Condo buyers are exercising more caution following the earthquake last month.  Somchai Poomlard

Condo buyers have become more cautious, selecting developers that act responsibly and respond effectively to crises after the recent earthquake raised safety concerns in Bangkok's high-rise condo market.

Phattarachai Taweewong, research and communication director at property consultancy Colliers Thailand, said the quake marked a turning point, prompting consumers to reassess the condo market with greater depth and caution.

"Many condo buyers have started clearly distinguishing between developers, especially in how they respond to crises and take responsibility for residents, as seen in buyers' behaviour following the incident," he said.

Developers that responded quickly by inspecting structures, enhancing safety, and offering emotional support or long-term assurance, regardless of legal obligations, stood out, said Mr Phattarachai.

In contrast, slow or dismissive responses damage trust and will affect future buying decisions, he said.

"This wasn't just a test of structural integrity, but also a test of brand credibility, showing which developers stand firm in terms of accountability, which is a key to long-term reputation and business sustainability," said Mr Phattarachai.

The impact of the earthquake will become increasingly evident on the demand side, especially for high-rise condos, he said.

Colliers expects a significant drop in newly sold units due to heightened consumer caution.

Buyers now prioritise construction quality, structural safety, brand credibility and transparency, particularly in terms of how responsibly developers act during a crisis. These factors have become central to their decision-making, Mr Phattarachai said.

In the second quarter of 2025, the sales rate of new condo launches in Bangkok is expected to drop below 30%, mirroring the second quarter of 2020 and the fourth quarter of 2021, when rates tallied 29% and 23%, respectively.

Unlike previous dips, this decline stems from shaken consumer confidence in high-rises following the earthquake, further pressured by the US tariff hikes, which could weigh heavily on the global economy, according to Colliers.

The consultancy reported new condo supply launched in Bangkok in the first quarter of 2025 rose 72.1% year-on-year to 5,656 units worth 19.8 billion baht. Of these, 87% were introduced by listed developers, totalling 4,926 units worth 18.5 billion baht.

Despite an increase in supply, average sales rates during launch periods remained low at 37%, a far cry from the 60-70% during the market's peak in recent years, noted Colliers.

Sales were limited to certain locations as suburban condos with low prices struggled to sell, reflecting a shift in priorities beyond price or proximity to transit.

Projects with unique features such as river views performed better, said Colliers.

"If no new negative factors emerge in the second half of 2025, we expect the market to recover, especially in terms of buyer confidence and launches," said Mr Phattarachai.

Colliers is maintaining its forecast of 20,000 to 24,000 new condo units launched in Bangkok this year, as most projects are either near completion or have been in preparation for some time.