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This article is written for: Kingdom of Thailand
2025: Decoding Thai Real Estate – Who are the Leaders and Strategies for the Future?
As a veteran of the Thai real estate industry for over a decade, I have witnessed countless market upheavals and adjustments, particularly over the past few years, which have been one of the most intense tests for entrepreneurs. Understanding the “lessons from the past,” particularly from 2023 and the challenging transition to 2024, is key to decoding and strategizing for success in the upcoming 2025 real estate market.
2023 was a year where many expected a strong recovery, building on the positive momentum seen in late 2022. However, the reality was quite different. The market slowed significantly ahead of the general election and remained sluggish throughout the year. Even the peak season in Q4 failed to recover as hoped. This creates challenges that will carry over into 2024, creating a new landscape for the 2025 real estate outlook, requiring sharper and more radical strategies.
I have compiled insights from 41 leading listed real estate companies. This analysis aims to analyze 2023 performance and serve as a basis for assessing potential and direction for 2025. The focus will be on key players, successful strategies, and key factors driving future real estate investment. This analysis goes beyond simply presenting numbers; it decodes the underlying successes and challenges to provide a clear picture of who the “real winners” are in the rapidly changing Thai real estate market.
Lessons from 2023 to Strategy 2025: Total Revenue Overview
In 2023, the 41 real estate companies studied generated a combined revenue of 371.56 billion baht, a slight decrease of 1.2% from 2022, when total revenue was 376.141 billion baht. This may not seem like a large number, but when we delve deeper into each company, we find that 25 of the 41 companies experienced a decrease in total revenue, reflecting the market’s vulnerability and the challenges facing many companies.
Companies experiencing severe declines in total revenue of 20% or more include LPN Development (LPN), Eastern Star Real Estate (ESTAR), and Country Group Development (CGD), which saw declines of approximately -28%. Raimon Land (RAIMON) also saw declines of -26%, Lalin Property (LALIN) -23%, Major Development (MJD) -22%, and Siamese Asset (SA) -21%. These figures are not just statistics; they signal the impact of multiple factors, including declining purchasing power, rising household debt, stricter credit policies, and the ongoing political uncertainty. These companies, which primarily rely on residential development, inevitably faced a slowdown, making new project planning and inventory disposal difficult. To rebound in 2025, they must develop robust and differentiated real estate strategies, potentially focusing on debt restructuring, product portfolio adjustments to meet market demand, or expanding their reach to niche customers.
Even major players like Land and Houses (LH) saw their total revenue drop by 18%. It’s worth noting that among the top 10 companies with the highest total revenue in 2023, five companies saw their total revenue decrease compared to 2022. In addition to Land and Houses, AP (Thailand) (AP) saw a slight decrease of less than -1%, Supalai (SPALI) -10%, Pruksa Holding (PSH) -9%, and Origin Property (ORI) decreased by around -4%. While the decline was not as severe as the first group, it reflects that even large companies with strong customer bases and brands are still being affected by the sluggish market conditions. Maintaining revenue levels in this environment is a huge challenge. For 2025, these companies will need to rely on aggressive marketing, innovative products, and efficient cost management to maintain and push their leadership positions. Real Estate Growth
On the other hand, Sansiri (SIRI) emerged as the champion in total revenue with 39.082 billion baht, a 12% increase. This impressive growth surpassed second-place AP (Thailand)’s 38.399 billion baht. Supalai came in third with 31.818 billion baht, while Land and Houses ranked fourth with 30.170 billion baht. Pruksa Holding ranked fifth with 26.132 billion baht. SC Asset Corporation (SC) ranked sixth with 24.487 billion baht. Univentures (UV) ranked seventh with 17.672 billion baht. Frasers Property (Thailand) (FPT) ranked eighth with 16.169 billion baht. Origin Property ranked ninth with 15.157 billion baht. Singha Estate (S) ranked tenth with 15.066 billion baht. Sansiri’s success is a clear example of its strategy of focusing on product diversification and market penetration. and the ability to adapt to rapidly changing consumer needs. In 2025, we will see more developers adopting these strategies, particularly to differentiate and add value to their investment property projects.
In-Depth Sales Revenue: Measuring Marketing and Product Power in 2025
While total revenue reflects the overall performance of a business, to truly measure the effectiveness of real estate development and sales, we must primarily consider “sales revenue.” This is because total revenue may be supported by other business components. Analyzing sales revenue reveals which companies have the power to create products that meet market needs and have the strongest sales strategies. This is a key factor in determining the direction of the real estate recovery.
