Since 2020, the real estate market has been impacted by various factors both domestically and internationally, continuing until 2025. A noticeable issue is the decline in purchasing power among Thais, coupled with a decrease in Chinese tourists coming to Thailand, which affects the tourism sector and the condominium market that relies on foreign buying power, especially from Chinese customers. However, currently, Chinese tourists still rank first in visiting Thailand, although their numbers may have decreased compared to last year, with a trend of gradual increase expected for the remainder of this year. The proportion of condominium ownership transfers by foreigners still shows that Chinese buyers remain the largest group, clearly surpassing the second and other ranks.

Mr. Surachet Kongcheep, Head of Research and Consulting at Cushman & Wakefield Thailand, revealed that for the performance of real estate operators in the first six months of 2025, both revenue and profit remain high, even though they may have decreased from the same period last year. Some operators have managed to maintain profits without decline, particularly Land and Houses Public Company Limited, which reported the highest profit (2.212 billion baht). This is attributed to Land and Houses' diverse business operations that generate income from various channels, despite not launching many new projects recently. Meanwhile, Sansiri Public Company Limited reported the second-highest profit (2.028 billion baht), demonstrating that even during a slowdown in the real estate market, Sansiri has effectively managed its revenue and profits. In addition to generating good profits, this also positively impacts long-term investors seeking returns from holding shares in the form of dividends.

In addition to generating income and profits from developing real estate projects for sale, Sansiri (SIRI) has continuously managed its revenue and profits, as well as various risk management aspects. This makes the returns from holding Sansiri shares attractive, as the company has consistently paid dividends, averaging two payments per year for nearly the past decade, even during challenging periods for the Thai real estate market.

Despite facing various challenges that directly affect the income and profits of operators in the real estate market, both small and large, the ability of a company to consistently pay dividends for 10 years indicates effective management of revenue and profits.

Looking back over the past 10 years, Sansiri shares have had a dividend yield ranging from 5% to 12% per year. Interestingly, if we sum the returns or dividends from Sansiri shares, shareholders over the past decade have received 1.21 baht per share in dividends. Based on the current share price of Sansiri at 1.54 baht (as of August 15, 2025), long-term shareholders may receive dividends nearly equal to their initial investment, or some may have already received more than their principal if they purchased when the share price was lower. Sansiri is preparing to announce an interim dividend of 0.05 baht per share, with the XD mark set for August 28.

The factors enabling Sansiri to pay dividends include the Q2/2025 performance, which reported revenue of 8.786 billion baht, an increase of about 28% from Q1/2025, and a net profit of 1.214 billion baht, up approximately 49% from the previous quarter, due to several projects closing sales both in Bangkok and upcountry during Q2.

Moreover, in the second half of 2025, there is a strong possibility that the real estate market will expand in purchasing power, supported by various factors, including government measures to reduce transfer fees and mortgage fees, the Bank of Thailand's LTV exemption measures, the decrease in housing loan interest rates following the policy rate cuts by the Monetary Policy Committee (MPC) and the Bank of Thailand, as well as various marketing strategies from operators aimed at stimulating purchasing power in Thailand.

Stock Prices and Annual Dividends of Sansiri Shares (SIRI) Over the Past 10 Years

Source: Stock Exchange of Thailand Note: Compiled as of August 15, 2025.

The graph above indicates suitability for long-term investors or value investors, as housing is considered a basic necessity. Regardless of events or negative factors, the demand for housing remains. The extent of demand expansion will depend on the economic conditions at each point in time.