SET-listed developer Sansiri is refusing to join an escalating price war in the luxury housing market, arguing that long-term value creation matters more than deep discounts as developers compete for buyers amid slowing economic conditions.
Pakpring Karoon, the company's deputy vice-president, said competition has intensified across almost every residential segment, with some developers offering discounts of 20-30% on luxury homes as the market becomes crowded.
"We are not competing on price. We are competing on value," she said. "If everyone continues cutting prices, the market simply enters a race to the bottom."
Several developers have reduced asking prices on luxury houses by as much as 20-30%, with homes previously priced at 50 million baht now being offered for around 39 million baht, said Ms Pakpring.
The price competition started late last year and became more pronounced during the first half of 2026 as more developers expanded into the luxury segment, increasing competitive pressure.
"Luxury buyers today are no longer looking only at price. They want value and capital appreciation," she said. "A home priced at 80 million baht should be worth 85-90 million in five years."
Buyers increasingly evaluate projects based on long-term asset value, quality of design, after-sales services and the developer's ability to preserve property values, rather than headline discounts alone, said Ms Pakpring.
This strategy has helped sustain demand for Sansiri's premium projects despite the challenging market, with Narasiri projects on Borommaratchachonnani Road and in the Krungthep Kreetha area achieving strong sales without price reductions.
Narinsiri Krungthep Kreetha, where homes are priced around 50 million baht, has nearly sold out, which Ms Pakpring described as a surprise given the economic environment.
"Many buyers were our existing customers upgrading from smaller homes, while others were attracted by the company's established communities and proven track record of maintaining project quality over time," said Ms Pakpring.
According to Sansiri, premium buyers increasingly compare projects based on design, liveability and long-term management standards, believing these factors better support future resale values than short-term promotional pricing.
Although the broader housing market remains under pressure from economic uncertainty and rising development costs, the company said it would continue to focus on product differentiation and sustainable pricing rather than discount-led sales.
