New vs second-hand condo in Thailand, how much is the price gap and which is worth it

Key Highlights

• Nationwide ownership transfer data for the first 8 months of 2568 (2025) from Thailand's Real Estate Information Center (REIC) puts the average new home at roughly 3.99 million baht per unit against roughly 2.02 million baht for second-hand, a gap of about 49 percent
• That figure averages every property type and compares per unit rather than per square meter, so it cannot tell you how much less the specific unit you are viewing should cost
• The number that actually helps is the price per square meter of resale units against new units within the same 500 meter radius, with your renovation estimate added to the resale side before you compare
• Foreign buyers face one constraint Thai buyers do not, which is the 49 percent freehold quota per building, and this often matters more than the new versus resale question
• The transfer and mortgage registration fee reduction to 0.01 percent covers both new and resale purchases through 30 June 2570 (2027), but it is limited to Thai nationals buying for their own residence

Why can one percentage not answer this question?

Ask how much less a second-hand condo costs and you will get a different answer from every agent, because the phrase covers everything from a unit completed last year whose owner changed plans, to a unit in a 25 year old building whose plumbing and electrical risers are near the end of their service life. Treating those as one category produces a number nobody can act on.

A more useful approach works in two layers. The first is the market-level gap from data you can verify, which tells you where the resale market sits overall. The second is the gap in the specific area you are considering, which you have to calculate yourself. This article gives you both, along with the formula for the second one.

What does the market data actually show?

The figures in this section come from the Real Estate Information Center under the Government Housing Bank, the body that compiles transfer and listing data across Thailand. It is the closest thing the Thai market has to an official statistical source, and it is what local banks and developers cite.

Resale units dominate transaction volume but not value

Across the first 8 months of 2568 (2025), 196,223 residential units transferred nationwide, down 10.6 percent year on year, worth 527,946 million baht, down 13.6 percent. Split by type, new homes accounted for 67,050 units or 34 percent of volume, but 267,641 million baht or 51 percent of value. Second-hand accounted for 129,173 units or 66 percent of volume, but 260,305 million baht or 49 percent of value.

Divide value by units and you get roughly 3.99 million baht per new home against roughly 2.02 million baht per second-hand home, a gap of about 49 percent. REIC also notes that the resale market has taken share from the new-build market, most visibly in the segment under 3 million baht.

Average asking prices for resale condos fell sharply in one year

In Q2 of 2568 (2025), 189,382 second-hand homes were listed for sale nationwide, up 34.6 percent year on year, worth 758,502 million baht, up 5.6 percent. Condominium units made up 21.1 percent of listed units, behind detached houses at 44.1 percent and townhouses at 30.1 percent.

The most useful detail is that the average asking price for a resale condo fell from around 6 million baht to around 4.3 million baht within a single year. There are two readings. Either owners of higher-priced units cut their prices, or a large volume of lower-priced units entered the market and pulled the average down. The second is more likely, and for a buyer the practical effect is the same, which is more resale stock to compare against.

What these numbers cannot tell you

The 49 percent gap blends detached houses, townhouses, and condominium units, and it compares price per unit rather than price per square meter. New homes transferring in this period skew larger than the resale condos in the same dataset, which widens the gap beyond what a like-for-like condo comparison would show.

Listing data also reflects asking prices, not closing prices, and closing prices in Thailand are routinely below asking. Use these figures to read market direction, not to decide how much discount to push for on a particular unit.

How to calculate the price gap per square meter in your area

The gap that matters is the one in a single area, not the national average. This section gives you a calculation you can finish in an afternoon using listings that already exist.

A three line formula that works anywhere

• Line 1, find the price per square meter for new units by dividing the asking price of the nearest new projects by usable area, taking three projects and using the middle value
• Line 2, find the price per square meter for resale units using listings within 500 meters of the same point, restricted to units within plus or minus 10 square meters of the size you want, taking five units and using the middle value
• Line 3, add your renovation estimate to the resale price before working out the percentage gap. Skip this step and the number will always flatter the resale side

The radius and the size band are not arbitrary. Condo prices per square meter in Bangkok move sharply with walking distance to a rail station, and smaller units almost always carry a higher price per square meter than larger ones in the same building. Comparing a 28 square meter unit against a 55 square meter unit produces a number you cannot use.

A worked example, with illustrative figures used only to demonstrate the method

Item	Figure
New units, middle value across three projects	145,000 baht per square meter
Resale units, middle value across five units	108,000 baht per square meter, a 25.5 percent gap before renovation
True cost of a 32 square meter resale unit	3.46 million baht plus a 350,000 baht renovation estimate, giving 3.81 million baht, or 119,000 baht per square meter
Real gap after renovation	17.9 percent, the figure to decide on rather than 25.5 percent

Renovation absorbs close to a third of the apparent gap in this example. The older the building and the smaller the unit, the higher that share goes, because demolition and building services work carry a minimum cost that does not scale down with floor area.

Where the gap tends to be wide, and where it nearly disappears

The gap is widest in areas with several new projects launching at once, because launch prices reflect the land and construction costs of the year they were set, which usually exceed what the previous generation of buildings sold for. Corridors along recently opened rail extensions show this most clearly.

The gap narrows in central districts where almost no developable land remains. With little new supply, resale prices there are held up by rental demand and owner-occupier demand rather than sliding with building age. In some cases a resale unit in a better-located building carries a higher price per square meter than a new project further out.

Eight differences beyond price

Price is one of eight differences. The other seven affect both your cash position and how the place feels to live in.

Difference	How new build and resale compare
Move-in timing	Resale is available immediately after transfer while new build may still be under construction
Floor area for the same budget	Resale usually gives you more space for the same money
Unit condition and the repair budget to allow for	New build carries a developer warranty and resale does not
Mortgage approval and loan amount	Banks appraise resale units themselves and building age affects the loan term offered
Common area fees and the building's sinking fund	Older buildings with poor fee collection carry the risk of special levies
What you can verify before deciding	Resale lets you see the actual unit and the actual neighbours while new build offers only a show unit
Closing costs and who pays which item	New build contracts usually specify this while resale is negotiated
Resale liquidity later	Driven more by location and building age than by whether you bought new or second-hand

Why move-in timing is a financial question, not a convenience one

If you buy a unit still under construction, you keep paying rent on your current place until transfer day. That rent belongs in the cost of the new-build unit. Over an 18 month build, a 30,000 baht monthly rent adds 540,000 baht to the real cost, which is enough to close most of the gap in the worked example above.

The other side is that progress payments during construction spread the cash out, which suits buyers still building up savings. Resale demands readier cash, since the window from deposit to transfer is typically one to three months.

Floor area for the same budget is the clearest resale advantage

Units built before land costs rose steeply tend to offer more usable area than units designed in later cycles. Buyers who need a genuine two bedroom on a fixed budget usually find it in the resale market, which is why small families gravitate there.

The caveat is that more area does not automatically mean better area. Some older layouts lose space to internal corridors. Judge the space you can actually furnish, not the square meter figure on the brochure.

Mortgage approval and what changes for foreign buyers

For any buyer, two things differ with resale. The bank appraises the unit itself and lends against the lower of appraised value or agreed price, so if you negotiate above appraisal you cover the difference in cash. Building age also affects the approved loan term, and a shorter term raises the monthly payment even when the loan amount is the same.

On the central rules, the Bank of Thailand announced on 14 May 2569 (2026) a one year extension of its LTV relaxation through 30 June 2570 (2027), allowing up to 100 percent LTV for homes under 10 million baht from the second contract onward, and from the first contract for homes at 10 million baht and above. The rule does not distinguish new from resale.

Foreign buyers should treat that as context rather than a plan. Thai bank mortgage options for non-residents are far more limited than for Thai nationals, so most foreign purchases are funded from abroad. Funds must be remitted into Thailand in foreign currency and converted to baht here, because the Land Department requires that evidence to register a foreign freehold transfer. Arrange this before you commit to a transfer date, since the paperwork is a common cause of delay.

The 49 percent freehold quota often matters more than new versus resale

Under Thai condominium law, foreign nationals may collectively hold freehold title to no more than 49 percent of the total unit floor area in a building. Whether that quota still has room is a property of the building, not of the unit's age, and it can rule out a resale unit you have already fallen for.

This cuts both ways. New projects often reserve part of the foreign quota for launch buyers, so availability is easier at launch. In older buildings the quota is sometimes full, and the only route is a leasehold structure, which is a different asset with different resale prospects. Ask for the building's current foreign quota position in writing before you pay a deposit, and treat a verbal assurance as unverified.

What you can verify before deciding is worth more than it looks

Buying resale lets you check what no brochure covers, including water pressure in the morning, road and neighbour noise at the hours people are actually home, lift waiting times at peak, the cleanliness of common areas, and how many units in the building are running short-term rentals.

The two spots most people skip are the refuse room and the water pump room. Both tell you faster than any document whether the juristic person maintains the whole building or only the parts a viewer walks through.

What hidden resale costs should you add before you compare?

The headline gap shrinks once these are included. Knowing them in advance does not make resale a worse choice, it makes the comparison honest.

Renovation and appliance replacement

Items that commonly need replacing in a unit lived in for several years include air conditioning units, which have a limited service life, water heaters, sanitaryware and taps that have started to seep, wall paint, flooring that has swollen from humidity, and silicone seals around wet areas.

Actual cost varies widely with condition, so bring a contractor through before you place a deposit and ask for an itemised quote rather than a lump sum. An itemised quote lets you drop work that can wait, and it is far stronger as a negotiating document than telling the seller the unit needs a lot of work.

Closing costs that resale buyers have to negotiate

Buying from a developer, the contract usually states who pays what. Buying from an individual owner, every line is negotiable. Settle these before the deposit.

Cost item	Rate and conditions
Transfer fee	Reduced from 2 percent to 0.01 percent under the current measure, for homes priced up to 7 million baht
Mortgage registration fee	Reduced from 1 percent to 0.01 percent on the same terms
Withholding tax	Formally the seller's obligation, though buyers are often asked to share it
Specific business tax or stamp duty	Depends on how long the seller has held the unit and on their registration status
Outstanding common area fees and the debt-free certificate	The Land Department requires these before it will register the transfer

The fee reduction the cabinet approved covers both new and resale purchases, and applies to detached houses, semi-detached houses, townhouses, shophouses, land with buildings, and condominium units. The ceiling is 7 million baht for the purchase price, the appraised value, and the mortgage amount per contract. It runs through 30 June 2570 (2027).

One point foreign buyers should note carefully. The fee reduction is restricted to Thai nationals buying for their own residence, so a foreign buyer pays the standard 2 percent transfer fee. On a 5 million baht unit that is roughly 100,000 baht rather than 500 baht, and it belongs in your comparison from the start. Tax rates on the other lines depend on case-specific facts, so confirm them with the Land Department and the Revenue Department before the transfer date.

Which resale units are worth the most?

Not the lowest priced unit in the area, because an unusually low price usually has its reason in something not yet inspected. The unit worth having is the one whose costs after transfer are predictable.

Building age and what to check in each band

Building age	What to check in this band
Under 5 years	Services are still new and renovation cost is low, but the gap from new build is at its narrowest. Suited to buyers who want to move in without managing any contractor work
5 to 15 years	The gap widens noticeably while structure and core services remain well within their service life. Most buyers find their balance between price and condition here
15 to 25 years	Look at the building's major works plan first, covering lifts, risers, and external repainting, because these are billed to co-owners
Over 25 years	Price per square meter is at its lowest, but accept a shorter approved loan term and a narrower pool of buyers when you come to sell

Location and juristic person management predict future price

These two predict future value better than age does. On location, ask whether people will still want to live here in ten years, looking for an operating rail station, hospitals, universities, or an office district that is still hiring. A location whose case rests on a project that has not broken ground is a risk you should not pay for in advance.

On management, ask for three things before deciding. The building's financial statements and sinking fund balance, the actual common area fee collection rate against what is billed, and the minutes of the last two annual general meetings, which reveal any pending special levy or dispute. Buildings that collect poorly eventually push the shortfall onto the owners who pay on time.

Who should buy new and who should buy resale?

• New build suits buyers still accumulating cash who benefit from progress payments, buyers who want no contractor involvement at all, and buyers who value current-generation facilities and a developer warranty
• Resale suits buyers who need to move within a few months, buyers who want maximum floor area for their budget, buyers who want to see the real unit and real neighbours first, and buyers willing to renovate in exchange for a location new projects in the same budget cannot reach
• Foreign buyers should add one filter before either, which is whether the building's foreign freehold quota has room. Confirm that first, because it removes buildings from your list faster than any other criterion
• Hold off on both if you are not yet sure you will stay in this area beyond three years. Entry and exit costs of ownership are higher than most people expect, and renting for a year to test the area is usually the less costly mistake

Frequently asked questions about new vs second-hand condo purchases

Is it better to buy a new or second-hand condo in Thailand

It comes down to two things. When you need to move in, since resale is the practical answer inside a few months, and how much cash you have ready, since progress payments on a new build help if you are still saving. On price per square meter resale usually wins, but the gap narrows once renovation is added, so always run that calculation before deciding.

How much less does a second-hand condo cost than a new one

There is no single figure. REIC transfer data for the first 8 months of 2568 (2025) gives an average of roughly 3.99 million baht per new home against roughly 2.02 million baht per second-hand home, a gap of about 49 percent. That blends all property types and compares per unit rather than per square meter. Condo-to-condo gaps within one area are usually narrower and have to be worked out from live listings in the same radius.

Can foreigners buy second-hand condos in Thailand

Yes, on the same legal basis as new units. Foreign nationals may hold freehold title provided the building's foreign-held share stays within 49 percent of total unit floor area, and provided the purchase funds are remitted from abroad in foreign currency and converted in Thailand. The practical difference with resale is that older buildings are more likely to have the foreign quota already filled, so confirm the building's current position in writing before paying a deposit.

Do foreign buyers get the reduced transfer fee

No. The reduction of the transfer fee and mortgage registration fee to 0.01 percent is limited to Thai nationals buying a home for their own residence, with a 7 million baht ceiling. A foreign buyer pays the standard rates, which on a 5 million baht unit means roughly 100,000 baht in transfer fee alone. Build that into your budget from the first comparison rather than discovering it at the Land Department.

Is it harder to get a mortgage on a resale condo

Not inherently, but two things differ. The bank appraises the unit and lends against the lower of appraisal or agreed price, so any excess is cash from you, and building age shortens the approved loan term. The Bank of Thailand LTV rules do not distinguish new from resale. For foreign buyers the bigger constraint is that Thai bank lending to non-residents is limited regardless of the unit's age.

At what age is a condo building too old

There is no fixed cut-off, because a 20 year old building with a funded sinking fund and a maintenance programme is in better shape than a 12 year old building that collects fees poorly. Judge three things instead of age, which are the sinking fund balance, the actual fee collection rate, and the record of major works already completed.

Summary

The key point is that the market-level gap and the gap on the unit you will actually buy are two different things. REIC figures tell you the resale market has more stock and a falling average asking price. The figure you decide on is the price per square meter in one area, with a renovation estimate from a real inspection added in.

Three steps you can take now. Pick one reference point such as the station you use daily, then collect price per square meter for three new projects and five resale units within 500 meters. Bring a contractor through your two favourite resale units to get real renovation numbers. Ask for the juristic person's financial statements and meeting minutes before you place a deposit. If you are buying as a foreign national, add a fourth step at the very front, which is confirming the building's foreign freehold quota in writing.

PropertyScout property consultants can pull price per square meter comparisons for the area you are looking at, check juristic person documents, and confirm a building's foreign quota position, with no cost to buyers or tenants. Our team works in English, Thai, Chinese, German, French, and other languages. Browse verified listings to start, then book viewings on the units that meet your criteria.

Prices and availability change and are not guaranteed. Property information is general guidance only. This content is not legal, tax, or financial advice. Market figures cited here come from the Real Estate Information Center of the Government Housing Bank, the Bank of Thailand announcement of 14 May 2569 (2026), and the cabinet resolution on transfer and mortgage fee reductions. Confirm the current status of these measures before relying on them.