The Thai real estate market continues to face pressure from gradually recovering purchasing power, household debt burdens, and economic uncertainties. However, support from mega-project investments, the recovery of the tourism sector, and government measures remain crucial factors that enhance liquidity in the economy and stimulate housing demand this year.

Additionally, there is purchasing power from foreign buyers, both those working and residing long-term, reflecting Thailand's role as a 'Safe Haven' for living and investment in the region. This has resulted in the mid to high-end housing market continuing to be a significant driver of the overall market.

At the same time, consumer behavior has changed significantly, reflecting a more cautious decision-making process that takes longer and involves comparing information across multiple dimensions before making a purchase decision.

According to data from the Asset Management Division of Plus Property Co., Ltd., consumers are taking longer to consider their options and are revisiting projects multiple times before making a clear purchase decision. While there is still ongoing demand in the high-end housing segment, the decision-making process has extended compared to previous years.

Mr. Jirasak Phraiphanakit, Director of the Asset Management Division at Plus Property Co., Ltd., revealed that the segment of homes priced between 3-10 million baht in Plus's asset portfolio has the highest sales volume, with total sales of residential properties in the first half of the year growing approximately 35% from the previous year. This reflects that demand in the market still exists, but consumers are placing greater importance on 'value' in terms of price, location, quality, and benefits received before making a purchase decision.

Sales from new and second-hand homes at Plus are nearly equal, supported by special offers and benefits, as well as access to special interest rates through partnerships with financial institutions, which enhance options and value for buyers.

“What is clear in the current market is that consumers still have demand for purchasing homes, but they are considering their options more thoroughly, emphasizing value in both living and investment aspects. At the same time, the market is supported by promotions from developers and government policies, such as the extension of measures to reduce transfer fees and mortgage fees for another year, along with the relaxation of LTV criteria,” he stated.

This period presents an opportunity for buyers to access housing at a reasonable price, as developers are offering special conditions, such as long-term payment campaigns or guaranteed rental returns for certain projects, reflecting competition aimed at addressing more cautious purchasing power.

Regarding the rental market in the first half of the year, Plus observed a slight decrease of about 10% compared to the previous year, influenced by a slowdown in purchasing power among some foreign tenants. Nevertheless, the overall market still shows continuous demand, with the main tenant groups being Chinese, Japanese, Korean, and American nationals. At the same time, Thai tenants, especially younger generations, are increasingly opting to rent due to a desire for flexibility in living arrangements.

Trends observed in the rental market include increased mobility, whether moving to areas with more affordable rents, expanding families, or relocating for convenience in commuting to work.

“We believe that one of the key factors supporting our sales is the repeat business from existing customers, which includes purchasing second homes, additional investments, and referrals from previous clients, accounting for about 35% of total sales. This reflects the importance of providing advice and maintaining long-term relationships with clients, with some clients using our services continuously for over 20 years, from parents to children,” he added.

In a situation where consumers are taking more time to make decisions and placing importance on comprehensive value, the role of real estate agents is not limited to merely presenting products but must also act as consultants who provide straightforward information, analyze, and recommend suitable options for each client in terms of value, investment, living, and long-term property potential.

At the same time, teams need to continuously develop their knowledge and monitor market trends to better understand customer needs and accurately analyze suitable options, while also experimenting with new approaches to service and communication with consumers to adapt to changing market conditions, consumer behaviors, and evolving marketing tools.