Property market on course for further stagnation

Developers face a prolonged period of economic uncertainty heading into 2026, with household debt, weak purchasing power and unpredictable risks shaping business decisions, says Kessara Thanyalakpark, managing director of SET-listed Sena Development.

- KANANA KATHARANGSIPORN

“Adaptability, efficiency and resilience will be critical for survival,’ she said, adding 2025 was a year fraught with risks beyond normal business challenges such as weak income growth, tighter credit, and earthquakes and floods.

While revenue volatility and loan rejections are part of the business cycle, developers were forced to deal with risks they had not anticipated, underscoring the need for greater professionalism and preparedness across the industry, said Ms Kessara.

“Developers must adopt a more structured and disciplined approach to risk management as uncertainty is no longer episodic, but a permanent feature of the operating environment,’ she said.