The Real Estate Information Center (REIC) of the Government Housing Bank (GHB) has prepared an analysis titled "Confidence Index of Residential Development Entrepreneurs in Bangkok – Surrounding Areas for Q3 2025" which indicates that the current confidence index of residential development entrepreneurs in Bangkok and surrounding areas is at 45.8, an increase of 6.5 points compared to the previous quarter (QoQ) which was at 39.3
and an increase of 0.7 points compared to the same period last year (YoY) which had an index value of 45.1. This reflects that entrepreneurs still lack confidence in the current business situation, even though it has increased from the previous quarter, as the index remains below the neutral level of 50.0. The significant positive factors include the extension of measures to reduce transfer and mortgage fees, as well as the temporary relaxation of loan-to-value (LTV) ratios by the Bank of Thailand (BoT). For the expectations index of residential development entrepreneurs in Bangkok and surrounding areas for the next 6 months, it stands at 54.4, an increase of 4.1 points from the previous quarter (QoQ) which had an index value of 50.3, and an increase of 2.8 points compared to the same period last year (YoY) which had an index value of 51.6, indicating a positive outlook from entrepreneurs who expect the real estate business to improve in the next 6 months due to government economic stimulus measures. Both measures will end on June 30, 2026, which will be a factor for the housing market to continue expanding until mid-2026. The details are as follows:

The Current Situation Index of Residential Development Entrepreneurs in Bangkok – Surrounding Areas for Q3 2025 shows that entrepreneurs have increased confidence in almost all aspects compared to the previous quarter (QoQ), with the most significant increase in performance, followed by sales, new project launches and/or new phases, and increased investment, while operational costs (inversely related) have decreased, and employment has also decreased.

For current confidence categorized by groups of entrepreneurs in Q3 2025, it was found that the confidence of Listed Companies has an index value of 47.4, an increase from the previous quarter (QoQ) which had an index value of 39.4. Confidence has increased in almost all aspects, with the highest increase in sales, followed by new project launches and/or new phases, performance, and investment, while confidence in employment and operational costs (inversely related) has decreased. For Non-listed Companies, the index stands at 43.4, an increase from the previous quarter (QoQ) which was at 39.3, with the most significant increase in performance, followed by employment, sales, investment, and new project launches and/or new phases, while operational costs (inversely related) have decreased.

The Expectations Index of Residential Development Entrepreneurs in Bangkok – Surrounding Areas for the Next 6 Months has an index value of 54.4, an increase compared to the previous quarter (QoQ)
which had an index value of 50.3, increasing by 4.1 points and remaining above the neutral level of 50.0, reflecting that entrepreneurs have confidence in the real estate business situation in the next 6 months. When considering the details of the confidence index in each aspect, it was found that entrepreneurs have increased confidence in almost all aspects compared to the previous quarter (QoQ), with the highest increase in sales, followed by new project launches and/or new phases, performance, employment, and investment, while confidence in operational costs (inversely related) has decreased.

If categorized by groups of entrepreneurs, it was found that Listed Companies have a confidence index for the next 6 months of 55.5, an increase from the previous quarter (QoQ) which had an index value of 54.6, and still above the neutral level of 50.0, with confidence increasing in almost all aspects, with the most significant increase in new project launches and/or new phases, followed by performance, operational costs (inversely related), and sales, while confidence in investment and employment has decreased. For Non-listed Companies, the index stands at 52.8, an increase from the previous quarter (QoQ) which had an index value of 43.8, with confidence increasing in almost all aspects, with the highest increase in sales, followed by investment, employment, performance, and new project launches and/or new phases, while confidence in operational costs (inversely related) has decreased.

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