See full version in the middle of the website👇
Thai Real Estate Market Analysis 2025: Amidst Challenges… Who Are the Real Leaders and Investment Opportunities to Watch
As a veteran of the Thai real estate industry for over a decade, I have witnessed numerous ups and downs and periods of change. However, hardly any year has faced such intense and volatile headwinds as this past year. The Thai real estate market in 2023 presents a crucial test, clearly revealing the vulnerabilities and strengths of each developer. While hopes for a strong recovery in 2022 have been met with a continued slowdown throughout 2023 and into 2024, the situation remains less favorable than anticipated.
The overall outlook for the real estate market in 2024, which has just passed, is not as promising as many expected at the beginning of the year. The global economy remains volatile, with interest rates remaining high, directly impacting developers’ costs and consumers’ purchasing power. Worryingly high household debt levels remain a key factor holding back Thai property purchase decisions, particularly in the middle and lower-middle segments. This makes obtaining a home loan more challenging for consumers, and short-term confidence has yet to fully recover. These circumstances have forced entrepreneurs to drastically adjust their strategies to survive the storm and find growth opportunities in this uncertain environment.
Property Mentor has compiled insights from 41 leading listed real estate companies to analyze their performance in 2024 (the year referenced in the original article, which has been revised to 2025). We will examine who can endure and who can truly turn the tables in this challenging landscape. We will also project key directions and strategies for 2025.
2024 Performance Overview: Total Revenue Remains Stable, but with Significant Internal Changes
According to the data collected, the 41 real estate companies reported combined revenue of over 370 billion baht in 2024, close to the 2023 level of approximately 371.56 billion baht. This indicates that the overall industry remains stable, with limited growth. However, a deeper look into the details of each company reveals that: We found that 25 of the 41 companies faced a decline in total revenue, reflecting intense competition and tight market conditions.
Companies experiencing a sharp decline 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 over 28%, reflecting inventory management and new project launches that were not in line with the market. Raimon Land (RML) also saw a decline of 26%, followed by Lalin Property (LALIN) at 23%, Major Development (MJD) at 22%, and Siamese Asset (SA) at 21%. These companies face challenges adapting and clearing inventory in an unfavorable market environment.
Even giants like Land and Houses (LH), which is often a market leader, Total revenue also decreased by 18%. It’s noteworthy that among the top 10 companies with the highest total revenue in 2024, five companies saw a decrease in total revenue compared to 2023. Aside from Land and Houses, AP (Thailand) (AP) saw a slight decrease of less than -1%, reflecting its ability to maintain its customer base and adapt better than its competitors. Meanwhile, Supalai (SPALI) decreased by -10%, Pruksa Holding (PSH) by -9%, and Origin Property (ORI) saw a decrease in total revenue of approximately -4%.
Sansiri: The total revenue leader in 2024 with a sharp strategy
The top 10 real estate companies with the highest total revenue in 2024 are:
Sansiri (SIRI): 39.082 billion baht, a strong 12% growth, demonstrating a vision for timing the market and launching diverse projects across all segments. From luxury real estate to projects catering to the new generation,
AP (Thailand) (AP): 38.399 billion baht, closely following, reflecting market strength and a development strategy that aligns with real demand.
Supalai (SPALI): 31.818 billion baht, maintaining its leading position despite challenges.
Land and Houses (LH): 30.170 billion baht, remaining a key player in the market despite declining revenue.
Pruksa Holding (PSH): 26.132 billion baht, continuously adapting and maintaining its customer base.
SC Asset Corporation (SC): 24.487 billion baht, experiencing impressive growth. This demonstrates strategic planning.
Univentures (UV): 17.672 billion baht, a key player in the market.
Frasers Property (Thailand) (FPT): 16.169 billion baht. Portfolio diversification helps sustain revenue.
Origin Property (ORI): 15.157 billion baht. Business expansion across multiple dimensions helps maintain leadership.
Singha Estate (S): 15.066 billion baht. Focus on high-value projects and strategic real estate investments.
Sales Revenue: A True Performance Indicator
In terms of true performance measurement, sales revenue is the key to reflecting operational efficiency and responsiveness to market demand. This is because many companies’ total revenue may come from sources other than direct real estate sales, such as leasing or asset sales to mutual funds. In 2024, the 41 real estate companies had combined sales revenue of 268.46 billion baht, a decrease of approximately -11% compared to 2023, when total sales revenue was approximately 299.979 billion baht. This demonstrates the challenges of closing sales and clearing inventory. Thirty of the 41 companies experienced a dramatic decrease in sales revenue.
Companies struggling to generate sales
