Property DNA comments that the year 2023 has been a challenging time for all types of businesses. Although the pandemic factors affecting activities both domestically and internationally are no longer present, the impacts from the pandemic period of 2020 to 2022 continue to affect business operations and daily life. This has led to a more cautious decision-making process for Thai people when purchasing homes, whether houses or condominiums. Additionally, the strict criteria for housing loans from various financial institutions pose challenges for the residential project development market.

Many developers have adjusted their business plans by reducing the launch of condominium projects and increasing the proportion of housing projects, as well as introducing more high-priced projects. Some developers have received positive responses from high-end buyers. Furthermore, there has been a push to close sales and transfer ownership of completed or nearly completed houses and condominiums to increase cash flow within the companies. It appears that despite these challenges, various developers have managed their operations well. When the financial results were released, some developers reported increased revenue and profits compared to 2022. Although not all companies have announced their results yet, it is possible to assess which developers have improved performance in terms of revenue and profit.

Sansiri achieved the highest profit in 2023, with a profit of 6.06 billion baht, an increase of approximately 42% compared to 2022. Sansiri's revenue was 39.08 billion baht, up about 12% from the previous year. AP (Thailand) ranked second in revenue and profit, with revenue of 38.40 billion baht, down about 1% from 2022, and a profit of 6.05 billion baht, an increase of about 3%. Both Sansiri and AP not only launched many new projects last year but also continuously transferred ownership of both houses and condominiums, along with accelerating the closing of sales for completed projects. Additionally, the high-priced projects from both companies received a good response, especially from Sansiri, where many of their projects sold out quickly, even with starting prices above 20 million baht.

Supalai ranked third in profit and revenue, which decreased compared to 2022. In 2023, Supalai's revenue was 31.82 billion baht, down about 10%, and profit was 5.99 billion baht, down about 15% compared to the previous year. Many companies saw increased revenue and significant growth, but not as much compared to some top-performing developers. The most noticeable trend is the decline in profits, which may be due to increased operational or sales activity costs, as well as price reductions or accepting some losses to close sales. However, most developers still reported revenue and profits, with no company reporting losses during this period. Some developers, like Q House, may have high profits but low revenue due to income from other businesses, such as office rentals, hotels, and serviced apartments, even though they launched fewer new projects compared to the top five developers. The above results do not include Land and Houses, which has launched fewer new projects in recent years compared to other developers, but its income from other businesses is quite substantial. Therefore, it is possible that their revenue and profit in 2023 could surpass many other developers in the market.

The decline in revenue and profit for some developers in 2023 still leaves room for recovery in 2024, as some developers have already announced plans to launch new projects. Many large developers are launching more projects compared to 2023, and some negative factors related to purchasing power may change in 2024. Additionally, the measures to reduce transfer fees and mortgage fees for residential properties priced below 3 million baht will continue into 2024, which is good news for some developers with projects priced below 3 million baht ready for transfer in 2024. Furthermore, foreign purchasing power in the condominium market is expected to increase, particularly from Chinese, Russian, and Burmese buyers entering Thailand. However, a significant challenge remains regarding the strict criteria for housing loans, which affects the purchasing power for properties priced below 3 million baht, extending up to 5 million baht per unit. Many developers are therefore trying to launch new projects that avoid this price range in 2024 and are focusing on reaching high-end home buyers who typically face fewer issues with bank loan approvals. Some developers, such as Sansiri, SC Asset, and Land and Houses, have consistently performed well in this regard.