SET-listed Noble Development is shifting its focus to the rental market and overseas buyers from the Middle East as weak domestic purchasing power and tighter mortgage lending continue to weigh on Thailand's residential property market.
Sira Udol, chief operating officer at Noble, said the company introduced a rent-to-own programme in response to several market factors beyond weak purchasing power, which has prevented many potential buyers from owning homes.
"Consumer behaviour has shifted, particularly among younger generations, who increasingly prefer renting," he said. "Some are not yet ready to buy, while others want to try living in a unit before making a purchase decision."
Some customers also need time to build their credit profiles and financial records before applying for a mortgage, said Mr Sira.
The scheme helps customers improve their chances of securing home loans in the future and creates an opportunity for the company to convert renters into condo buyers down the line.
The strategy also allows Noble to generate recurring income from rental operations, while creating investment products that can be sold either in bulk or unit-by-unit to investors seeking rental yields.
"These units come with existing lease contracts, making them income-generating assets that appeal to both institutional and retail investors," he said.
Given weak domestic demand, Noble plans to expand into new overseas markets, particularly the Middle East, where interest is increasing amidst ongoing regional conflict.
"In the past, Middle Eastern buyers were not very active in Thailand's property market, mainly focused on short-term rentals rather than purchases or investment," said Mr Sira.
However, the company expanded overseas marketing beyond its traditional markets and recorded stronger interest from this region, he noted.
"We are preparing tailored packages to penetrate this segment and are waiting to see the feedback after our global team began marketing there," said Mr Sira.
In the first quarter of 2026, Noble generated 3.8 billion baht in overseas presales, with Singapore and Hong Kong the two largest foreign markets, accounting for 18% and 14% respectively, replacing Taiwan and Myanmar.
Other key markets included the US at 9%, the UK 8%, Russia 7% and India 4%, while the remainder came from Laos, Turkey, Japan, Malaysia and Brunei.
During the quarter, Noble recorded 2.48 billion baht in presales, up 67% year-on-year.
Transfers rose 56% to 2.18 billion baht, while revenue declined 15% to 1.53 billion baht.
Revenue from rental and services dropped 65% to 267 million baht due to the absence of project management income from joint ventures recorded during the same period last year.
The company plans to launch two new residential projects worth a combined 11.6 billion baht in the second half, and maintained its full-year targets at 15.3 billion baht for presales and 10.5 billion baht for transfers.
