Condo Association Warns of Real Estate Crisis

“Thai people in the lower and middle sectors have informal debts and are unable to buy new houses,” he said, adding that some people have either not found employment or their salaries have not increased.

He noted that higher interest rates also mean mortgage rates are higher than before, and the rejection rate for home loan applications is now 70 per cent due to increases in construction costs, including land, materials and wages.

“This crisis is more difficult to resolve compared to the Tom Yum Kung crisis because it affects economies across the world, not just Thailand,” he said.