When more than half of Thai consumers put home ownership on hold, the reasons point to wider pressures on affordability, confidence and access. For Phuket property, the shift is worth understanding.
The proportion of Thai consumers with no plans to buy a home within the next five years has jumped to 56%, up from 47% a year earlier, according to research by Siam Commercial Bank Economic Intelligence Center (EIC). The figure marks the highest level in four years and signals a clear retreat in domestic homebuying intent.
The data comes from EIC’s annual residential real estate survey, conducted in March 2026 and covering 1,528 respondents. The share of consumers with no homebuying plans has climbed steadily: 44% in 2023, 50% in 2024, 47% in 2025, and now 56% in 2026.
What changed in one year
The shift is not driven by a single factor. Three key concerns stand out.
First, economic uncertainty. Worries about the broader economy were cited by 15% of respondents with no homebuying plans, up from 7% a year earlier. The proportion more than doubled.
Second, housing prices. The share of respondents who viewed housing prices as too high also more than doubled, rising to 9% from 4% the year before.
Third, income and expenses. Fifteen percent of respondents cited income levels and household expenses that made homeownership less affordable, down slightly from 19% last year but still a major constraint.
Concerns about household debt and limited access to mortgage financing remained stable at 7% and 1%, respectively. However, EIC noted that some prospective buyers avoided applying for mortgages entirely, either because they believed they would be rejected or because they assessed their own financial position as too weak to qualify.
Why buyers are holding back
Among those with no plans to buy, 38% cited already owning a home or paying off an existing mortgage as the main reason, down from 44% a year earlier. This suggests the recent increase in hesitant buyers is not simply about satisfied homeowners stepping out of the market.
Instead, the data points to a broader reluctance shaped by affordability, confidence and access.
When asked what the government should address to improve access to homeownership, respondents highlighted four priorities:
- Rising cost of living outpacing income growth, reducing affordability and borrowers’ ability to service housing loans — cited by 32% of respondents.
- Household debt burdens, which affect both access to new mortgage financing and the ability to repay existing loans — cited by 29%.
- High prices of new homes — cited by 16%.
- Stricter mortgage lending criteria imposed by financial institutions — cited by 15%.
Economic volatility, which has led many people to postpone or cancel home purchase plans, was cited by 8%.
What buyers want from government
Respondents also outlined short-term measures they believe would help.
The most common request, cited by 44% of respondents, was for government support to help people become homeowners, including soft loan schemes and affordable housing programmes for low-income earners.
Around one-fifth sought assistance for borrowers facing difficulties with mortgage repayments, such as more flexible repayment terms for borrowers with good credit records, debt restructuring programmes, debt moratoriums and credit record rehabilitation.
Another 18% called for measures to reduce homebuying costs and tax incentives for homeowners. Specific suggestions included extending the temporary cut in transfer and mortgage registration fees to 0.01%, which is due to expire at the end of this month, and extending the temporary easing of loan-to-value rules, which expire on 30 June 2027.
On tax incentives, respondents suggested expanding tax deductions for homebuyers and reducing land and building taxes for homeowners.
What this means for Phuket property
The data focuses on the domestic Thai market, but the underlying pressures are relevant to Phuket in three ways.
First, domestic Thai buyers remain an important segment in Phuket’s condominium and townhouse markets, particularly in areas beyond the high-end coastal belt. If domestic confidence and access to mortgage financing weaken, developers targeting Thai buyers may face slower sales or need to adjust pricing, product mix or payment terms.
Second, the survey highlights broader economic caution among Thai consumers. This may affect demand for second homes, investment properties and rental units, particularly in segments where Thai buyers compete with or complement foreign demand.
Third, the emphasis on affordability, mortgage access and household debt suggests that Phuket developers and agents working with Thai buyers may need to focus more on flexible payment structures, lower entry prices or co-investment models.
For foreign buyers, the domestic slowdown may create a relative advantage in timing, access to inventory and negotiation leverage, especially in projects or areas where Thai and foreign buyers overlap.
The wider residential outlook
EIC expects Thailand’s residential property market to contract this year, with a gradual recovery anticipated over the medium term. Key challenges include the slow pace of Thailand’s economic recovery, elevated household debt and tighter mortgage lending criteria imposed by financial institutions.
Demand remains lukewarm, EIC notes, as consumers postpone home purchases and property investments due to economic uncertainty. The research centre also pointed to the war in the Middle East as a factor weighing on both domestic and foreign purchasing power.
For Phuket, where foreign buyers, tourism-linked rental demand and lifestyle investment play a larger role than in Bangkok or provincial Thailand, the national slowdown may not translate directly. However, the pressures shaping domestic hesitation — affordability, confidence, access — are worth watching in any market segment where Thai buyers matter.
Frequently Asked Questions
What does this data mean for Phuket property buyers?
The data reflects domestic Thai buyers, but the underlying pressures — affordability, economic caution, mortgage access — are relevant in Phuket’s condominium and townhouse markets. Foreign buyers may find better timing and negotiation leverage if domestic demand softens further.
Why are more Thais delaying home purchases?
The survey found three main drivers: economic uncertainty, housing prices viewed as too high, and income levels that make homeownership less affordable. Concerns about household debt and stricter mortgage criteria also play a role.
Could this affect rental demand in Phuket?
If domestic buyers delay purchases of second homes or investment properties, rental supply in certain segments may tighten or remain stable. However, Phuket’s rental market is heavily shaped by tourism and foreign long-stay demand, which the survey does not directly address.
What measures do Thai buyers want from government?
The most common request was for support to help people become homeowners, including soft loan schemes and affordable housing programmes. Other priorities included flexible mortgage repayment terms, lower homebuying costs and extended tax incentives.
Is the slowdown expected to continue?
EIC expects Thailand’s residential property market to contract this year, with a gradual recovery over the medium term. The pace will depend on economic recovery, household debt levels and mortgage lending conditions.
Sources
- Bangkok Post — Thais put home ownership on hold — link
- Siam Commercial Bank Economic Intelligence Center (EIC) — Residential real estate survey, March 2026
