Bangkok’s serviced apartment market growing steadily at 6.2% per year

Popular areas like Sukhumvit remain key hotspots, attracting travellers seeking more space, amenities and easy access to public transport

The serviced apartment business in Bangkok’s metropolitan area has been growing steadily at an average annual rate of 6.2% per year, as per findings by C9 Hotelworks, a Phuket-based hospitality and real-estate consultancy company. 

Currently, there are 21,509 serviced apartments in more than 120 real-estate projects in Bangkok, and another 2,319 units from 11 new projects are expected to be added this year, said Bill Barnett, managing director of C9.



“The main tenants are short-term travellers under one-month stay, mostly from China, Japan, South Korea, India, and Europe,” he said. “They choose serviced apartments over hotels due to a larger space and amenities such as a small kitchen and washing machine.”

The C9 survey found that serviced apartments in Bangkok are concentrated in two main locations. The first is the central Sukhumvit area, specifically Phrom Phong and Ekkamai, with about 8,129 units from 48 projects, and in the northern Sukhumvit area, from Asoke to Ploenchit roads, which has around 4,135 units from 26 projects.

Both locations are very popular thanks to their proximity to electric train stations, restaurants, entertainment venues, world-class hospitals, and international schools, Barnett said.

He added that about 34% of the units are classified as upscale serviced apartments, 22% are in the upper upscale class, while 17% are in luxury class.

“Bangkok’s serviced apartment market is continuously expanding. Market surveys show that there are 2,319 new units under development from 11 projects, with more than 50% of the new supply concentrated in the lower Sukhumvit area, focusing on mixed-use projects and hybrid developments,” he said. “This trend reflects investor confidence in a still-growing market, with an emphasis on prime locations and the flexibility of stay options."

C9 Hotelworks pointed out that the rental residential markets for foreigners in the capital and the resort island of Phuket are vastly different. Renters in Bangkok, most of whom are from the United States and United Kingdom, are looking for condominiums with long-term contracts, Barnett said.

“Meanwhile, Phuket is seeing a similar number of short- and long-term renters. Most of these customers, especially Russians, are looking for properties for residence and investment on prime beach locations,” he said.

(2025/03/12-00:00)