. Hua Hin ranks 10th in unit numbers, Barnett said.
He noted that branded residences in central Bangkok average 291,000 baht per square metre, while those in resort cities are priced at 161,000 baht per sqm on average. Luxury-class branded residences can reach up to 445,000 baht per sqm.
Barnett forecasted increased competition in Thailand’s branded residence market, with foreign companies entering the scene, pushing Thai brands to compete on both price and quality.
Chanond Ruangkritya, chief executive of Ananda Development Plc, said the trend of branded residences surged after the pandemic as developers shifted focus to luxury projects amid a declining mass condominium market.
Ananda’s Porsche Design Tower Bangkok, located in Sukhumvit Soi 38, is priced at 1 million baht per sqm, making it the most expensive in the country.
“We chose Porsche as it is a premium brand popular among wealthy Thais and foreigners, differentiating our property from competitors,” he said.
Krit Techasamma, managing director of Origin Nationwide Ltd, highlighted the appeal of luxury branded properties among wealthy foreigners in Phuket, particularly Russians seeking second homes in Thailand.
“Branded properties are also attractive investments, as they tend to appreciate in value and offer higher rental yields compared to regular condominiums,” he said.
