Thailand's Property Market Flooded with Vacant Land as Cautious Buyers Gain Negotiating Power

Thailand’s property market remains in a recovery phase, with businesses increasingly focused on preserving cash flow amid economic uncertainty and the financial pressure of land and building taxes. Vacant land is now being offered for sale in large numbers, ranging from small plots to major land banks held by property companies, brokers and wealthy families. Some owners are putting inherited land and long-held assets on the market to raise cash. However, buyers are taking a more cautious approach than during the property boom, carefully assessing each plot before committing to a purchase. This has made large land parcels increasingly difficult to sell. Wasan Khongchan, president of the Real Estate Sales and Marketing Association, said large numbers of vacant plots are currently being offered for sale, with prices in some locations reduced by 30–50% because owners have been unable to find buyers. “The buyer has more negotiating power now,” Wasan said, adding that only major property developers with sufficient financial strength are currently in a position to acquire land, including Sansiri, AP Thailand, Supalai, AssetWise and SC Asset Corporation. Several plots near mass-transit stations have also entered the market. Along the Green Line extension from Mo Chit to Saphan Mai and Khu Khot, vacant land is being offered near stations including Phahon Yothin 59 and the Royal Thai Air Force Museum area. The Pink Line from Khae Rai to Min Buri has also seen several plots advertised for sale, both with and without signs. One prominent example is a plot of more than 48 rai opposite Central Chaeng Watthana and next to Chaeng Watthana-Pak Kret 28 station. The land, owned by a well-known family, was advertised in 2024 at 350,000 baht per square wah, giving it a total asking price of more than 6.8 billion baht. It remains on the market, although the sign has since been removed, with the asking price now reported at more than 6.7 billion baht. A property industry source said the plot is priced slightly above market levels but has strong development potential because of its size and location. Under the city planning designation, it is classified as brown Y.8 land for high-density residential development, making it suitable for mixed-use projects. However, the large size of the property and current economic conditions mean that finding a buyer could take time, the source said. Another plot of more than six rai on Chaeng Watthana Soi 1, also inherited by a prominent family, is being offered for both sale and lease. The asking sale price is 500,000 baht per square wah, putting the total value at around 1.2 billion baht. Surachet Kongcheep, head of research and consulting at Cushman & Wakefield Thailand, said Chaeng Watthana began attracting greater interest from property developers after the Government Complex and Central Chaeng Watthana were established, particularly after 2009. The area became more prominent after the Pink Line began operating in 2024, he said. Land along Chaeng Watthana Road and within a short distance of mass-transit stations currently commands around 250,000–380,000 baht per square wah. Plots farther from stations are priced at about 60,000–220,000 baht per square wah, while land deeper inside sois is generally around 70,000–100,000 baht per square wah. Land prices along Chaeng Watthana Road have increased by around 3–7% annually in recent years as demand grew for condominium development. Although relatively few new condominium projects are currently being launched, the area’s transport links and established commercial and government facilities continue to support land values.