Japan's capital Tokyo and the Philippines' capital Manila came second and third in the latest global house price rankings released by property consultancy Knight Frank, with increases of 26.2 per cent and 19.9 per cent respectively. Prices in Thailand's capital Bangkok rose by 4.6 per cent. Dubai led the world for the eighth consecutive quarter as luxury property prices soared 48.8 per cent year-on-year.

Knight Frank noted that the index covers average residential property price movements in 56 markets around the world. The global property market continues to face challenges due to rising interest rates. While Thailand is also working to become a preferred destination for "remote working", more needs to be done in terms of infrastructure and immigration management.

Although Thailand has a new prime minister with a real estate background, observers believe that the property market will perform better in the second half of the year than in the first. The Seta property stimulus will not be introduced so soon. This is because the Thai Development and Reform Commission (DRC) has already warned that the stimulus to domestic demand should not be implemented on a wide scale without constraints because, it could make the already poor household debt even more vulnerable.

However, the rental market in Bangkok has been trending as Thais have deferred owning a home with a loan, preferring to rent to avoid the debt burden and to get a good value for their money. The key Bank of Thailand's Monetary Policy Committee is also likely to raise interest rates again.

As a result, the postponement of home ownership continues to wait and see how the housing market moves. According to data released by the Housing Trading Platform, the condominium housing market grew by 13 per cent. Thailand's consumer confidence index fell in July for the first time in more than a year, the latest proof of this, especially the young consumer group does not want to become a "slave".

For those planning to buy a home, it is advisable to assess the family's financial situation and affordability, and whether they can come up with an emergency budget in the event of an emergency. Instead of buying a new home outright, it may be a good idea to look at the second-hand property market.

While the rapid rebound of tourism in Thailand has developers optimistic about the growth of Chinese demand for Thai home buying, Thailand needs to keep a close eye on the latest developments as the Chinese property debt default crisis looms. The report said that house prices in the capital Bangkok rose 1 per cent from a year earlier, but fell 6 per cent in the same comparison.

For example, rental prices for high-rise housing rose at a slightly lower rate than the average low-rise. Bangkok condominium housing rentals rose by 3 per cent, while low-rise homes rose by 8 per cent.