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The first half of 2026 has already passed.
Many people see it as a difficult year for real estate.
I think many people are analyzing the market incorrectly.
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People like to say the economy is bad,
purchasing power has disappeared,
and banks are strict.
That is true,
but it is not the whole reason.
.
What is really happening is that
Thailand
has more property owners
than there are people ready to buy.
.
For more than ten years,
Thai people have been taught to believe
that property prices only go up when you buy and hold,
land always goes up,
houses always go up,
condominiums always go up,
and whoever holds on longest wins.
.
The problem is that many people believe this
until it becomes a small cult.
Many owners do not sell according to the market,
but according to their own beliefs
and memories of what they once heard.
For example:
.
They remember how much someone offered during COVID.
They remember how much Chinese buyers once offered.
They remember how much the neighbor sold for.
They remember the price when the project opened.
These are things I have continually heard from sellers.
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But buyers do not care
about the owner’s memories.
They look at whether
what they pay today is worth it.
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This is therefore the first time
in many years
that the market’s problem
is not a lack of products.
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The problem is that the owner’s price
and the price the market accepts
are on opposite sides.
.
The owner thinks their property has value
and is the only one for which no substitute can be found.
But the market thinks
there are hundreds of sellers
with the same type of property.
.
The more the economy slows,
the clearer this truth becomes.
Many people think their property still cannot sell
because the marketing is not good.
.
I see it differently.
Many properties
do not have a marketing problem.
They have a problem with
owners who still refuse to accept reality.
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Another interesting point
is that this is not a year when rich people have disappeared.
People with money are still there in the same numbers,
and I would add that
there are more wealthy people than everyone thinks.
People with high wealth simply do not show themselves very often.
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When the market is hot,
investors have to buy quickly
because they fear missing out.
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But when the market is cold,
investors do not have to run.
They sit and wait.
.
They wait for the owner to become tired.
They wait for interest burdens to squeeze them.
They wait for installment arrears.
They wait for partners to argue.
They wait for inheritance problems.
They wait for the business to stumble.
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It sounds as if investors are cruel,
but this is the behavior of capital.
.
Money never runs after property.
Property is what runs after money.
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Recently,
I have begun to see many deals
arising from necessity (need),
not desire (want).
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Owners are not selling because they want to sell.
They are selling because they have to,
because of the pressure behind them.
This is a signal that old investors understand immediately.
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The market is changing hands.
It is not changing from poor people to rich people,
but from people who need to use money to repay debt
to people who hold cash.
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As for agents,
I think people in this group
are facing a crisis
larger than the economy.
.
Most agents still understand
that they are in the business of selling real estate.
It is selling,
or else it is providing a service.
But the truth is not that.
.
Agents today
must be in the business of managing information.
.
In the past, owners had properties to sell
and agents had customers.
Finding a seller for a buyer was the end.
The agent was the key intermediary
who made the deal happen,
and the agent was the only side holding the information.
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But today everyone has the same information.
Customers open their phones and see listings.
Owners can run ads themselves.
AI can write listings.
AI can answer chats.
AI can do preliminary analysis.
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The rarest thing in 2026
is not the economic condition.
It is someone who can distinguish
which properties should quickly be listed for sale,
which properties should be avoided,
which owners are truly ready to sell,
and which prices can really close.
.
If an agent still thinks
their job is to be an intermediary
who brings buyer and seller together,
or that their job is to take customers to view houses,
they will soon be replaced.
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But an agent who can read the game,
read people
and read the pressure on each side
will have more value than before.
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Because in the end,
customers do not pay a broker’s fee
to open the door of opportunity.
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Customers pay to avoid
mistakes worth millions,
or perhaps mistakes involving their entire life savings.
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The first half of 2026 is therefore not a falling market.
It is a market filtering the real players in every role:
buyers, sellers, investors
and even the agents themselves.
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It filters owners who are still living in the past
and setting prices according to belief.
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It filters buyers
who have real capacity
and bank credit.
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It filters investors who use loans to speculate
and hope to sell at the timing they expect.
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It filters agents who lack real knowledge
and focus on accepting properties in high quantity
but low quality.
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The people hurt most this time
are those who cannot tell
whether the property they hold
is a liability or an asset.
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Having a Mind of Value,
being too emotionally attached to the property you hold,
or still carrying memories and beliefs from the past
that what was true ten years ago
must still be true today
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will make you
carry the cost of those beliefs
too heavily
and lose many opportunities
without realizing it.
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