Between 2017 and 2018, the market achieved significant sales performance, with annual sales reaching around 290 to 310 billion Thai Baht. However, in the subsequent year, the Thai central bank implemented new laws regarding the loan-to-value ratio (LTV) to avoid a potential real estate bubble. This policy led to a decrease in sales to approximately 220 billion Thai Baht in 2019.

Subsequently, the COVID-19 pandemic from 2020 to 2021 also impacted the Thai real estate market, reducing residential sales to an annual range of about 65,000 to 67,000 units, compared to the typical level of around 100,000 units annually.

Despite the decline in sales volume, the sales value remained at the level of 220 billion Thai Baht. In response to uncertainty, local real estate companies adopted strategies to reduce the introduction of new products to the market.

However, the year 2022 marked a year of full recovery for the real estate market, with an increase in sales volume from 60,000 units in 2021 to 107,000 units in 2022, driven by the introduction of new products.

Between 2021 and 2023, the newly launched residential products were primarily detached villas and apartments, with a significant increase in quantity. Meanwhile, the economic law of "Say's Law" reappeared, indicating that supply creates its own demand.

As businesses introduced more products to the market, they had to make efforts to boost product sales, especially for apartments, where the highest sales ratio reached 46%. While not as high as the historical peak of 61% in 2012, it is still the highest level in nearly a decade. Overall, the sales ratio for the apartment market is only 37%.

However, in 2022, the newly launched residential products exceeded market demand, especially for detached villas and townhouses, leading to a roughly 10% decline in sales volume. This is a trend that developers need to pay attention to.

In addition, another major issue for 2023 is the adjustment of interest rates by the Thai central bank based on the Federal Reserve's policies. Although the increase is only 2.5%, much lower than the U.S.'s 5.5%, it resulted in an approximately 11% rise in monthly loan repayments, negatively impacting homebuyers.

For 2023, the overall residential sales are expected to reach around 260 billion Thai Baht. Overall, the residential market in 2024 is projected to be no less than 100,000 units, relatively stable compared to the 94,000 units in 2023.

However, developers may seek more innovative methods to stimulate sales, as the attractiveness of the market's new products appears to be diminishing. This indicates that the Thai real estate market remains challenging, and developers need to continuously adapt to the changing market environment and find innovative marketing strategies to address future uncertainties.