According to organisations, high household debt and relatively shrinking incomes, coupled with economic challenges and rising interest rates, have discouraged buyers from purchasing homes, with villas and condominiums expected to see the most pressure on sales.

Thailand's major property developers are running into the difficulty of inventory pressure pushed up by lacklustre sales. While there has been no shortage of buyers, rising prices of building materials and labour costs have pushed prices further and further out of the reach of the mass consumer.

Most of the most attention in the market is now being paid to properties with a price tag of up to 3 million baht.

This is of course partly due to a change in consumer behaviour, with younger people in particular not wanting to be burdened with a mortgage and generally choosing to rent.

Some developers are already calling on the new government to introduce measures to stimulate property sales, such as tax relief. It is also encouraging the relaxation of restrictions on foreigners buying property in Thailand.

Citing data disclosed by the Housing Bank of Thailand's Real Estate Research Centre, there are currently as many as 190,000 units for sale in the greater Bangkok metropolitan area, an increase of 8 per cent, with a value of $935.819 billion, an increase of 9.9 per cent. Among them are 74,230 condominiums for sale worth 290.637 billion baht and 116,057 house base houses worth 645.182 billion baht.

Agencies believe that the new city plan and the development of the MRT's western line will bring a new wave of property investment in and around the capital.

The government's visa waiver for China and Kazakhstan will bring relief to condominium properties, easing the pressure on the backlog of inventory. However, in the medium to long term, Thailand's property market is still on the upswing.