Plus Property has compiled the performance results for the first 9 months of 2023 (January-September) in the real estate sector amidst Thailand's economic conditions, which are hopeful for recovery in the final months of the year. Many sectors view real estate as a key indicator of the Thai economy. Today, Plus Property will summarize the performance of the first 9 months for 9 leading real estate companies in Thailand, detailing sales figures, profits, and growth rates compared to last year.

Mr. Anukool Ratphitaksanti, Managing Director of Plus Property, a company specializing in comprehensive real estate services, revealed that "In the third quarter of 2023, we are seeing a clearer direction for the Thai economy, supported by several positive factors. The government's Free Visa policy is a positive force attracting tourists during the high season, who come for short-term vacations and seek long-term residences. Leading real estate developers are competing with major campaigns to accelerate purchases and prepare for year-end transfers, promoting a stable growth outlook for the overall real estate market. According to data from the Real Estate Center, there are still 3,365 foreign-owned condominium units transferred, valued at 17,048 million baht, accounting for 11.6% and 21.1% of total condominium transfers, respectively, with a 0.4% increase in the number of units. This trend indicates a positive shift in market activity for the real estate business, increasing business opportunities. However, there are still several risk factors to monitor and prepare for, including the recovery direction of various countries' economies that may impact Thailand, rising energy prices, and increasing labor costs, which pressure costs and interest rates. Additionally, the National Economic and Social Development Council (NESDC) reported that Thailand's GDP grew by 1.5% in the third quarter of 2023, down from 1.8% in the previous quarter. Nevertheless, a survey of housing market developers in the third quarter indicates that the overall real estate sector remains stable, which may affect consumer purchasing decisions for mid to low-priced housing. However, for mid to high-priced segments, purchasing decisions remain unaffected as this group of buyers is more prepared to apply for loans."

Sansiri Tops Profit Rankings with 9 Real Estate Companies Generating a Total Profit of 27 Billion Baht

For real estate operators, the net profit figures for the first 9 months show that Sansiri achieved a net profit of 4,760 million baht, ranking first with a growth of 91.3%. Following in second place is AP Thailand with a net profit of 4,719 million baht, a decrease of 0.1%. Third is Land and Houses with a net profit of 3,989 million baht, down 36.9%. Fourth is Supalai with a net profit of 3,972 million baht, down 33.8%. Fifth is Origin with a net profit of 2,671 million baht, down 2.5%. Sixth is Pruksa with a net profit of 2,082 million baht, up 30.1%. Seventh is Q House with a net profit of 1,896 million baht, up 8.9%. Eighth is SC Asset with a net profit of 1,631 million baht, up 0.6%. Lastly, ninth is Frasers with a net profit of 1,537 million baht, down 10.4%. This results in a mixed performance in the third quarter, with some companies growing and others experiencing slight declines compared to 2022.

9 Real Estate Operators Generate Total Revenue Exceeding 160 Billion Baht with AP Leading in Revenue

The 9 real estate brands with recognized revenue are ranked as follows: 1st in total revenue is AP Thailand with 28,921 million baht, 2nd is Sansiri with 28,047 million baht, 3rd is Supalai with 21,538 million baht, 4th is Land and Houses with 21,289 million baht, 5th is Pruksa with 19,900 million baht, 6th is SC Asset with 15,821 million baht, 7th is Frasers with 13,103 million baht, 8th is Origin with 12,686 million baht, and lastly, 9th is Q House with 6,885 million baht.

Although the overall Thai economy in the third quarter (GDP) expanded below expectations, the housing market shows positive performance in profits, revenue, and growth rates, indicating a good sign for the Thai real estate market. There may be potential for strong performance in the final quarter of this year, as many companies continue to plan new project launches to maintain market momentum. It is anticipated that in 2024, the real estate market can continue to grow, but operators should be cautious about increasing the supply of housing in the market, focusing on investments in projects with clear target customer groups while potentially delaying launches for projects with unclear customer bases and in highly competitive locations.