How to tell if a Thai condo is overpriced: Check it against its own building.
// Short answer
How do I know if a condo in Thailand is overpriced?
Divide the asking price by the unit’s area to get the price per square metre, then compare it with the other units for sale in the same building. A unit asking well above its building’s median needs a reason: a higher floor, a better view, a renovation. If there is no reason, it is priced high. Thailand has no public register of sale prices, so the building’s own listings are the best comparison you have.
Most buyers compare a condo with the area. That is the wrong unit of comparison. Two buildings on the same street can sit 30% apart because of age, facilities and management. The fair test is the building itself.
Step 1: work out the price per square metre
Take the asking price and divide it by the unit’s registered area in square metres. A 2,800,000 THB unit of 35 m² asks 80,000 THB per m². Use the area on the title deed (chanote) or the sale agreement, not the “size” in an advert, which sometimes includes balconies counted differently.
Step 2: collect every other unit for sale in the same building
Search the building name on the main listing sites and note each unit’s price and size. Remove duplicates: the same unit is often listed several times at slightly different prices. Five comparable units is the minimum for a meaningful median; large buildings often have twenty or more.
Then take the median price per m², not the average. One penthouse can drag an average far up; the median ignores it.
Step 3: compare, and look for the reason behind any gap
Divide the unit’s price per m² by the building median. Under 100% means it asks less than its building; over 100% means more. In one real client report (names replaced), the top-ranked unit asked 79% of its building’s median across 36 sale listings. Another unit in the same report asked 126% of its building’s median and still made the shortlist, because its rent and running costs held up.
So a high percentage is a question, not a verdict. Floor, view, corner position, furniture and renovation all move the price. What matters is whether the premium has a reason you can see.
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What the official appraisal tells you, and what it does not
The Treasury Department publishes an official appraised value for registered condominium units. It is used to calculate transfer fees and taxes at the Land Office. It is useful as a floor, but it usually sits below the market, so a listing above the appraisal is normal and tells you little on its own.
The registered sale price at the Land Office is not published. That is why the building’s live listings are the practical benchmark for a foreign buyer.
Check the rent at the same time
A fair price is only half of it. Check what similar units in the same building actually let for, not the asking rents. How to check a listing’s real rent walks through it. A unit priced at its building median with a weak rent is still a weak buy.
Frequently asked questions
Is there a public database of condo sale prices in Thailand?
How many comparable listings do I need?
Should I compare with the area average instead?
Does a high price per square metre mean I should walk away?
Independent research, not financial, legal or tax advice. Rules, fees and data sources change; confirm the current position with a licensed local professional before you commit money.