Nation Thailand
Cash Flow Trumps Growth for Thai Developers Facing H2 Stagnation
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Sansiri, Raimon Land and SENA executives warn of weak credit and low growth in H2 2026, forcing a shift towards corporate resilience and liquidity.
Key facts
- Three of Thailand's most senior property executives have delivered a sober assessment of the sector's prospects for the second half of 2026, warning that sluggish economic growth, tightening credit and a climate of global uncertainty will
- Meanwhile, Thailand's domestic economy remains stuck in low gear, with the government forecasting GDP growth of no more than 2% this year.
- True sector recovery will only occur when wider domestic GDP growth returns to the 3–4% range, unlocking pent-up demand from buyers who are currently delaying decisions.
- Despite the headwinds, Korn identified two resilient structural trends showing clear growth: branded residences—a global category growing at nearly 20% as international brands pivot toward Asia—and wellness-focused developments
- Within SENA’s portfolio, roughly 90% of international buyers purchase strictly for investment rather than lifestyle
- Uthai was direct in his outlook, stating that the second half of 2026 is unlikely to look markedly different from the first
Summary
Three of Thailand's most senior property executives have delivered a sober assessment of the sector's prospects for the second half of 2026, warning that sluggish economic growth, tightening credit and a climate of global uncertainty will keep the residential market subdued despite modest bright spots in tourism, branded residences and the luxury segment.
Speaking separately, Uthai Uthaisangsuk, president and director of Sansiri Public Company Limited; Korn Narongdej, chief executive officer of Raimon Land; and assistant professor Dr Kessara Thanyalakpark, managing director of SENA Development, all pointed to a market that is holding steady in terms of underlying demand but struggling to convert that demand into completed sales, as buyers hesitate amid low growth, tighter lending and unresolved global risks.