Recent decline in population has raised concerns about the sustainability of Bangkok’s housing market. Over the next two decades, statistical trends indicate a decrease in population across all age groups, particularly a significant decline of approximately 6-7% among younger age groups.
Currently, Bangkok’s population is around 5.5 million people, showing no clear growth trend but rather occasional fluctuations. Although some communities experience population decline, new community developments help offset the decrease.
In contrast, the provinces surrounding Bangkok have a population of approximately 5.5 million people, with a growth rate of 1.5% per year. Considering the combined population of Bangkok and its surrounding provinces as a whole, the increasing population on the outskirts contributes to the region’s overall expansion.
According to a study conducted by the Bangkok Metropolitan Administration (BMA) a decade ago, the informal or undocumented population accounted for roughly 50% of the official population in both Bangkok and its metropolitan region. This suggests that the total population, including undocumented residents, could reach up to 16.5 million people.
These figures shed light on the challenges faced in the surrounding provinces related to housing. Typically, first-time homebuyers opt for detached houses or townhomes.
The growing population on the outskirts creates a demand for affordable housing options and residential land suitable for these buyers. However, within the city of Bangkok itself, high land prices make it challenging to create affordable housing within the desired price range.
Source: The Nation
