See full version in the middle of the website👇
Thailand’s Real Estate Landscape 2025: Decoding the Real Winners in the Economic Storm
As a veteran of the Thai real estate industry for over a decade, I’ve witnessed countless market reversals. However, 2025 represents another year of significant adjustment, with market players facing more complex challenges and opportunities than ever before. The market isn’t performing as expected, with post-crisis recovery momentum slowing, a fragile global economic recovery, high interest rates, and cautious domestic purchasing power weighing on residential segment growth. Conversely, some sectors are demonstrating remarkable resilience and growth potential.
2025 will not be an easy year for the real estate industry. Overall, the market continues to face pressures from both domestic and international factors. However, this is a true testament to entrepreneurs’ vision, adaptability, and deep understanding of changing consumer behavior. Property Mentor, our trusted source of insights, compiled and analyzed the performance data of 41 leading listed real estate companies to identify those who can navigate this year’s storms and the real winners who have achieved outstanding performance amid the volatility. The Current Real Estate Market
Our analysis goes beyond revenue and profit figures to delve into the underlying strategies, management capabilities, and innovations that enable each company to differentiate itself and remain resilient. We reveal key trends, upcoming trends, and key factors shaping the long-term direction of real estate investment, ensuring that developers, investors, and property seekers alike can prepare for the changing landscape.
Market Overview and Adaptations of the Thai Real Estate Sector in 2025
2025 revealed clear divergence among real estate market players. Total revenue for the 41 real estate companies tracked by Property Mentor continued to contract from the previous year, reaching approximately 365 billion baht, a decrease of approximately -1.5% from 2024, when total revenue was approximately 371 billion baht. This figure reflects market adjustments and the challenge of accelerating sales amid the gradual recovery of the Thai economy and cautious consumer spending.
While the overall figures appear bleak, a detailed look at individual companies reveals that 28 of the 41 companies experienced significant declines in total revenue. This indicates that not everyone is able to adapt quickly to the changing market dynamics. Many major developers, once the market’s driving force, are facing a slowdown. For example, those reliant on the mid- to high-end condominium market in urban locations, such as LPN Development and Raimon Land, reported total revenue declines of approximately -25% and -20%, respectively, reflecting intense competition and oversupply in some segments. Furthermore, Major Development and Siamese Asset are still struggling with tight inventory management, resulting in total revenue declines of approximately -18% and -15% respectively.
Even market giants like Land & Houses, once the pillar of housing developments, are still facing pressure, with total revenue declining by approximately -12%. However, among the top 10 companies by total revenue in 2025, six companies saw a decrease in total revenue compared to 2024. In addition to Land & Houses, AP (Thailand) saw a slight decrease of less than -1%, reflecting a more cautious sales strategy. Meanwhile, Supalai saw revenue declines of approximately -8%, and Pruksa Holding decreased by approximately -7%. These changes are clear signals of a shift in revenue. Even major players cannot ignore the changing real estate trends of 2025.
Ranking Entrepreneurs in Various Dimensions: Who’s the Top?
True assessment of real estate company performance requires looking beyond total revenue figures, which may include revenue from businesses other than property development for sale. Therefore, sales revenue analysis is the most accurate indicator of a company’s ability to generate sales and meet market demand.
Total Revenue Champion: Sansiri Maintains Its Leading Position with a Broad Vision
Of the top 10 real estate companies with the highest total revenue in 2025, Sansiri retains its top spot with total revenue of approximately 41.5 billion baht, a 6% increase from 39.082 billion baht in 2024. It narrowly beats out AP (Thailand), which came in second with total revenue of approximately 38.8 billion baht. Sansiri’s growth reflects its successful product portfolio diversification and market penetration. Including rapid project management, Supalai remains in third place with total revenue of approximately 30.5 billion baht, followed by Land & Houses with total revenue of approximately 28 billion baht, and Pruksa Holding with approximately 24.5 billion baht.
SC Asset Corporation ranked sixth with total revenue of approximately 23 billion baht, followed by Univentures with total revenue of approximately 16.5 billion baht, Frasers Property (Thailand) ranked eighth with 15 billion baht, Origin Property ranked ninth with approximately 14.5 billion baht, and Singha Estate ranked 10th with approximately 14 billion baht. This ranking demonstrates the company’s strength in generating revenue from multiple channels, including for-sale properties, hotels, and retail space.
Sales Revenue Champion: AP (Thailand)
