There have been some positive signs as it relates to a Bangkok condo market recovery. For instance, the Dot Property Group Bangkok Condo Market Report Q1 found that domestic demand increased by 27.7 percent between the fourth quarter of last year and the first quarter of 2022. However, one Thai developer foresees a full recovery happening this year.

Supalai is extremely bullish on the Bangkok condo market and has predicted a full recovery happening by the end of 2022. There were several reasons for this optimism, including the return of tourists to Thailand and an uptick in sales to close last year.

Related: Here’s what you need to know about Bangkok condo investment this year

According to Supalai Managing Director Khun Tritecha Tangmatitham, the homebuilder recorded a 15 percent increase in walk-in customers during the first quarter of this year when compared to the same period in 2021.

“Condo sales clearly recovered in the fourth quarter of 2021, resuming in the first quarter this year with our best results in five quarters despite a peak in COVID-19 cases during that quarter,” Khun Tritecha told the Bangkok Post. “Good sales in the condo market were among completed and ready-for-transfer units as the prices were rarely increased.”

The developer noted that condo units priced from THB2-4 million are seeing a resurgence in demand as buyers in this segment tend to be salaried employees with job security. Meanwhile, the high-end condo market has become active once again.

“Some buyers, particularly in the upper-end segment, took this chance to get a good deal before prices are pushed by new costs, affected by the Russia-Ukraine conflict,” Khun Tritecha stated.

Supalai intends to launch up to four condo projects in the Thai capital this year worth an estimated THB5.74 billion. The developer had not launched a new condominium in Bangkok since September 2020.

Related: Supalai banks on the Bangkok condo market